Key insights
- Marvell is reportedly in talks with Google to develop custom chips (XPUs and TPUs). This highlights increasing hyperscaler demand for custom silicon, a positive leading indicator for semiconductor companies like Marvell. Google's continued investment in AI infrastructure and Marvell's design pipeline suggest sustained growth in this segment, potentially benefiting related US equity valuations.
Investing.com - Marvell Technology (NASDAQ:MRVL) is in discussions with Google to develop two new application-specific integrated circuits, according to news reports cited by Rosenblatt. Google’s stock has surged 122% over the past year to $339.40, trading near its 52-week high, according to InvestingPro data.
One chip is a memory processing unit, described as an XPU attached, and the other is a new tensor processing unit built for inference, Rosenblatt said.
During Marvell’s fourth-quarter fiscal 2026 earnings conference call on March 5, 2026, management said the company was seeing an unprecedented level of activity from new engagements as hyperscalers increase their cadence of custom chip development.
Rosenblatt views the reported discussions with Google as an example of a new engagement and potential new customer for Marvell.
Management previously pointed to 18 ASIC designs in process, including XPUs and XPU attached, according to Rosenblatt.
In other recent news, Alphabet Inc. received an updated price target from TD Cowen, which raised its target to $375 from $365 while maintaining a Buy rating. This adjustment reflects expectations for continued cloud acceleration and strong search growth year-over-year. Meanwhile, the European Commission proposed that Google share its search data with rival search engines as part of compliance with the EU’s Digital Markets Act. Stakeholders have until May 1 to express their views, with a binding decision expected by July 27. Additionally, Google launched the Gemini app for Mac, allowing users to access the AI assistant through a keyboard shortcut, enhancing functionality with screen-sharing features. Alphabet’s stake in SpaceX was also highlighted, with the potential value of the stake estimated at $100 billion if SpaceX achieves a $2 trillion valuation in its anticipated IPO. This stake was slightly diluted following SpaceX’s merger with xAI. These developments continue to shape the landscape for Alphabet and its investors.
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