Why Marvell (MRVL) Stock Just Got a Lot More Interesting to Wall Street

TLDR

• Marvell signed a custom chip deal with Alphabet/Google that could generate up to $120 billion in revenue through fiscal 2033.
• Google received warrants to buy up to 58.97 million MRVL shares at $206.58, worth roughly $12 billion if fully exercised.
• Stifel reiterated Buy with a $350 price target, implying 47.5% upside from current levels.
• William Blair and Oppenheimer both maintained Buy/Outperform ratings following the deal announcement.
• Wall Street has a Strong Buy consensus on MRVL, with an average price target of $274.04, implying 15.5% upside.

Marvell Technology (MRVL) stock climbed after the company announced a major custom chip deal with Alphabet’s Google. MRVL was up around 3% on the news, trading near $235.40.

Marvell Technology, Inc., MRVL

The deal centers on Marvell’s data center AI platform, covering custom accelerators, storage controllers, network controllers, memory controllers, and near-memory compute.

The agreement adds Google’s Tensor Processing Unit (TPU) to Marvell’s growing list of custom AI chip customers, joining Amazon Web Services Trainium and Microsoft Maia.

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