Marvell Technology has nearly tripled in 2026. Wells Fargo says there are more gains ahead

Alibaba's U.S. shares fell 2% after announcing a $10.2B share issuance for AI projects. Chipmakers like Marvell, AMD, and Intel declined. Memory stocks Sandisk, Western Digital, Seagate, and Micron also dropped. Nucor and Steel Dynamics rose over 3% after U.S.-Canada trade talks collapsed. Robinhood and Coinbase fell 1% and 2% respectively as Bitcoin prices stalled. Jersey Mike's Subs gained 0.5% on buy ratings from analysts.

Marvell's expanded chip agreement with Google caused Broadcom's shares to drop 5%, as investors worried about Google's deepening relationship with a rival. Broadcom has faced similar situations before, such as Apple's partial shift away from its chips, which ultimately did not significantly harm Broadcom's growth. Broadcom's AI semiconductor revenue surged 143% year-over-year, highlighting the importance of Google's orders to its growth.

Google and Marvell announced an AI chip partnership on August 19, 2026, with a warrant allowing Google to buy up to 58.97 million Marvell shares at $206.58 each, potentially worth $12.18 billion. The shares unlock as Marvell earns revenue from Google through 2033. Marvell's stock surged 13% on the news, while Broadcom's slipped 3-5%. The deal is part of a trend where tech companies use equity to secure long-term chip supply commitments.

Marvell (MRVL), Intel (INTC), and Micron (MU) hit 52-week highs. MRVL rose 7% to $329.88 ahead of S&P 500 inclusion, with KeyBanc raising its target to $385. INTC surged 10% to $135.48 after Trump's endorsement and Mizuho's target increase. MU climbed 8% to $1,149.43, with Rosenblatt and Wedbush raising targets to $1,200 and $1,300, respectively.

Walmart (WMT) reported earnings of $187.9B, beating estimates. Alibaba (BABA) reported $39.64B revenue, up 9% YoY, but missed earnings estimates. Amazon (AMZN) plans to expand Prime Air to 500 U.S. locations. PayPal (PYPL) is in talks for a potential buyout. NetEase (NTES) reported mixed Q2 results. Futu (FUTU) beat revenue estimates. Nokia (NOK) plans to cut most of its China workforce. Meta (META), Google (GOOG), and Snap (SNAP) won a legal reprieve. NVIDIA (NVDA) explores partnership with Reb

Marvell (MRVL) and Google expanded their agreement to develop AI silicon, with Google having the option to buy up to $12.2B in Marvell shares. UBS raised MRVL's price target to $310, citing long-term revenue potential. The $120B figure is a warrant vesting ceiling, not a revenue forecast. Broadcom (AVGO) shares dropped on deal news, but ARK Invest bought AVGO stock, suggesting no direct competition.