Marvell (MRVL) stock closed the May 28 trading session up 3.09% at $204.03. The upbeat close followed the release of the first-quarter (Q1) fiscal year 2027 earnings report on May 27.

The stock has rallied 141% year to date, as of Friday morning, May 29. Meanwhile, the SPDR S&P 500 index (SPY) is up about 10.66% in the same period.

The fabless semiconductor giant has outpaced the S&P 500, thanks to its participation in the broader semiconductor rally driven by the AI boom.

Positive news driving Marvell’s stock includes:

Analysts have been resetting their price targets just before earnings, as the expectations were high. Now that the earnings have dropped, Bank of America has tweaked its price target again.