JPMorgan Maintains Overweight on Marvell, $240 PT

JPMorgan analyst Harlan Sur reiterated an Overweight rating and $240 price target on Marvell (NASDAQ: MRVL) on August 20, 2026.

“Earlier this morning, Marvell Technology Inc.

(MRVL) announced an expanded long-term partnership with Google to develop a broad portfolio of custom chips/ ASICs that support Google’s TPU ecosystem (not a TPU win, but chips that support TPU), including an AI inference offload engine (SRAM-based, LPU-like architecture), silicon, storage controllers, NIC/SmartNIC/DPU-style controllers, and CXL-based memory interface controllers.

Based on the initial market reactions, we suspect that there was some confusion around the language MRVL used in its 8-K, specifically in its reference to “AI inference accelerators.” However, we think it is important to clarify that we do not interpret the announcement as a core TPU accelerator win, as the custom silicon programs highlighted appear to be XPU attach/TPU-adjacent products (e.g., chips that sit next to the core TPU chip; MRVL referred to it as “programs that attach to the TPU ecosystem”).

Nonetheless, according to our math, the structure of the deal implies an average ~$19.2bn of potential Google ASIC attach revenues per year for MRVL through FY33 (240 tranches * $500m = $120bn of revenue over 6.25 years), which would put the team’s AI ASIC business well above its prior analyst day target of ~$11B in total AI ASIC revenues in CY28.

We believe most of the revenue under this agreement is incremental to current market expectations, and after flowing the deal through our model, we can see a path toward ~$11.00 of earnings power by CY28 (materially above current Street estimates of $9.52).”

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