Cantor Fitzgerald Issues Mea Culpa on Marvell Technology
The firm says it got it wrong on the company’s custom AI chip prospects with Microsoft.
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Earlier this week, when Marvell Technology MRVL announced it would postpone its upcoming Investor Day and narrow its guidance for the current quarter, Cantor Fitzgerald opined that Marvell could lose its custom AI chip business with Microsoft MSFT. The firm based that on its “channel checks” but today it has issued a mea culpa saying it was wrong in suggesting Marvell would lose that business. That correction is leading MRVL shares to rebound this morning.
We continue to see Marvell well-positioned for AI and data center chip demand, especially with its custom silicon business with Microsoft, Amazon AMZN, Meta META, and others. We also continue to see rising AI demand fostering incremental capital spending as the ensuing explosion in data consumption impacts enterprise and carrier networks.
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At time of publication, TheStreet Pro Portfolio was long MRVL, MSFT, AMZN and META.
