On August 20, Marvell Technology fell 3.05% in pre-market trading, trading at $230.45/share, with turnover of $84.16 million. The decline reflects typical profit-taking following the prior sessions 10%+ rally driven by the companys landmark custom chip partnership with Google.

On August 19, Marvell surged over 10% after disclosing a binding commercial agreement with Google signed on July 29, covering custom semiconductor development for Googles TPU ecosystem, including AI inference accelerators, storage controllers, network interface controllers, and near-memory computing chips. Marvell also issued warrants granting Google the right to purchase up to 58.97 million shares at $206.58 per share, representing approximately $12.2 billion in potential equity value tied to cumulative purchasing milestones through fiscal year 2033.

Despite UBS raising its price target from $300 to $310 on the same day while maintaining a Buy rating, the upgrade failed to offset near-term selling pressure. The broader semiconductor sector also weighed on sentiment, with Micron Technology down 1.39%, Intel down 1.62%, Advanced Micro Devices down 1.16%, NVIDIA down 0.4%, and Broadcom down 0.31%.

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