Marvell Technology Inc (NASDAQ:MRVL) has reached a $2 billion deal to significantly expand its technology partnership with Nvidia Corp (NASDAQ:NVDA).

The Marvell Technology Analyst: JPMorgan analyst Harlan Sur maintained an Overweight rating on the stock.

The Marvell Technology Thesis: While the technology collaboration disclosed in May 2025 positioned the company as a partner offering NVLink Fusion–compatible custom silicon to hyperscale customers, it was limited in scope, Sur said in the note.

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He added that the latest deal represents "a material escalation," as it:

  • Involves an equity investment of $2 billion by Nvidia in Marvell Technology
  • Expands the collaboration into silicon photonics and AI-RAN for 5G/6G
  • Specifies the full Nvidia technology stack that custom ASIC XPUs designed by Marvell Technology could integrate with

"The deal also helps piece together the puzzle on how the previously announced AWS/NVDA NVLink Fusion collaboration for Trainium4 will be implemented in practice, essentially confirming MRVL as AWS's NVL Fusion integration partner," the analyst further wrote.

MRVL Price Action: Shares of Marvell Technology had risen by 3.77% to $102.78 at the time of publication on Wednesday.

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