{"date":"2026-04-22T00:00","headerImageUrl":"https://structuredproducts-ch.leonteq.com/product-news/product-homepage-banner/marvell_2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In the AI Power Game","windowTitle":"Marvell Technology:","category":"coupon-giant","title":"Marvell Technology:","body":"<p>When a semiconductor stock suddenly picks up a new rhythm on the market, it is often because the power centers of the AI boom are pulling on it at the same time. That is exactly what is happening with Marvell Technology right now. On March 31, the world\u2019s largest manufacturer of chips for artificial intelligence, Nvidia, invested USD 2 billion in the company, propelling the stock to new heights. What had been a steady uptrend turned into a price sprint, fueled by the idea that in the AI era, Marvell could evolve from a mere supplier into a central hub. The appeal of the Nvidia partnership lies not only in the equity investment but also in its industrial leverage. Marvell is being integrated into Nvidia\u2019s \u201cNVLink Fusion,\u201d a platform that allows hyperscalers to build their own AI infrastructure based on the Nvidia ecosystem. Marvell contributes custom XPUs and scalable networking technology, while Nvidia provides key components such as Vera CPUs, ConnectX network cards, and Spectrum-X switches. In addition, the two companies are collaborating on optical interconnects and silicon photonics. Strategically, this is a smart deal for both sides: Nvidia keeps its ecosystem open enough to incorporate chips from external designers into its data center universe, while Marvell moves from being an infrastructure specialist closer to the architectural control center of future AI factories. This is especially relevant where bandwidth and energy efficiency become bottlenecks - areas where Marvell excels.<\/p>\n\n<div><generic-chart title=\"Marvell Technology Shareprice (in USD)\"> \n    <chart-line title=\"Marvell Technology\" path=\"Chart_MRVL.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 21.04.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Is the next deal already in the pipeline?<\/h3>\n<p>Hardly had this partnership been digested when the next piece of news followed. According to a report by the news agency Reuters, Google is in talks with Marvell about two new chips designed to run AI models more efficiently. These reportedly include a memory processing unit intended to work with Google\u2019s TPU, as well as a new TPU specifically optimized for AI model execution. The strategic direction is revealing: if Google is evaluating Marvell for precisely that stage of the AI value chain where efficiency, cost per query, and energy consumption are decisive, it signals more than just another customer conversation. It would indicate that Marvell could play a role in the inferencing market that goes beyond traditional networking. For Google, such a deal would be another step toward strengthening its TPUs as an alternative to Nvidia\u2019s GPUs. Ultimately, for Marvell, a partnership with the Alphabet subsidiary would be yet another invitation to join the table of major platform strategists.<\/p>\n\n<h3>A bumpy journey<\/h3>\n<p>Operationally, Marvell\u2019s path in recent years has not been linear. In fiscal years 2023/24 and 2024/25, the company reported net losses. For the fiscal year ending February 1, 2026, however, Marvell has now reported a turnaround. Net income amounted to USD 2.6 billion, or USD 3.07 per diluted share. Net revenue climbed by 42% to reach a new record of USD 8.2 billion. The outlook for the first quarter of the current fiscal year is also positive: the company forecasts revenues of USD 2.4 billion +/- 5%, along with a gross margin expected to range between 51.4% and 52.4%. On the bottom line, adjusted earnings per share are projected to come in at USD 2.84. On Wall Street, sentiment is accordingly constructive: the majority of analysts rate the stock a buy. At the same time, however, the average price target based on consensus data stands at USD 126.95 - below the current share price. This is the interesting contradiction in the story: analysts still like Marvell, but the stock has risen faster than the average of their models could keep up with.<\/p>\n\n<div>\n<generic-chart title=\"Earnings (in USD)\">\n  <x-axis categories=\"2023/24,2024/25,2025/26,2026/27e,2027/28e,2028/29e\"/>\n      <chart-column title=\"Earnings per Share (in USD)\" data=\"-1.08, -1.02, 3.07, 3.83, 5.44, 7.1\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: April 2026, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Two BRCs with attractive conditions<\/h3>\n<p>This is precisely where the appeal of the stock lies - and also its risk. However, investors do not need to take full exposure to benefit from this rising player in the AI economy. If Marvell\u2019s stock takes a breather after its recent rocket-like ascent, this consolidation phase can be monetized with a barrier reverse convertible. The two new soft-callable BRCs come with a comfortable risk buffer of 51% from the outset. The products also offer double-digit percentage coupons. The CHF-denominated version enables a maximum return of 16.6% p.a., while the USD-denominated note offers an even more attractive 20.0% p.a. The interest payment is guaranteed. To receive the coupon on a pro-rata basis, the Marvell stock can move freely. However, for full repayment of the nominal at maturity, the underlying must not breach the predefined barrier. If the barrier is touched, the final fixing becomes decisive. Should the Marvell stock be at least at its initial level at that point, the investment still achieves the maximum return despite the barrier breach. The first soft-call observation takes place after six months, at which point the issuer has the right to redeem both BRCs early.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;underlyings&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;marketVenues&quot;:[],&quot;productTypes&quot;:[],&quot;barrierTypes&quot;:[],&quot;issuers&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1550420934\\&quot;\\&quot;CH1550420967\\&quot;&quot;,&quot;strikeLevelRanges&quot;:[],&quot;productCategories&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;],&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;productGroups&quot;:[],&quot;conditions&quot;:{&quot;&quot;:true,&quot;-_exists_:snapshot.product.in_subscription&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false},&quot;barrierLevelRanges&quot;:[],&quot;assetClasses&quot;:[],&quot;currencies&quot;:[]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-marvell","investmentThemeVerticalImageUrl":"https://structuredproducts-ch.leonteq.com/product-news/sidenav-banner/marvell_2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch.leonteq.com/product-news/thumbnail/marvell_2026_leonteq-structured-products_thumbnail.jpg"}