In an interview Tuesday with CNBC’s Jim Cramer, marvel technology CEO Matt Murphy dismissed reports suggesting the company had lost business from high-profile clients.
“I can tell you this: Nothing has changed from Tuesday to Friday,” Murphy said, referring to two reports that came out days after the earnings report. “We didn’t lose any business.”
Semiconductor companies beat expectations last Tuesday, suggesting demand for data center products will remain strong next year. Marvel also announced plans to acquire Celestial AI. The deal is worth at least $3.35 billion and could help Marvell expand its chip business. The quarter primarily affected Wall Street, with stocks rising in the following days.
However, the stock rebounded this week after reports that Marvell lost business from two hyperscalers that built large data centers. Amazon and microsoft. Marvel stock ended Tuesday down 3.37%.
Murphy said Marvell has “deep and significant relationships with all of the major hyperscalers in the United States.” He emphasized that the company’s data center business is “solid” and reiterated the positive outlook shared in the quarter.
“The silver lining is that there is now a huge opportunity to buy Marvel,” Murphy told Kramer. “If you look at how we’re trading today just on the semiconductor index, we’re trading below the average multiple. We’re not your average company.”
