Marvell Technology stock surged to an all-time high of $329.88 on June 17, 2026, fueled by a Bloomberg report about Amazon Web Services potentially selling its Trainium AI chips externally. Shares closed near $311 the next day, up about 7% for the session. The rally followed a record fiscal first-quarter revenue of $2.418 billion and an analyst price target increase to $385.
Marvell Technology shares reached a record high of $329.88 on June 17, 2026. The surge was triggered by a Bloomberg report stating Amazon Web Services was holding early talks to sell its Trainium AI chips to outside companies.
Marvell helps design portions of that chip, so a wider market for Trainium could mean increased business. The company reported fiscal first-quarter revenue of a record $2.418 billion, a 28% year-over-year increase, with data center revenue alone reaching $1.83 billion.
Matt Murphy, Marvell’s Chairman and CEO, stated, “We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business.” He significantly raised revenue outlooks for both fiscal 2027 and 2028. Peter DeSantis, Amazon’s vice president of AI infrastructure, mentioned, “We view AI infrastructure as rapidly evolving. And we’re constantly looking at ways to get to more customers.”
Analyst firm KeyBanc raised its Marvell price target from $260 to $385, citing the optical-networking business. However, reports also suggest Amazon could assign newer Trainium chip versions to a rival chipmaker. Management’s own forecast points to about $2.7 billion in second-quarter revenue, a jump of roughly 35%.
The stock’s forward price-to-earnings ratio sits near 70, indicating a high valuation. The rally’s sustainability may depend on Amazon’s confirmed plans versus current market speculation.
