Chipmaker Marvell’s market capitalization briefly surpassed $100 billion and overtook Intel after the former’s CEO, Matt Murphy, declined to lead the latter. This was reported by The Wall Street Journal.
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Murphy, who has held the position of CEO of Marvell since 2016, was one of the few candidates to fill the vacant position of former Intel CEO Pat Gelsinger, the newspaper writes. The latter resigned on December 1 due to a loss of confidence on the part of the board of directors, Reuters notes.
The Marvell director explained the decision to remain with the company by saying that he considers it “exceptional” and cannot imagine a better place to work. News of the expanded partnership with Amazon boosted the chipmaker’s shares, which rose 60% year-over-year earlier this week, the WSJ added.
Following the Dec. 3 report, Marvell, which has 10 times Intel’s annual revenue, jumped another 18%, briefly pushing Marvell’s market cap above $100 billion and surpassing Intel’s. At the close of trading on December 6, Marvell shares were worth $113.51, Intel’s were $20.92 per share.
Marvell was founded in 1995 and produces telecommunications chips and equipment. According to the company’s latest report for the three quarters of fiscal 2025, its revenue amounted to $3.9 billion, up from $4 billion for the same period in 2023.
Author:
Bogdan Muzychenko
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
