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Marvell Technology: AI demand, Google partnership and Q2

Updated 16 times since CLSTR started tracking revisions of this situation.

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2026-09-18 13:04 UTC → 2026-09-22 22:50 UTC · added ~~removed~~

In late July 2026, Marvell Technology’s shares slid approximately 34% from recent highs, prompting discussions regarding potential buying opportunities. Despite the dip, institutional investors such as Delta Global Management LP increased their holdings, and analyst firms like Susquehanna and Jefferies raised their price targets, reflecting optimism regarding the company’s focus on custom AI chips for cloud providers like Microsoft and Amazon. A few days later, the company unveiled a three-year, $250 million programme to expand its Indian operations, aiming to double its local engineering headcount to 4,000. On August 19, Marvell announced an expanded partnership with Google to develop custom AI semiconductors, including AI inference accelerators. Under the agreement, Google has been granted warrants to purchase up to 58.97 million Marvell shares at an exercise price of $206.58 per share. This partnership signals a diversification of Google’s supplier portfolio, potentially challenging the dominant position held by Broadcom Inc. Analysts from Macquarie noted that Broadcom’s share of Google’s revenue could drop from roughly 95% to 65% by 2028. On August 26, Marvell reported record fiscal second-quarter revenue of $2.74 billion, a 37% increase year-over-year, fueled by a 46% surge in its data center business. While the company beat earnings expectations and raised its fiscal 2028 revenue outlook to approximately $18 billion, shares fell between 8% and 10% as investors reacted to high valuations and the fact that the significant financial impact from the Google/Alphabet partnership is not expected to materialize until fiscal 2029. In early September, CEO Matt Murphy described Marvell as the ‘Switzerland’ of the semiconductor industry during the Citi Global TMT Conference, emphasizing its ability to work with a wide range of customers. On September 18, Marvell entered a multi-year agreement with GlobalFoundries to expand silicon germanium (SiGe) production capacity at a facility in Vermont.

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