The biggest contributor to the company’s growth was sales of new custom AI acceleration chips for Amazon.com and other builders of hyperscale data centers.

Key Takeaways Shares in Marvell Technology jumped in premarket trading Wednesday after the chipmaker posted strong quarterly results and issued a rosy outlook amid robust demand for its custom AI chips.

Shares of Marvell Technology (NASDAQ: MRVL) 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.

Marvell Technology reported quarterly earnings of 43 cents per share, which beat the analyst consensus estimate of 41 cents. Quarterly revenue came in at $1.52 billion, which beat the consensus estimate of $1.46 billion and is an increase over sales of $1.42 billion from the same period last year.