Why Marvell Stock Soared 67% in April
Shares of Marvell Technology (NASDAQ: MRVL), which makes data infrastructure semiconductors, soared 66.7% in April, according to data from S&P Global Market Intelligence. This is simply an amazing performance for a large-cap stock (market cap over $10 billion).
(In the first three trading days of May through May 5, Marvell stock is up 2.2%.)
For context, in April, the S 500 index returned 10.5%, and the tech-heavy Nasdaq Composite index returned 15.3%. Artificial intelligence (AI)-related stocks -- a group that includes Marvell -- had a particularly good month overall. So, Marvell stock got a robust tailwind from the market's strength and the bullish sentiment surrounding the AI space. However, the company also had company-specific good news.
Source Fool.com
