Semiconductor Shares Rise. Marvell Jumps 7%; Intel Rises 6%; Nvidia Gains 2%
Semiconductor shares rose in morning trading. Marvell Technology rose 7%; Intel rose 6%; TSMC rose 3%; Nvidia rose 2%.
Intel expressed optimism on Thursday about the future of its PC and server businesses, forecasting current-quarter revenue above estimates but warning that it had "a lot of work to do."
The company has largely missed out on a boom in investments in speedy, advanced AI chips for data centers as businesses double down on adopting generative AI technology - a market dominated by Nvidia, followed by rival AMD .
Intel reported third-quarter revenues above analysts' estimates, but also posted a massive net loss as a result of impairment and restructuring charges.
In an interview with Reuters, Intel finance chief David Zinsner said the company was "making progress" on its profitability but that it had "a lot of work to do" to achieve the targets it had set.
Intel reported a third-quarter net loss of $16.6 billion, excluding losses attributable to certain non-controlling interests. That compared with a net profit attributable to Intel of about $300 million in the year-earlier period.
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