Shares of Marvell Technology had a hell of a month. According to data from Misryoum, the chipmaker saw its stock rally 21.3% throughout March. It wasn’t just one thing, really—it was a combination of a solid earnings beat and some massive news involving a certain giant in the chip space.
Everything started with the fiscal fourth-quarter results. Revenue climbed 22.1% to hit $2.2 billion, while adjusted earnings per share jumped 33.3% to $0.80. Management’s guidance was just as punchy, predicting a 9% sequential revenue increase for the first quarter. Analysts, who usually keep expectations tight, were left behind by these numbers. I’m sitting here listening to the hum of my desk lamp—honestly, it’s a bit distracting—but looking at the data, it’s clear Marvell’s shift toward data centers is paying off, with expectations for 40% growth in that segment by fiscal 2027.
There had been a lot of nervous chatter about Amazon and their custom Trainium chips. People were worried Marvell was losing its grip on that account, but the forward guidance seems to squash that. Actually, maybe not entirely squash it, but it certainly suggests the XPU-attach business is doing just fine. Plus, they’ve added Microsoft to the roster for the Maia2 chip project.
Then came the late-month surprise: Nvidia is investing $2 billion into Marvell, alongside a product partnership. This is the part that really moved the needle.
Normally, the industry treats AI infrastructure as a binary choice—either you go all-in on Nvidia or you build your own custom silicon and Ethernet stacks. This deal changes that calculus. Nvidia seems to be betting on a hybrid future, integrating Marvell’s networking expertise to bridge the gap. They are even working together on silicon photonics, which is likely the successor to the copper-based networking that runs today’s data centers. It’s a smart move—or maybe a desperate one, depending on who you ask—to keep the ecosystem fluid.
Marvell’s outlook feels strong, especially with the rise of agentic AI. As these agents constantly ping large language models, the demand for high-speed networking is going to skyrocket, which is Marvell’s home turf. Sure, the stock isn’t the bargain it was last year, trading at about 27 times earnings estimates. But if you’re betting on the plumbing of the AI revolution, it’s still worth a look. Whether it stays this hot is another question entirely.