Marvell Rides Google TPU Wave As AI Chip Race With Nvidia Heats Up

Marvell Technology Inc (NASDAQ:MRVL) is gaining momentum as both a key partner in next-generation AI chips and a beneficiary of strong analyst optimism tied to cloud and AI demand.

Google-Marvell Partnership Expands AI Chip Push

Alphabet Inc's (NASDAQ:GOOGL) Google is working with Marvell to develop new AI-focused chips, including a memory processing unit and an advanced Tensor Processing Unit (TPU), to improve the efficiency of AI workloads.

The effort targets data movement bottlenecks and supports Google's broader strategy to reduce reliance on Nvidia Corp's (NASDAQ:NVDA) Graphics Processing Units (GPUs).

Google's growing TPU ecosystem—including a reported deal with Meta and rising demand that could make it a major customer of Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM)—highlights the growing importance of partners like Marvell in scaling AI infrastructure.

Analysts See Strong Growth From Cloud and AI Demand

RBC Capital raised its price forecast on Marvell to $170 from $115 while maintaining an Outperform rating, citing strength in optical connectivity and visibility into Trainium chip production.

The firm noted Marvell's role in supplying key components—such as Application-Specific Integrated Circuits (ASICs) and optical Digital Signal Processors (DSPs)—to Amazon.com Inc (NASDAQ:AMZN) Amazon Web Services, and estimated about $1.6 billion in custom silicon revenue from AWS this year, up roughly 17%.

RBC also projected continued double-digit growth driven by AI demand, with Marvell capturing a significant share of expanding data center capacity.

Valuation and Supply Constraints Remain Key Watch Points

RBC said Marvell's growth outlook remains strong, supported by revenue expansion of 42% over the past year and forecasts of continued gains through fiscal 2027.

However, the firm flagged near-term constraints from the limited 3-nanometer wafer supply.

Technical Analysis

Marvell is pressing into fresh 52-week highs, consistent with a strong, persistent uptrend rather than a range-bound market. The stock is trading 34.5% above its 20-day simple moving average (SMA) and 69.5% above its 100-day SMA, a spread that points to aggressive short- and intermediate-term upside momentum.

The relative strength index (RSI), a momentum gauge, is 85.40, which is deep in overbought territory and often lines up with "crowded" upside positioning. RSI at 85.40 shows buyers have been in control lately, but it also raises the odds of sharper pullbacks if momentum cools.

• Key Resistance: $152.00 — a round-number area where upside follow-through can get tested.
• Key Support: $118.50 — near the 20-day EMA zone where dip-buyers have recently shown up.

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the May 28, 2026 (estimated) earnings report.

• EPS Estimate: 72 cents (Up from 62 cents YoY)
• Revenue Estimate: $2.40 billion (Up from $1.90 billion YoY)
• Valuation: P/E of 48.2x (Indicates premium valuation relative to peers)

Top ETF Exposure

• iShares Semiconductor ETF (NASDAQ:SOXX): 5.17% Weight
• iShares Future AI & Tech ETF (NYSE:ARTY): 5.10% Weight
• SPDR S&P Semiconductor ETF (NYSE:XSD): 3.28% Weight

Significance: Because MRVL carries significant weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

Price Action

MRVL Stock Price Activity: Marvell Technology shares were up 2.79% at $151.97 at the time of publication on Tuesday, according to Benzinga Pro data.

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