MRVL, INTC, AMD Stocks Clocked 52-Week Highs Last Week: What Drove The Chip Stocks Higher?

• Marvell drew attention as a notable beneficiary of the AI infrastructure buildout in the U.S., particularly due to the growing need for optical networking in AI data centers.
• Intel is rising amid a repositioning from a traditional chipmaker to a key player in the AI infrastructure market through a pivot to foundry services.
• Advanced Micro Devices has been garnering positive attention after announcing a multi-year deal with Meta to power Meta's AI infrastructure.

Shares of chip companies Marvell Technology Inc. (MRVL), Intel Corp. (INTC), and Advanced Micro Devices Inc. (AMD) jumped to 52-week highs on Friday amid growing optimism and investor appetite for chip stocks, part of the artificial intelligence infrastructure boom.

On Friday, MRVL stock rose 4.7% higher and climbed to $139.91 during the day’s trading. Meanwhile, INTC stock jumped more than 2% to an intraday high of $70.32 10%, while AMD shares hit $281.05 in intraday trading before closing 0.05% up.

Meanwhile, the iShares Semiconductor ETF (SOXX), which tracks semiconductor companies in the U.S., closed up 2.4% on Friday.

Marvell Gains Wall Street Approval

MRVL stock closed in the green in four out of five sessions last week, drawing attention from Wall Street and retail investors as a notable beneficiary of the AI infrastructure buildout in the U.S., particularly the growing need for optical networking in AI data centers.

On Thursday, Stifel analyst Tore Svanberg raised the price target on Marvell to $140 from $120 and maintained a ‘Buy’ rating on the shares, saying that volatility in AI-related companies presented long-term buying opportunities. Oppenheimer also raised the price target on Marvell to $170 from $150 and maintained an ‘Outperform’ rating on the shares, indicating an upside potential of 21.7% from the last close. The firm said that after hosting an investor meeting with the company’s management, it was “bullish” that Marvell had highlighted the accelerating growth outlook led by DCAI networking and ASIC.

As of Sunday, Marvell continued to garner attention amid reports that Alphabet Inc.’s (GOOG, GOOGL) Google was in talks with the company to develop two chips aimed at improving the efficiency of AI model operations.

On Stocktwits, retail sentiment around MRVL stock was in the ‘bullish’ territory at the time of writing, amid ‘high’ message volumes. MRVL shares have surged more than 56% this year.

Intel Runs Higher On Foundry Expansions

INTC stock extended a strong rally, rising for its third consecutive week to reach a 52-week high on Friday. The chip giant is now repositioning itself from a traditional chipmaker to a key player in the AI infrastructure market by pivoting to foundry services.

Last week, the company hired Samsung’s Foundry head Shawn Han to lead its own Foundry Services, shortly after announcing a partnership with Elon Musk’s Terafab initiative, as well as an announcement that Alphabet Inc.’s (GOOGL) Google would deploy its Xeon processors in its data centers.

Last week, Bernstein raised the price target on Intel to $60 from $36 and kept a ‘Market Perform’ rating on the shares, on higher server assumptions and gross margin estimates. Intel is also set to report earnings on April 23.

On Stocktwits, retail sentiment around INTC stock was in the ‘bullish’ territory at the time of writing, amid ‘high’ message volumes. INTC shares have surged more than 73% this year.

AMD Rides Chip Wave Optimism

AMD stock was yet another semiconductor company on a winning streak, rising for 13 straight sessions. The company has been turning heads among investors after announcing a multi-year deal with Meta Platforms (META) to power the social media giant’s AI infrastructure.

Meanwhile, Bernstein raised the price target on AMD last week to $265 from $235 and kept a ‘Market Perform’ rating on the shares, saying it had adjusted its estimates to reflect better server assumptions and the new Meta deal.

On Stocktwits, retail sentiment around AMD stock was in the ‘extremely bullish’ territory at the time of writing, amid ‘high’ message volumes. AMD shares have surged more than 24% this year.

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