Marvell Won Alphabet's Deal; Everything Changes (Upgrade)

Uttam Dey 7.44K Followers Follow Summary Today, Marvell Technology, Inc. secures a broad custom silicon partnership with Alphabet/Google, including AI accelerators and networking controllers, plus a revenue-based share warrant structure. I upgrade MRVL stock to Strong Bullish, citing its successful pivot to high-growth optical networking and custom silicon, reinforced by transformative acquisitions and expanding hyperscaler relationships. MRVL's FY27 and FY28 revenue projections have been raised to $11.5B (41% growth) and $19-20B (68% growth), with Google now positioned as a major third customer. Despite a recent 42% share run-up, I view any MRVL pullback as a buy-the-dip opportunity, given MRVL’s attractive 16-17x FY27 and 11x FY28 revenue multiples. JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Earlier today, Marvell Technology, Inc. ( MRVL ) announced that it had won a broad-based custom chip development deal from Alphabet’s ( GOOG ) ( GOOGL ) Google spanning a range of This article was written by Uttam Dey 7.44K Followers Follow Uttam is a growth-oriented investment analyst whose equity research primarily focuses on the technology sector. Semiconductors, Artificial Intelligence and Cloud software are some of the key sectors that are regularly researched and published by him. His research also focuses on other areas such as MedTech, Defense Tech, and Renewable Energy. In addition, Uttam also authors The Pragmatic Optimist Newsletter along with his wife, Amrita Roy, who is also an author on the newsletter as well as on this platform. Their newsletter gets regularly cited by leading publications such as the Wall Street Journal, Forbes, etc. Prior to publishing his research, Uttam worked in Silicon Valley, leading teams for some of the largest technology firms in the world, including Apple and Google. Analyst’s Disclosure: I/we have a beneficial long position in the shares of MRVL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.