Marvell Technology (MRVL) - Get Report was on pace to close at its highest level in more than a decade as the stock rose 4% Tuesday following the announcement of a new deal with Microsoft (MSFT) - Get Report .
Marvell was up 4.23% to $28.09 Tuesday, just shy of the $28.11 level the stock closed at on May 19, 2006. The 4% climb is the company's largest intraday increase since it rose nearly 6.7% about a week ago.
The jump in stock price was spurred by the company announcing that Microsoft is now deploying servers for Microsoft Azure, Microsoft's cloud computing platform, based on Marvell's Thunder X2(R) server processor portfolio.
The Thunder X2(R) is a collaboration between Marvell, Ingrasys (a Foxconn Technology subsidiary) and Microsoft.
"Microsoft's deployment of Marvell's ThunderX2 solutions in Azure further solidifies our position as one of the industry's most deployed Arm-based server solutions in the world," said Gopal Hegde, vice president and general manager of the server processor business unit at Marvell Semiconductor.
"Integrating ThunderX2 into Azure infrastructure and application software environments is another major milestone that demonstrates the maturity of the ThunderX2 platform."
The ThunderX2 is compliant with Microsoft's next generation hardware design, Project Olympus. It is the second generation of the company's Armv8-based server processors and is designed to maximize "high computational performance by delivering outstanding bandwidth and memory capacity.
Marvell shares are up nearly 80% year to date as the stock rebounds from a dip that saw it go as low as $15.30 in December 2018.