From Yahoo Finance: 2025-04-14 09:29:00

Marvell Technology, Inc. (MRVL) faces target drop due to reduced ASIC forecast amid AI demand cuts. Citi lowered price target to $96 from $122, citing concerns over Microsoft’s capital spending and broader AI demand. Firm cut FY27 revenue and EPS estimates by 5% and 8%, respectively, with a 20% cut to AI ASIC expectations.

OpenAI countersues Elon Musk, accusing him of harassment and trying to slow down its business for his benefit. Musk has been seeking to stop OpenAI from transitioning to a for-profit company, claiming it compromises its mission of benefiting humanity. OpenAI must complete transition by year-end to secure full funding.

Musk’s legal team references a rejected $97.4 billion takeover bid from a Musk-led consortium for OpenAI. They claim OpenAI’s board did not genuinely consider the bid, leading to allegations of interference with business plans. Musk has tried various tactics to harm OpenAI, including press attacks and legal claims.

Hedge funds are piling into AI stocks, with 105 holders of Marvell Technology, Inc. (MRVL). Citi cut price target on MRVL due to AI demand cuts and reduced forecast for U.S. data center builds. The company ranks 10th on the list of AI stocks catching Wall Street’s attention, but other AI stocks may offer higher returns.

Read more: AI Demand Cuts Drive Target Drop Amid ASIC Forecast Reductions