Marvell slides after unveiling Celestial AI deal, quarterly results

Shares of chipmaker Marvell Technology MRVL.O slide 6% to $87.35 in extended trading

MRVL will buy chip startup Celestial AI in a $3.25 billion cash-and-stock deal, as it looks to boost its networking portfolio amid intensifying competition from bigger rivals Broadcom and Nvidia

In connection with the acquisition, MRVL has issued Amazon.com a warrant to buy up to 1.05 million shares of the company

Separately, MRVL reported record Q3 FY 2026 revenue of $2.08 billion, a 37% jump from a year earlier

MRVL expects Q4 FY 2026 revenue to be $2.2 billion, plus or minus 5%, compared with Wall Street expectations of $2.18 billion, according to data compiled by LSEG

As of last close, MRVL down 16% YTD