Down 45%, This Beaten-Down Nasdaq Stock Could See a Long-Term Boost from AI
Shares of Marvell Technology (NASDAQ: MRVL) have been clobbered in the market over the past year, losing 45% of their value, and the company's earnings report for its fiscal 2023 fourth quarter (ended Jan. 28, 2023) didn't do much to lift investor sentiment when it was released on March 2.
The chipmaker, which supplies networking, storage, and computer chips to multiple industries such as data centers, automotive, carrier infrastructure, and enterprise networking, failed to top its better-than-expected quarterly results with healthy guidance.
But a closer look at the comments made by Marvell management on the March earnings conference call suggests that the company is on track to win big from the growing proliferation of artificial intelligence (AI) applications.
Source Fool.com
