Intel Stock In Focus As Marvell Chief Shoots Down CEO Speculation: Retail Hopes Dampened
By Stocktwits Inc | First Published Dec 4, 2024, 8:37 PM ISTMarvell Technology CEO Matthew Murphy said he was “all in” on Marvell during the company’s third-quarter earnings call on Tuesday.
Intel shares were up 1% pre-market on Wednesday, after a 6% tumble in the previous trading session, as the struggling PC chip-maker hunts for a new CEO.
Intel’s board has reportedly formed a search committee to identify a successor for CEO Pat Gelsinger, with a decision on his replacement expected in the coming weeks.
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The search for new leadership is said to be heavily focused on external candidates, a direction retail investors on Stocktwits accurately predicted.
Both Reuters and Bloomberg reported, citing sources, that Marvell Technology CEO Matt Murphy and former Cadence Design Systems CEO Lip-Bu Tan are being considered for the Intel CEO role.
However, the deliberations are still in the early stages, with no clear frontrunner for the role. Intel’s board is also exploring additional candidates for the top job.
According to retail investors polled on Stocktwits, Marvell has the second-best AI growth story after Nvidia – a factor that may align with Intel's ambitions to strengthen its position in the AI market.
However, Murphy has firmly rejected these rumors.
“So just let me be clear on this topic… As the Chairman and CEO of this company, I'm 100% focused on Marvell, okay?” Murphy stated during the company’s third-quarter earnings call.
“I am all in, okay? On Marvell. We’ve got the best team at this company, the company is outstanding, and the technology is best-in-class,” he continued, highlighting that after eight years of transforming Marvell, he is focused the “biggest single” total addressable market opportunity of his career —custom silicon chips.
Retail sentiment around Intel dipped to ‘bearish’ (41/100) from ‘neutral’ a day ago while chatter remained in the ‘extremely high’ zone. However, investors on Stockwtits are divided on the direction the stock will take over the next three months.
Users on the platform feel that Intel’s still in trouble with some noting that removing Gelsinger is not enough to save the PC chip-making giant from losing market share to the likes of AMD and others.
Tan has yet to respond to the reports. However, he reportedly clashed with Gelsinger about strategy when he was formerly on Intel’s board.
For updates and corrections email newsroom[at]stocktwits[dot]com.<
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