Aniket PujariMarvell Technology is set to acquire artificial intelligence startup Celestial AI in a deal worth $3.25 billion, the chipmaker said on Tuesday.
The news came as Marvell announced its third quarter results for the current financial year, and gave bullish forecast for its next fiscal year.
The acquisition of Celestial AI is part of the company’s strategy to capture more of the runaway spending on artificial intelligence computing.
Shares of Marvell Technology were up by 8.73% to $101 apiece at extended trading, according to MarketWatch. Marvell Technology stock price was $92.89 at Tuesday’s close.
(This is a developing story. Check back for updates)
