Marvell Slides as Google AI Chip Ramp Is Pushed to Fiscal 2029

Marvell Technology has emerged as a key supplier of networking and custom compute silicon used in artificial-intelligence data centers. Investors have placed particular weight on its work with Google, whose reported custom AI chip program could represent as much as $100 billion in orders and provide a major source of long-term growth as hyperscalers expand computing capacity.

Marvell’s latest results and longer-term outlook exceeded expectations, supported by strong demand from data centers and custom AI accelerators. The shares nevertheless fell more than 7% intraday after investors learned that meaningful volume from the Google program is not expected until fiscal 2029. The reaction underscored a gap between Marvell’s favorable multiyear prospects and elevated market expectations for near-term revenue.