US Stock Market Move | CEO denies rumors of orders loss from Amazon.com, Inc. and Microsoft Corporation Marvell Technology, Inc. (MRVL.US) rises more than 1.7% in pre-market trading.

On Wednesday, before the U.S. stock market opened, shares of Marvell Technology, Inc. (MRVL.US) rose more than 1.7%. The company's CEO, Mark Murphy, denied recent reports that the company had lost business from Amazon.com, Inc. (AMZN.US) and Microsoft Corporation (MSFT.US) in an interview, boosting market sentiment. Murphy emphasized that there had been no changes in the company's business. "I can tell you, from Tuesday to Friday, there were no changes, we did not lose any business." He directly refuted previous rumors in the media about customer losses. Earlier this week, reports surfaced in the media that Microsoft Corporation is seeking assistance from Broadcom Inc. (AVGO.US) to develop custom AI chips; at the same time, Benchmark, highly confident in "Marvell Technology, Inc. losing Amazon.com, Inc. chip design orders," downgraded its stock rating. These reports temporarily raised concerns in the market about the stability of Marvell Technology, Inc.'s customer base. However, when Marvell Technology, Inc. announced its quarterly earnings earlier this month, it provided business outlook for the next two years and received positive reviews from Wall Street analysts. In addition, the company confirmed its acquisition of photon interconnect technology company Celestial AI for at least $3.25 billion, including $1 billion in cash and 27.2 million shares of Marvell Technology, Inc. stock (valued at approximately $2.25 billion at current valuations). The industry generally believes that this acquisition will further strengthen Marvell Technology, Inc.'s positioning in the field of AI acceleration and high-performance interconnect.