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(Reuters) - Chipmaker Marvell Technology forecast fourth-quarter revenue above estimates on Tuesday, betting on robust demand for its custom artificial intelligence chips from businesses adopting booming generative AI technology.
Shares of the Santa Clara, California-based company rose more than 8% in extended trading following the results. The stock hit a record high during Tuesday's trading session.
Marvell's shares have risen nearly 60% this year as Wall Street pours billions of dollars into AI-linked stocks, placing huge bets on the future of genAI technology.
https://ca.finance.yahoo.com/news/marvell-forecasts-fourth-quarter-revenue-221416119.html
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