U.S. stock market movement: Tempus AI plunges on October 6 due to high valuation, profit-taking, and institutional reduction.

In the third paragraph, CEO comments were added. Revenue for fiscal year 2031 is expected to reach $70 billion to $90 billion, surpassing market expectations. Custom chip revenue for fiscal year 2029 is projected to reach $12 billion. Executives attribute this optimistic outlook to the booming development of artificial intelligence and a decade of sustained effort. Prathik Jayaprakash/Anhata Rooprai/Max A. Cherney — Reuters, October 6 — Marvell Technology MRVL.O on Tuesday raised its revenue forecast for fiscal year 2028 to about $20 billion, above Wall Street expectations, due to surging demand for custom data center chips and a boom in AI-related spending. The Santa Clara, California-based company's stock rose about 6%, while shares of competitor Broadcom AVGO.O were up about 4%. “It took a very long time to put the company on this path and become a technology leader,” Marvell President and Chief Operating Officer Chris Koopmans said in an interview. “We have always had a track record of delivering on our commitments.” Marvell established a strategy in 2021 focusing on custom and cloud-optimized chips, specifically designed for data centers. Since then, the company has been one of the main beneficiaries of the AI infrastructure boom, and now expects to achieve $12 billion in custom chip revenue in fiscal 2029, up from its previous target of $10 billion. As technology companies develop proprietary AI processors to decrease reliance on Nvidia NVDA.O chips, Marvell’s custom chip business has become a primary growth driver. So far this year, Marvell's stock has surged more than threefold. In August, Marvell disclosed an agreement with Google's Alphabet GOOGL.O which could bring in up to $120 billion in sales through fiscal year 2033, pending certain business milestones. That same month, the company raised its full-year revenue forecast from $16.5 billion to about $18 billion. On Tuesday, Marvell forecast fiscal 2031 revenue between $70 billion and $90 billion. According to a Visible Alpha survey of four analysts, the midpoint of $80 billion exceeds Wall Street's expectation of $46.85 billion. According to London Stock Exchange Group (LSEG) data, analysts previously expected 2028 revenue to be $18.2 billion. (For the convenience of non-English speakers, Reuters provides automated translations of its reports into several other languages. As automated translation may contain errors or lack complete context, Reuters does not guarantee the accuracy of these translations and provides them solely for reader convenience. Reuters accepts no liability for any damages or losses caused by the use of automated translation functionality.)

The Dow Jones closed up 0.49%, the Nasdaq rose 0.45%, and the S&P 500 gained 0.58%. Among the most actively traded stocks, Nvidia was up 0.14%, Micron Technology fell 1.73%, SpaceX was up 0.49%, and Super Micro Computer rose 2.8%.

According to market sources, the French Finance Minister stated that the government intends to bypass parliament to implement a spending cut plan worth several billions of euros.

Brent crude oil futures main contract has just surpassed the $101.00 per barrel mark, now quoted at $101.01 per barrel, up 0.71% on the day.