Marvell selloff deepens as investors seek clarity on Google AI deal payoff
Marvell Technology's shares dropped over 8% to $221.6 as investors sought clarity on the impact of its Google custom-chip deal, which could yield up to $120 billion by fiscal 2033. Despite strong revenue forecasts, concerns over immediate contributions from the deal overshadowed results. Analysts anticipate significant growth in fiscal year 2029, with a median price target of $275 for the stock.