Marvell Shares Hit Record High on Cisco AI Earnings

Marvell Technology shares surged to a record high on Wednesday, closing at $177.95 after an 8.2 percent gain, before climbing another 4.2 percent to $185.40 in Thursday premarket trading. The semiconductor company's stock has more than doubled this year, marking its 12th all-time closing high in 2026 amid strong demand signals for AI infrastructure.

The rally followed Cisco Systems' third-quarter earnings report, which exceeded expectations and prompted raised guidance. Cisco reported $5.3 billion in AI infrastructure orders so far this year and increased its full-year forecast to $9 billion. Switching orders rose 40 percent year-over-year, while its optical division secured record orders over $1 billion. These figures serve as a proxy for demand in Marvell's high-speed Ethernet controllers and optical transceivers, where the company holds significant market share.

Wall Street analysts amplified the momentum with price target increases. Bank of America raised its target to $200 from $125 while maintaining a buy rating, naming Marvell a top pick. Analyst Vivek Arya cited the company's positioning in the expanding AI Ethernet transceiver market, projected to grow by $14 billion...