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IPO-6% on the day
Marvell Guided to 50% Growth and Fell 6%
Marvell posted record revenue of $2.74 billion, up 37%, raised its fiscal 2028 target to about $18 billion, and the stock still dropped 6% -- a lesson in what AI multiples now require.
TRACE'S TAKE
BIG TECH
Chip Stocks Slide as Marvell Miss Spooks AI Trade
BIG TECHMarvell -16% premarket
Chip Stocks Slide as Marvell Miss Spooks AI Trade
Marvell's premarket slide after underwhelming guidance dragged Nvidia, Broadcom and the broader chip sector lower Friday, a day after Nvidia's own earnings beat had powered a $400 billion market-cap rally.
FOLLOW-UP
FUNDING
Marvell Gives Google Right to Buy $12.2B in Stock
FUNDING$12.2B stock warrant
Marvell Gives Google Right to Buy $12.2B in Stock
Marvell granted Google warrants to buy up to $12.2B of its shares, vesting as Google buys custom chips through fiscal 2033, in a deal that could bring Marvell roughly $120B in chip sales and diversifies Google away from Broadcom.
DEEP DIVE