Tech
Marvell shares soar as chipmaker boosts its AI drive with Celestial deal
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Marvell Technology jumped 9.3% to a nine-month high on Wednesday after its $3.25 billion deal to acquire semiconductor startup Celestial AI bolstered investor confidence in the chipmaker’s push into next-gen AI infrastructure.
The company is doubling down on AI infrastructure to regain momentum after a tough year marked by intense competition in its custom AI chips and networking. Its shares are down about 16% so far this year, through Tuesday’s close.
If Wednesday’s gains hold, the rally would add more than $6.3 billion to Marvell‘s market value.
The…
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