Chipmaker Marvell Tech beats quarterly revenue estimates amid AI surge

Increased investments by big tech companies in generative AI applications are driving cloud customers to develop new data centers. This trend fuels the demand for cloud-optimised silicon solutions, such as those offered by Marvell. For the third quarter, Marvell forecast revenue to be $1.45 billion, plus or minus 5%, compared with an estimated $1.40 billion.