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Last Week’s Highlights
Marvell Technology rises on optimistic forecast
US semiconductor producer Marvell Technology expects its revenues for the year to double thanks to artificial intelligence. The company announced Thursday that it would become the second US chipmaker to bet on revolutionary AI technology, so they estimate their revenue to double. Marvell beat Wall Street estimates for first-quarter revenue and its shares rose 17.2% to $57.96. “Generative AI is rapidly driving new applications and changing the investment priorities of cloud customers,” the company’s CEO said on a conference call following the earnings call. Marvell Technology has benefited from the use of artificial intelligence because it has boosted demand for the chips that power the technology.
Ford to use Tesla’s charging stations
Ford Motor Co has reached an agreement with Tesla Inc to provide Ford electric vehicle owners with access to more than 12,000 Tesla Superchargers in North America beginning in early 2024. The partnership makes Ford the first major automaker to adopt Tesla’s charging standard, giving it access to the largest network of high-speed Superchargers in the United States. Analysts see access to charging stations as a major obstacle to wider acceptance of electric vehicles. Tesla had previously announced its intention to open its charging design to other automakers and charging network operators. Ford electric vehicles equipped with the Combined Charging System (CCS) port will use a Tesla-developed adapter to access Tesla’s V3 Superchargers. In turn, future Ford electric vehicles will feature Tesla’s charging standard, eliminating the need for an adapter starting in 2025. Tesla CEO Elon Musk and Ford CEO Jim Farley discussed the collaboration during an online conversation on Twitter Spaces, emphasizing the goal of supporting electrification and sustainable transportation.
Coming Up This Week
Nvidia aims at beating expectations
Nvidia has forecast second-quarter revenue above analysts’ estimates, up nearly 50%, driven by growing product demand. The company expects to generate solid revenues thanks to its growth in key sectors such as artificial intelligence, high-performance computing, and gaming. As a main point, the company said it is increasing supply to meet the growing demand for its artificial intelligence chips, which are used to power Chat GPT and many similar services. Currently, Nvidia is the most valuable semiconductor company in the world, its shares rose as much as 28% after the close of trading, trading at $391.50, an all-time high.
Elevation Oncology rises on new cancer treatment
Elevation Oncology, a US biotechnology company, experienced a significant increase in valuation after announcing breakthroughs in cancer treatment. As a result, its share price soared during Friday afternoon trading. Elevation Oncology is focused on the treatment of gastric cancer and results from Phase 1 clinical trials, focused on dose intensification, are very promising. The drug currently known as SYSA1801 targets the Claudin18.2 protein, present in different tumor types, suggesting the possibility of targeting its efficacy in other areas if it proves effective in the gastric system. The objective response rate was 38.1%, while the disease control rate reached 57.1%. Importantly, eight of the 33 people studied experienced grade 3 or higher adverse events, representing less than a quarter of the participants, although this is still encouraging considering the control rates presented.
