Marvell's $120 Billion Google Deal: Growth Delayed Until 2029

Marvell Technology Group's (MRVL) deal with Google has been confirmed to be worth $120 billion. The agreement, which spans custom accelerators, storage controllers, network interface chips, and memory interface silicon, is expected to bring in significant revenue for Marvell starting from fiscal 2029.

The company beat Q2 estimates and raised guidance twice in the same release, but its stock fell by 5.5% due to investor concerns about when the growth driver will show up in revenue.

Marvell's custom silicon business is expected to grow significantly, with data center revenue surging 46% year-over-year to $2.17 billion. The company also raised full-year fiscal 2027 revenue guidance to $12 billion and fiscal 2028 guidance to about $18 billion.