"These gains reflect sustained investor interest in AI-related stocks."
Stock Movements
Marvell Technology Inc. (MRVL) reached an all-time intraday high of $291.30 on Tuesday, following an endorsement from Nvidia CEO Jensen Huang at the Computex conference in Taipei, Taiwan. MRVL closed up over 32% at close.
Broadcom Inc. (AVGO) climbed to a yearly high of $488.82 on Tuesday, ahead of its Q2 earnings report. Shares closed up nearly 5%.
Hewlett Packard Enterprise Co. (HPE) rallied to an intraday high of $64.25 before closing up over 19%. Analysts raised price targets after the company reported record Q2 results.
Key Details
- Marvell's data center business accounted for about 76% of its Q1 revenue. The company raised its fiscal 2027 and 2028 forecasts, citing demand for networking, custom AI chips, and silicon photonics.
- Stifel raised its price target on Marvell to $321 from $230, maintaining a 'Buy' rating.
- Broadcom is expected to report strong revenue and profit growth for Q2. In 2026, the company expanded its collaboration with Meta through 2029, secured an agreement to manufacture AI TPUs for Google, and supported a $36 billion AI financing deal with Anthropic and Google.
Market Context
These gains reflect sustained investor interest in AI-related stocks.