Shares were up 20% on Wednesday as Wall Street analysts welcomed the chip designer’s earnings for the October quarter.

Marvell’s stock is up 21% in morning action Wednesday and on track for its best day since it rose 32% on May 26, 2023. Read: Marvell’s stock rises on strong AI demand, but thi

Shares of Marvell Technology ( MRVL 23.69%) were surging today after the semiconductor maker posted better-than-expected results in its third-quarter earnings report, driven in part by strong AI demand and guidance. As of 1:03 p.m. ET, the stock was up 23.6% on the news.

Marvell Technology Inc. jumped in late trading after the company delivered better-than-expected results and an upbeat earnings forecast, citing demand for artificial intelligence computing.

Chief Executive Matt Murphy, for his part, said that “the exceptional performance” in the fiscal third quarter and the outlook for the current quarter are mostly thanks to Marvell’s MRVL AI silicon programs and “robust ongoing demand” from cloud customers.

"We are seeing strong custom AI demand continue into the fourth quarter and have secured supply chain capacity to support our customers' growth forecast," CEO Matt Murphy said on Tuesday. Reuters reported on Tuesday that CEO Murphy is being considered a potential candidate for the position of CEO at the struggling chipmaker Intel.

Marvell stock rallied about 20% following strong Q3 earnings. Wall Street analysts see further upside in shares of the semiconductor firm.

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