shares of marvell technology inc were soaring 15 in afterhours activity thursday after the chip company topped expectations with its quarterly outlook and forecast that revenue related to artificial intelligence would at least double this year marvell mrvl posted a fiscal firstquarter net loss of 1689 million or 20 cents a share compared with a loss of 1657 million or 20 cents a share in the yearearlier period on an adjusted basis marvell earned 31 cents a share compared with 52 cents a share a year before while analysts were modeling 29 cents a share revenue declined to 132 billion from 145 billion while analysts were expecting 130 billion don’t miss ‘ride the nvidia wave’ wall street says the ‘undeniably pricey’ stock can keep roaring “ai has emerged as a key growth driver for marvell which we are enabling with our leading network connectivity products and emerging cloud optimized silicon platform” chief executive matt murphy said in a release “while we are still in the early stages of our ai ramp we are forecasting our ai revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years” for the fiscal second quarter executives at marvell expect 133 billion of revenue at the midpoint while the factset consensus called for 131 billion marvell’s management also anticipates adjusted earnings per share of 32 cents at the midpoint whereas analysts had been projecting 30 cents marvell also expects a gaap gross margin of 443 to 468 and a nongaap gross margin of 600 to 610 for the ongoing quarter murphy said marvell expects an acceleration in revenue growth during the second half of the fiscal year ” accompanied by gross and operating margin expansion” shares of marvell roared nearly 8 higher in thursday’s regular session fueled by nvidia corp’s nvda upbeat commentary about the state of spending on chips that help customers with their artificialintelligence initiatives read why intel’s stock is falling as nvidia leads the rest of the semiconductor sector on a massive surge