Marvell Technology (MRVL) Stock on December 1, 2025: Microsoft Azure Deal, SoftBank Interest and Q3 Earnings Preview

Marvell Technology, Inc. (NASDAQ: MRVL) enters December with its share price back around the $90 mark and investors laser‑focused on three big storylines: a fresh collaboration expansion with Microsoft Azure in Europe, a looming Q3 earnings report expected to show rapid AI‑driven growth, and lingering takeover speculation after reports that SoftBank explored a bid earlier this year. ^[1]

At the same time, the stock is still well below its 2025 highs and has underperformed the Nasdaq‑100 this year, despite record revenue growth and a booming pipeline of AI custom silicon design wins. ^[2]

Key takeaways for Marvell Technology stock (as of December 1, 2025)

Share price & size: MRVL trades around $90 per share, giving the company a market capitalization of roughly $78 billion. The 52‑week range runs from about $47 to $127, highlighting how volatile the AI‑chip trade has been in 2025. ^[3]
Growth story: In Q2 FY2026 (reported August 28), Marvell delivered record revenue of $2.006 billion, up 58% year on year, and non‑GAAP EPS of $0.67, driven largely by AI data‑center demand. ^[4]
Q3 earnings catalyst (December 2): Wall Street expects Q3 revenue around $2.06–$2.07 billion (≈36–37% YoY growth) and EPS of ~$0.74–$0.75, roughly 70–75% above the prior‑year quarter. ^[5]
New Microsoft Azure deal: On December 1, Marvell announced that Microsoft is expanding its use of Marvell’s LiquidSecurity hardware security modules (HSMs) for Azure cloud security services in Europe, following key EU security certifications. ^[6]
Global expansion: A recent Reuters report says Marvell plans to grow its India workforce by about 15% annually for three years and increase R&D investment to tap surging AI infrastructure demand. ^[7]
Analyst sentiment: Most brokers remain bullish. StockAnalysis aggregates 32 analysts with an average “Buy” rating and a $95 12‑month price target, while multiple houses — including Rosenblatt, UBS and Oppenheimer — highlight Marvell’s AI data‑center upside. ^[8]
Valuation: On forward numbers, MRVL trades around 29–31× 12‑month forward earnings and roughly 11–12× EV/revenue, a premium to the market but in line with high‑growth AI infrastructure peers. ^[9]
Technical profile: Investor’s Business Daily (IBD) recently lifted Marvell’s Composite Rating to 96 and its Relative Strength (RS) Rating to 86, though the stock is now considered extended above its most recent buy point. ^[10]

Below is a deeper look at the news, forecasts and analysis shaping Marvell Technology stock on December 1, 2025.

Marvell Technology stock today: price, valuation and 2025 performance

According to real‑time data from StockAnalysis, MRVL is trading around $90.27 on December 1, 2025, with a day’s range of roughly $88.30–$91.37. The 52‑week range stands at $47.09–$127.48, underscoring just how wild the ride has been for investors this year. ^[11]

Key snapshot metrics:

Market cap: ≈ $77.8 billion
TTM revenue: ≈ $7.23 billion
TTM net income (GAAP): about –$103 million, reflecting ongoing non‑cash charges and integration costs
Forward P/E: about 29.4× (StockAnalysis) to ~31× (Zacks)
Dividend:$0.24 per share annually (≈0.27% yield), paid quarterly at $0.06 per share
Beta: ~1.9, meaning MRVL tends to move almost twice as much as the broader market on average ^[12]

Despite the recent recovery, Marvell shares are still down by nearly 30% year‑to‑date, while the Nasdaq‑100 has gained around mid‑teens percentages, according to a recent Forbes preview cited on StockAnalysis. ^[13] This combination of strong fundamental growth but lagging share performance is one reason many analysts continue to frame MRVL as a potential “catch‑up” AI play rather than one that has already fully priced in its prospects.

On valuation, traditional GAAP P/E ratios look distorted — some data providers show extremely high or even negative trailing P/E figures because Marvell’s GAAP earnings are depressed by amortization and other non‑cash items. ^[14] Instead, most analysts focus on non‑GAAP forward metrics, where MRVL trades around 30× earnings and about 11–12× enterprise‑value‑to‑revenue, a premium to the broader market but within the typical range for fast‑growing, AI‑exposed semiconductor names. ^[15]

New Microsoft Azure security deal highlights Marvell’s cloud credentials

The most tangible new catalyst on December 1 is Marvell’s announcement that Microsoft is expanding its use of Marvell’s LiquidSecurity HSMs to power Azure cloud‑based security services in Europe, complementing existing deployments in Asia and North America. ^[16]

A few key points from the press release:

Marvell’s LiquidSecurity HSMs now carry eIDAS and Common Criteria EAL4+ certifications, two European security standards that govern trustworthy digital identity, signatures and cross‑border electronic transactions. ^[17]
Microsoft Azure is using these HSMs to power Azure Key Vault, Azure Key Vault Managed HSM and Cloud HSM services, which support workloads like cross‑border contract signing, identity document verification and secure key management. ^[18]
Each LiquidSecurity 2 adapter can manage up to 1 million encryption keys and perform more than 1 million operations per second, allowing cloud providers to offer HSM services with far less power, rack space and dedicated hardware than traditional appliance‑based HSMs. ^[19]

For MRVL stock, the importance is less about near‑term revenue from a single product and more about signaling:

It strengthens Marvell’s position in security‑centric data infrastructure, a key component of the AI data‑center build‑out.
European certifications and Azure deployments lower barriers for other regulated customers — in finance, government and healthcare — to adopt Marvell‑powered cloud security solutions.
It deepens ties with a top hyperscaler (Microsoft) at a time when Marvell’s long‑term AI story heavily depends on design wins with exactly these kinds of large cloud players.

India hiring spree and AI R&D push

Beyond Europe, Marvell is also expanding its physical footprint in one of the world’s most important technology hubs.

A Reuters report from November 20 notes that Marvell plans to boost hiring and research spending in India, with a goal of increasing its Indian workforce by about 15% per year over the next three years from a current base of roughly 1,700 employees. ^[20]

Key details from that report:

Marvell’s India operations are centered in Bengaluru (headquarters), Hyderabad and Pune, focusing on security solutions for data centers and embedded networking and storage development. ^[21]
The expansion is aimed at supporting global AI infrastructure demand, both for international hyperscalers and a growing domestic cloud ecosystem in India. ^[22]
While Marvell remains a fabless company, management is engaging with local outsourced semiconductor assembly and test (OSAT) firms, aligning with India’s $10 billion semiconductor incentive program. ^[23]

For investors, India serves as both a talent pool and a potential growth market: as data‑center investment ramps in the region, having local R&D and customer‑engagement hubs could help Marvell pick up incremental share in networking, storage and AI accelerators.

SoftBank takeover talk keeps M&A speculation alive

Another major storyline in recent weeks has been M&A speculation. Multiple news outlets relayed a Bloomberg report that SoftBank Group explored a potential takeover of Marvell Technology earlier this year, but the two sides did not reach agreement on terms. ^[24]

Key points from the Reuters-syndicated coverage:

SoftBank “made overtures” to Marvell several months ago but eventually walked away after failing to agree on valuation, according to people familiar with the matter. ^[25]
The report helped drive a sharp rally in MRVL shares at the time and prompted commentary from outlets like Barron’s and MarketWatch arguing that Marvell’s underperformance versus AI peers could make it an attractive bid target. ^[26]

There is no public indication of ongoing talks, so this should be viewed as a past exploratory effort, not a live deal. Still, the episode underscores two things:

Large strategic and financial buyers see Marvell as a meaningful asset in AI and networking.
The gap between private‑market and public‑market valuations can become a catalyst for corporate activity if MRVL continues to lag its AI peers.

Speculative takeover stories can add upside optionality, but they also introduce headline‑driven volatility — something investors should keep in mind heading into earnings.

Q2 FY2026 results: record revenue and a booming AI pipeline

Marvell’s current narrative is anchored in its Q2 FY2026 results, reported on August 28, 2025:

Net revenue:$2.006 billion, up 58% year-on-year and slightly above the midpoint of company guidance.
GAAP net income:$194.8 million or $0.22 per diluted share.
Non‑GAAP net income:$585.5 million, or $0.67 per diluted share.
Cash flow from operations:$461.6 million for the quarter. ^[27]

CEO Matt Murphy emphasized that growth is being “fueled by strong AI demand” for custom silicon and electro‑optics alongside a recovering enterprise networking and carrier infrastructure business. He also highlighted that Marvell’s custom AI design activity is at an all‑time high, with the team now engaged in over 50 new AI opportunities across more than 10 customers. ^[28]

However, the reaction to the quarter was complicated:

A detailed analysis from MarketBeat notes that while headline revenue and EPS were solid, Marvell slightly missed expectations in its key data-center segment, and Q3 guidance initially looked underwhelming. That combination triggered a near‑19% share price drop after the report. ^[29]
Management explained that guidance was distorted by the earlier‑than‑expected sale of its automotive Ethernet business, which shaved about $60 million from Q3 revenue projections; without that divestiture timing, guidance would have been roughly in line with or slightly above Street estimates. ^[30]

Despite the volatility, the underlying trend is clear: AI‑related revenue is exploding, but investors are scrutinizing margins, customer concentration and guidance more intensely as expectations rise.

Q3 FY2026 earnings preview: what Wall Street expects on December 2

Marvell is scheduled to report Q3 FY2026 results after the market close on December 2, 2025. The date appears on both the company’s investor calendar and multiple data platforms. ^[31]

Wall Street’s expectations are tightly clustered:

Revenue: around $2.06–$2.07 billion, up about 36–37% versus the same quarter last year. ^[32]
EPS (non‑GAAP): roughly $0.74–$0.75, versus $0.43 a year ago — nearly 75% earnings growth. ^[33]
Full‑year FY2026 consensus: Zacks estimates $2.83 EPS on $8.12 billion in revenue, implying about 80% EPS growth and 41% revenue growth year‑on‑year. ^[34]

Notably, Marvell’s own guidance from the Q2 report set Q3 expectations at:

Net revenue: $2.06 billion ± 5%
Non‑GAAP gross margin: 59.5–60.0%
Non‑GAAP EPS: $0.74 ± $0.05 ^[35]

Analysts will be watching for:

Data center and AI custom silicon growth versus both guidance and peers.
How quickly Marvell re‑deploys capital and focus after the automotive Ethernet business divestiture. ^[36]
Any updates on new design wins and customer diversification beyond hyperscalers like Amazon and Microsoft. ^[37]

A Benzinga preview notes that consensus expectations now look achievable — if not conservative — after the guidance reset, but investors will want reassurance on 2026–2027 AI content growth, not just a near‑term beat. ^[38]

Analyst ratings, price targets and institutional activity

Consensus: broadly bullish, but not unanimously so

Across major data providers:

StockAnalysis reports 32 analysts with an average “Buy” rating and a $95 12‑month price target — about 5% upside from current levels. ^[39]
MarketBeat cites a consensus target around $94–95, based on approximately 38 analyst ratings, with a high target near $149 and a low around $66, and categorizes MRVL as a “Moderate Buy.” ^[40]
A Benzinga analysis looking at 11 recent ratings finds an average target of about $94.55, implying mid‑single‑digit upside from late‑November levels. ^[41]

Recent broker moves highlight a mix of optimism and caution:

Rosenblatt Securities on December 1 reaffirmed its “Buy” rating and $95 price target, signaling confidence in Marvell’s AI data‑center story and ability to navigate near‑term volatility. ^[42]
Morgan Stanley the same day raised its target from $76 to $86 but kept an “Equalweight” rating, effectively arguing that risk and reward are now more balanced after the stock’s partial recovery. ^[43]
In late November, UBS lifted its target from $105 to $110 with a “Buy”, while HSBC initiated coverage with a “Hold” rating and an $85 target, illustrating the spread between more aggressive and more conservative views on upside. ^[44]

Quant and factor views

Zacks currently assigns Marvell a Rank #2 (Buy) and highlights that the forward P/E of ~30.99 represents a discount to the Electronics–Semiconductors industry forward P/E of about 35.6, while the PEG ratio of 0.81 is materially below the industry average near 1.88 — a positive sign for growth‑adjusted valuation. ^[45]

Insider and institutional activity

Quiver Quantitative data show that over the past six months, insiders have executed more open‑market purchases than sales, including meaningful buys by CEO Matt Murphy, the COO and other senior executives, though there have also been some stock sales by finance and legal leaders. ^[46]

On the institutional side, 748 funds have increased their MRVL positions while 728 have reduced them in recent quarters. Large holders like Vanguard and FMR (Fidelity) added millions of shares, while firms such as T. Rowe Price and Artisan Partners significantly trimmed or exited stakes, reflecting a high‑conviction but actively debated name in professional portfolios. ^[47]

Not all commentary is bullish

While most brokerage research leans positive, some public commentary is more skeptical. A recent Yahoo Finance piece flagged that Marvell stock is still down roughly 25% in 2025 and argued that despite the pullback, the stock may not yet be a clear “buy the dip” opportunity because of its premium AI valuation and execution risks. ^[48]

This divergence in opinion is typical for high‑growth semiconductor names and is one reason MRVL often trades with sizable post‑earnings price swings.

Technical picture: strong ratings, but extended after a breakout

Investor’s Business Daily tracks Marvell across several proprietary technical indicators:

Composite Rating: recently upgraded from 94 to 96, placing MRVL among the top 4% of stocks based on a blend of earnings, sales, margins and price performance. ^[49]
Relative Strength (RS) Rating: recently raised to 86 (from 75 earlier in the week), meaning Marvell has outperformed 86% of stocks over the past 12 months. ^[50]
Buy zone: The stock cleared a buy point around $85.27 in a first‑stage consolidation pattern, but IBD now considers it extended and outside the optimal buy range, suggesting investors may prefer to wait for a new base or pullback to key moving averages before adding shares. ^[51]
Earnings power: IBD also highlights that Q2 saw 123% EPS growth and 58% sales growth, metrics often associated with leading growth stocks — though its Accumulation/Distribution Rating of C‑ indicates a roughly balanced mix of institutional buying and selling over the past 13 weeks. ^[52]

Taken together, the technicals portray MRVL as a strong but potentially extended leader, where timing may matter as much as direction heading into a high‑volatility earnings event.

Valuation: AI growth at a premium price

From a pure numbers standpoint:

Market cap: ≈ $77.8B
TTM revenue: ≈ $7.23B
EV / Revenue (LTM): ≈ 11.7× based on Finbox data. ^[53]
Forward P/E: roughly 29–31×, depending on the source and specific forward period. ^[54]
Price/sales: around 10–11×, according to Morningstar and other valuation dashboards. ^[55]

On a GAAP trailing basis, P/E metrics are effectively unusable (one provider pegs the trailing TTM P/E around –800×), because Marvell is still digesting past acquisitions and recording significant amortization and non‑cash charges. ^[56]

On a non‑GAAP forward basis, however, MRVL sits in a familiar zone for AI‑levered semiconductor leaders:

More expensive than the overall market and most cyclical chipmakers.
Less expensive — or at least not dramatically pricier — than some headline AI winners, especially given consensus forecasts calling for 40%+ revenue growth and 80%+ EPS growth this fiscal year. ^[57]

That “AI growth at a premium but not exorbitant price” narrative underpins many of the “Buy” or “Moderate Buy” ratings, while skeptics argue that any stumbles in AI orders or margins could compress multiples quickly.

Key risks to watch

Even with strong growth and blue‑chip customers, Marvell faces several important risks:

Customer concentration and AI cyclicality
MarketBeat’s deep dive on the Q2 sell‑off highlights worries around Marvell’s heavy exposure to a handful of hyperscalers, particularly Amazon and Microsoft, in its custom ASIC business. ^[58] Any slowdown, delay or insourcing decision by these customers could materially impact revenue and margins.
Margin pressure from AI deals
Reuters has previously noted that some AI chip design wins across the industry, including at Marvell, may come at lower gross margins than traditional products as vendors fight aggressively for sockets in the data center. ^[59] Managing that trade‑off between growth and profitability will be critical.
Sector volatility and macro uncertainty
StockStory points out that semiconductor manufacturing stocks, as a group, have lagged the broader market recently, with the segment down roughly 5% over the past month amid concerns about tariffs, taxes and tech valuations. Marvell itself is down a couple of percent over the same span, despite strong fundamentals. ^[60]
M&A and rumor risk
The SoftBank takeover headlines demonstrate how quickly deal speculation can move the stock. While such news can provide upside, failed talks or regulatory concerns could also trigger sharp reversals. ^[61]
Execution on AI roadmap
With more than 50 AI design opportunities in play, Marvell must both convert those into revenue and scale production efficiently. Falling short of the aggressive growth expectations embedded in analyst models could prompt price‑target cuts and multiple compression. ^[62]

What it all means for MRVL stock heading into earnings

As of December 1, 2025, Marvell Technology sits at an interesting crossroads:

The company is delivering record revenue, triple‑digit EPS growth, and a surging AI and cloud pipeline, underscored by the new Microsoft Azure security expansion and a multi‑year India R&D build‑out. ^[63]
Analysts are broadly bullish, with most major houses expecting further upside and many citing Marvell as a key beneficiary of the next phase of AI datacenter spending. ^[64]
At the same time, valuation is no longer cheap, the stock is technically extended after a breakout, and the name has a history of large post‑earnings moves when guidance disappoints even slightly. ^[65]

For investors watching MRVL into the December 2 report, the key questions are likely:

Does Q3 beat and guidance confirm the 2026–2027 AI growth story?
Do margins hold up as AI becomes a larger share of the mix?
Can Marvell broaden its customer base and reduce concentration risk?
Is the current ~30× forward P/E multiple sustainable if growth normalizes?

This article is for information and analysis only and does not constitute investment advice or a recommendation to buy or sell any security. Anyone considering an investment in Marvell Technology should carefully evaluate their own financial situation, risk tolerance and time horizon, and consult a qualified financial professional if needed.