Key Points
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The Nvidia partnership will enable Marvell to integrate its custom AI chips with Nvidia’s AI networking and other AI-enabling technologies.
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Marvell is reportedly in talks with Alphabet’s Google to collaborate on two new custom AI chips.
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Marvell announced it acquired Polariton Technologies, which will strengthen its optical technology portfolio.
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Shares of Marvell Technology (NASDAQ: MRVL), which makes data infrastructure semiconductors, soared 66.7% in April, according to data from S&P Global Market Intelligence. This is simply an amazing performance for a large-cap stock (market cap over $10 billion).
(In the first three trading days of May through May 5, Marvell stock is up 2.2%.)
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For context, in April, the S&P 500 index returned 10.5%, and the tech-heavy Nasdaq Composite index returned 15.3%. Artificial intelligence (AI)-related stocks — a group that includes Marvell — had a particularly good month overall. So, Marvell stock got a robust tailwind from the market’s strength and the bullish sentiment surrounding the AI space. However, the company also had company-specific good news.
Image source: Getty Images.
Nvidia partnership and investment
Marvell stock got a big boost to start April when it and AI chip leader Nvidia (NASDAQ: NVDA) announced a strategic partnership that includes a $2 billion investment by Nvidia.
The news was announced on March 31, but Marvell shares continued their rise into April, with shares gaining 7.7% on April 1.
This partnership will enable Marvell to integrate its custom AI chips (application-specific integrated circuits, or ASICs, that the company calls “XPUs”) with Nvidia’s AI networking and other AI-enabling technologies. In other words, customers don’t have to use Nvidia’s graphics processing units (GPUs) as their AI chips.
The companies will also collaborate on silicon photonics technology, they said.
A potential collaboration with Alphabet on developing two new custom AI chips
The Information first reported on April 19 that Marvell is in talks with Alphabet‘s (NASDAQ: GOOG)(NASDAQ: GOOGL) Google to collaborate on two new custom AI chips.
Marvell stock jumped 5.8% on April 20, and gained 12.6% in the three market days following the announcement.
Alphabet has long collaborated with Broadcom (NASDAQ: AVGO) to develop its custom AI chips, or Tensor Processing Units (TPUs). So, Marvell getting this work would be a win over Broadcom. Broadcom is considered the top player in the custom AI space, with Marvell at No. 2.
Acquisition announcement
On April 22, Marvell announced it acquired Polariton Technologies, a developer of high-speed, low-power plasmonics-based silicon photonics devices. The company said it will strengthen its optical technology portfolio. Financial terms were not disclosed.
The market liked the news, with Marvell stock rising 5.2% on April 23.
Upcoming quarterly report: May 27
Marvell Technology is scheduled to release its fiscal first-quarter report on Wednesday, May 27, after the market close.
Wall Street is expecting revenue to climb 27% year over year to $2.4 billion, and adjusted earnings per share (EPS) to jump 28% to $0.80.
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Beth McKenna has positions in Nvidia. The Motley Fool has positions in and recommends Alphabet, Broadcom, Marvell Technology, and Nvidia. The Motley Fool has a disclosure policy.
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