Welcome to Markets Desk, here's what's moving the needle this afternoon.
Marvell Technology has been one of the standout performers on the Street this year, with shares more than tripling as the chipmaker rides accelerating revenue growth fueled by AI infrastructure demand. Analysts now see a credible path to doubling again by twenty thirty one, with management guiding toward even faster expansion ahead.
Staying with artificial intelligence, McKinsey's Global Institute is out with a report projecting AI and automation will eliminate demand for roughly thirty six million American jobs by twenty thirty five, while generating about forty one million new ones. The net math looks positive, but McKinsey is clear the real challenge is not job scarcity, it is mobility, getting displaced workers retrained and repositioned before the gap becomes a crisis.
And in capital markets, a striking piece of context worth sitting with: over the past year, American markets absorbed the largest initial public offering ever in SpaceX, the biggest equity raise by a public company in Google, the largest private funding round in OpenAI, and a record private debt deal tied to Broadcom. The first one trillion dollar ETF crossed the tape through Vanguard. By almost any measure, the scale of capital formation right now is historically unprecedented.
That's the tape. Markets Desk, signing off the floor.
