On April 19, Marvell Technology rose 5.66% in after-hours trading, reaching $146.58 per share, with trading volume of approximately $4.09 million.
On the news front, reports emerged on April 20 that Alphabet's Google is in negotiations with Marvell Technology to develop two new chips designed to run AI models more efficiently. One chip is reportedly a memory processing unit intended to work alongside Google's Tensor Processing Units (TPUs), while the other is a new type of TPU specifically optimized for running AI models. Google has been positioning its TPUs as a viable alternative to Nvidia's dominant GPUs, and TPU sales have become a key growth driver for its cloud business revenue.
This partnership signals a deepening of the custom silicon trend among hyperscale cloud providers, reinforcing Marvell's position as a leading partner in custom AI chip development. Earlier reports also indicated that Google and Marvell were already discussing a custom tensor processing chip collaboration, further validating the trajectory. Citi had previously maintained a \"Buy\" rating on Marvell, citing AI revenue as a potential catalyst for the second half of the year.
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