US Stock Market Move | AMD (AMD.US) discloses ownership of Marvell Technology, Inc. (MRVL.US), the latter's stock price rises more than 9%, reaching a new all-time high.
As of the time of writing, the stock has risen by more than 9%, reaching $180.
On Wednesday, Marvell Technology, Inc. (MRVL.US) stock price reached a record high of $182.31, up over 9% to $180 at the time of writing. In terms of news, AMD (AMD.US) disclosed in its latest 13F filing that it holds shares of Marvell Technology, Inc. for the first time. The market believes that this move further strengthens the synergy expectations between AI chip and data center industries. With Marvell Technology, Inc.'s recent sharp rise in stock price, AMD's new position seems to have already gained significant unrealized profits.
In addition, Bank of America Securities analyst Vivek Arya maintains a buy rating on the stock and raises the target price from $110 to $200.
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