Hedge Funds Miss Out on Major Marvell Move

The chipmaker surged more than 32 percent on Friday, but few hedge funds benefited.

Courtesy Photo

Courtesy Photo

Friday was Marvell Technology’s day to shine as the latest hot AI stock.

Shares of the chipmaker surged more than 32 percent to close at $65.51, after Marvell CEO Matt Murphy told investors on a conference call that he expects revenue from the company’s artificial intelligence business to “at least double” this year and then double again in 2024.

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