Marvell Technology earnings report
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The gist
Marvell Technology reports earnings Aug 27 with options pricing a 12.4% move. The Google deal could double custom AI chip sales to $4B next year.
Background
Marvell Technology, a semiconductor company, has rallied 196% year-to-date driven by custom AI chips and a major partnership with Google. The company is set to report earnings on August 27, with investors focused on growth from its custom AI ASIC (XPU) business. Analysts expect custom AI chip sales to double next year to over $4 billion, potentially exceeding $10 billion by 2028.
How it unfolded
- Jun 2, 2026Nvidia CEO Jensen Huang called Marvell the 'next trillion-dollar company' at Computex.
- Aug 21, 2026Marvell announced a $12.2 billion Google deal, including a warrant that could make Google a top shareholder.
- Aug 27, 2026Marvell is scheduled to report earnings, with options pricing a 12.4% move.
Who’s saying what
- Analysts
- Oppenheimer's Rick Shafer said the Google deal validates management's expectation that custom AI ASIC sales could double next year to over $4 billion.
- Bulls
- The Google deal turns Alphabet from a customer into an aligned shareholder, validating Marvell's custom XPU strategy.
- Bears
- Marvell's 58x forward P/E dwarfs Broadcom's 20x and NVIDIA's 26x, raising valuation concerns.
Still unverified
The $12.2 billion Google deal details and the potential revenue impact are based on analyst estimates and company guidance, not yet fully confirmed.