Marvell Technology, a leader in data infrastructure semiconductor solutions, has reported revenue of $1,321.7 million (–9 percent) and net loss of $168.9 million for the first quarter of fiscal year 2024.
Marvell Technology has generated revenue of $435.8 million from Data center, $364.6 million from Enterprise networking, $289.9 million from Carrier infrastructure, $142.1 million from Consumer, and $89.3 million from Automotive/industrial.

Marvell Technology forecast its artificial intelligence (AI) revenue would double for the year, becoming the second U.S. chip company in as many days to bet on the breakthrough technology.

Nvidia earlier announced a quarterly revenue target more than 50 percent above market estimates, betting on AI.

“Generative AI is driving new applications and changing investment priorities for cloud customers,” Marvell CEO Matt Murphy said in a post-earnings conference call.

OpenAI-owned chatbot ChatGPT’s success has prompted tech giants such as Alphabet and Microsoft to make the most of generative AI – which can engage in human-like conversation and craft everything from jokes to poetry.

That has in turn boosted demand for the chips that power AI technology, benefiting companies such as Marvell.

Marvell’s AI revenue will at least double again next year and continue to grow rapidly in the coming years, Murphy said, with second-quarter cloud revenue expected to grow 10 percent sequentially.

The California-based firm forecast second-quarter revenue of $1.33 billion with gross margin of 44.3- 46.8 percent.