U.S. Market Closing Summary: Marvell Technology Raises Revenue Forecast, Soars 5%; Google Releases EmbeddingGemma 2
All three major U.S. indexes closed higher, with the Nasdaq and S&P 500 hitting fresh closing highs. The Dow rose 0.49%, the Nasdaq gained 0.45%, and the S&P 500 advanced 0.58%.
Marvell Technology jumped 5.81% after raising its FY2028 revenue forecast to $20 billion, well above analysts’ estimate of $18.17 billion.
AMD rose 2.80% after Citi raised its price target to $800. Broadcom gained 3.67% and is participating in Anthropic’s $60 billion chip financing deal.
Google edged up 0.35% after releasing EmbeddingGemma 2, a multimodal embedding model focused on on-device privacy protection and offline inference.
Laggards: Storage stocks fell across the board. Seagate Technology dropped more than 9%, Micron Technology fell 1.73%, and Western Digital slid more than 6%.
The AI computing arms race continues to intensify, but the storage chip sector is bearing the brunt on its own, with market divergence deepening even as indexes hit new highs. $MRVL
$AMD
$SNDK
All three major U.S. indexes closed higher, with the Nasdaq and S&P 500 hitting fresh closing highs. The Dow rose 0.49%, the Nasdaq gained 0.45%, and the S&P 500 advanced 0.58%.
Marvell Technology jumped 5.81% after raising its FY2028 revenue forecast to $20 billion, well above analysts’ estimate of $18.17 billion.
AMD rose 2.80% after Citi raised its price target to $800. Broadcom gained 3.67% and is participating in Anthropic’s $60 billion chip financing deal.
Google edged up 0.35% after releasing EmbeddingGemma 2, a multimodal embedding model focused on on-device privacy protection and offline inference.
Laggards: Storage stocks fell across the board. Seagate Technology dropped more than 9%, Micron Technology fell 1.73%, and Western Digital slid more than 6%.
The AI computing arms race continues to intensify, but the storage chip sector is bearing the brunt on its own, with market divergence deepening even as indexes hit new highs. $MRVL
$AMD
$SNDK
