Nvidia and Google Help, Marvell Technology Rises Another 3% Pre-Market, Wall Street Still Bullish After 50% Monthly Gain.

According to reports, Google was previously in talks with Marvell to co-develop two new types of AI chips, including a memory processing unit designed to work in conjunction with Google's in-house TPU, and a new TPU architecture specifically designed for AI inference tasks.

Marvell will assume the role of design service provider. Google has long depended on Broadcom for TPU design; if Marvell successfully steps in, it will mean Google is including Marvell in its custom chip supply chain, which currently includes Broadcom, MediaTek, and TSMC. As a result, Broadcom (AVGO) shares fell 1.7% on April 20.

Notably, Marvell's stock price had already surged more than 20% in March on news of a $2 billion investment from Nvidia and has continued to rally since the start of April. Earlier this month, Nvidia announced a $2 billion investment in Marvell to jointly develop silicon photonics and AI infrastructure.

The rumored collaboration with Google signifies that Marvell has secured consecutive endorsements from two major titans in the AI industry chain in just one month.

Marvell's stock price continues to climb as Wall Street investment banks simultaneously raise price targets, with institutional consensus reaching a highly consistent level of optimism.

Before the market opened on April 21, Royal Bank of Canada (RY) raised its price target for Marvell significantly from $115 to $170, representing one of the highest targets among analysts currently covering the stock.

Previously in mid-April, Oppenheimer analyst Rick Schafer raised the price target from $150 to $170 while maintaining an "Outperform" rating, citing optimism regarding data center demand and partnerships with hyperscale customers in the ASIC chip space; he expects annual revenue to potentially double from $4 billion in 2027 to $10 billion by 2028.

Barclays analyst Thomas O'Malley upgraded the stock from "Equal Weight" to "Overweight" on April 9, sharply raising the price target from $105 to $150. He noted that industry checks indicate optical port counts will double in both 2026 and 2027, with Marvell's optical networking revenue projected to grow by approximately 90% this year and next.

KeyBanc analyst John Vinh stated that in Marvell’s upcoming earnings report in early June, both results and guidance are expected to see growth, driven by robust demand for data centers and AI workloads.

From a valuation perspective, Marvell’s current share price of approximately $148 is nearing the latest price targets from multiple institutions, suggesting some short-term profit-taking pressure. Meanwhile, investors should monitor whether the Google partnership can transition from discussions to formal orders and whether the 90% growth projection for its optical networking business can be realized in subsequent financial reports.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.