Marvell Technology Shares Surge 241% as CEO Credits Decade of Trust-Building With Hyperscalers

Marvell Technology shares have climbed roughly 241% over the past 12 months, and CEO Matt Murphy says the driver is something that took a decade to build: trust with the world's largest technology companies.

Murphy made the remarks during an appearance on CNBC's "Mad Money" on Tuesday, offering a candid assessment of why Marvell has outpaced rivals in the AI chip market. For comparison, shares of rival Broadcom rose just 6.6% over the same period.

"In this market, these large hyperscale customers and the ecosystem around it, it's really based on trust," Murphy said. "I think trust has been a huge part of ... our brand and our credibility."

Murphy outlined four specific questions he said hyperscalers ask when evaluating a supplier: whether the engineering team can deliver the chip, whether management will communicate honestly, whether supply capacity will be reliable, and whether the CEO can be counted on. He framed those criteria as both the standard Marvell has tried to meet and the basis on which customers make long-term commitments.

Murphy drew a comparison to AMD's turnaround under CEO Lisa Su, who prioritized consistent product execution and on-time delivery after taking over in October 2014. The implication was that disciplined, predictable execution — not just technical capability — is the differentiating factor in winning hyperscaler business.

The strategy has translated into broad customer diversification. Murphy said Marvell currently provides custom silicon to all four major U.S. hyperscalers and sells optical connectivity products across the industry. "We are basically the Switzerland of this entire market right now, we work with everybody," he said.

Two partnership announcements in 2026 have underscored that positioning. In March, Marvell disclosed a partnership with Nvidia. In August, it announced a multi-year technology supply agreement with Google — a company long considered Broadcom's most important custom-chip customer.

Data center revenue at Marvell is projected to rise 60% in fiscal 2027, according to FactSet, before accelerating slightly to 61% growth in fiscal 2028.

The Google deal drew particular attention because of its competitive implications. Investors and analysts have viewed the win as a signal that Broadcom's grip on the custom silicon market for large cloud providers is not absolute.

A separate development on Tuesday added a note of competitive nuance: a new partnership between Marvell's own longtime customer Amazon and rival Qualcomm on custom chip work. Murphy did not appear concerned when asked about the deal on air. "I think it's a competitive market," he said. "We're very confident in our position and how we've evolved in this market across all the U.S. hyperscalers and the entire ecosystem."

Investors will have a chance to assess Marvell's longer-term trajectory when the company holds an investor day in early October, where it is expected to share updated financial targets. The event will be closely watched by analysts looking for guidance on how far Marvell can extend its data center growth streak, and whether the relationships Murphy has cultivated translate into durable revenue commitments through the next phase of AI infrastructure buildout.

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