Marvell (MRVL) stock closed the May 13 trading session at $177.95. That means it has gained 135% since March 5, according to Yahoo Finance. Meanwhile, the SPDR S&P 500 index (SPY) is up close to 9% in the same period.

Why has Marvell outpaced the S&P 500 so much since that date? The company reported Q4 earnings on March 5. The report was strong, but it also showed that the rumors about the company losing its key customers were false.

The key driver of the stock for this fabless semiconductor giant is artificial intelligence. In Q4, 74% of the revenue came from data centers. The company’s vast product portfolio spans computing, including custom AI chips, optics, networking, storage, and security.

Marvell’s most important…