What happened: Marvell Technology (MRVL) stock jumped more than 4% on Monday.
What’s moving the stock: Shares rose on a report of a possible tie-up with Alphabet (GOOG, GOOGL) to develop two AI chips. The Information reported that the two companies were looking to build a memory processing unit to work with Google’s tensor processing unit (TPU) and another specifically for running artificial intelligence models.
According to the report, Google and Marvell intend to finalize the chip’s design by next year.
What else you should know: Google, an Nvidia (NVDA) customer, has been working on TPUs for more than a decade. The TPU ecosystem is used in Google Cloud for machine learning workloads.
Marvel stock has been on fire this year, surging more than 60% year-to-date leading the semiconductor sector higher.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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