Shares of Marvell Technology surged to a record high on Wednesday, as the semiconductor firm eclipsed a market capitalization of $100 billion for the first time after reporting better-than-expected earnings and an expanded deal with Amazon to collaborate on cloud software and hardware.

Shares in Marvell Technology jumped in premarket trading Wednesday after the chipmaker posted strong quarterly results and issued a rosy outlook amid robust demand for its custom AI chips. Monitor these key chart levels.

Shares of Marvell Technology (NASDAQ: MRVL) were surging today after the semiconductor maker posted better-than-expected results in its third-quarter earnings report, driven in part by strong AI demand and guidance.