Google’s next TPU chip is reportedly facing delays. Still, GF Securities believes Marvell Technology Inc. (NASDAQ:MRVL) remains well-positioned in Google’s chip supply chain over the medium and long term. How should investors interpret the delay for Marvell’s stock? If you’re weighing MRVL’s AI growth potential against short-term uncertainty, these 11 AI stocks are worth a closer look,with Marvell securing the No. 7 spot.
A Delay, Not a Demand Problem
GF Securities says one part of Google’s TPU v9 design has slipped by about three weeks, likely due to a redesign. That small delay pushes the timeline back by about a quarter. Tape-out is now scheduled for January 2027, mass production for the second quarter of 2027, and shipments for the first quarter of 2028. Packaging substrate yields are a key obstacle, at just 45% to 50%. However, GF Securities believes it has identified the underlying causes of the problem.
The firm does not see demand as a concern. GF analyst Jeff Pu highlights strong demand for Google’s TPUs from both Google itself and external customers, including Anthropic. GF suggests that this external demand may be one reason Gemini 4 is arriving later than expected, as a significant share of Google’s TPU v7 went to outside customers in the first half of 2026. The firm identifies MediaTek, rather than Marvell, as facing short-term headwinds. Because the note offers no specific details about Marvell’s role in the supply chain, any benefit from the situation appears indirect. However, Jeff Pu’s own posts associate v9 with MediaTek, whereas Marvell’s potential Google opportunity involves later-generation chips and remains uncertain. As a result, the delay is unlikely to have much direct impact on Marvell. The delay may not change MRVL’s short-term outlook, but its AI potential keeps it on investors’ radar. Explore our list of 10 AI stocks that could skyrocket, featuring Marvell.
Does Google’s Delay Move Marvell’s Stock?
At 63x forward earnings, Marvell trades at a 66% premium to its five-year average P/E of 38.02x. So the stock does not look undervalued. Using estimates for the next fiscal year, the multiple comes down to approximately 37x to 40x, near the average, although the two measures use different bases. Investors are paying up for strong earnings growth. EPS is projected to increase 48.59% this fiscal year and 72.58% the next year, with growth accelerating rather than easing.
But that valuation leaves little room for delays. Investors are paying upfront for growth that must arrive on schedule. At its recent investor day, management set long-term targets of roughly $80 billion in revenue and $30 in non-GAAP EPS by calendar year 2030, according to Morningstar. The current premium reflects expectations for that growth. However, Marvell does not seem to generate meaningful revenue from TPU v9, which GF’s analyst attributes to MediaTek. As a result, the delay has only a limited, indirect impact on the stock and is not, by itself, a reason to buy.
In my view, the premium is justified only if Marvell delivers the expected growth on time. If that still doesn’t impress you, you can compare it with 9 other stocks in our list of Top 10 Co-Packaged Optics (CPO) Stocks to Buy in 2026.
Hedge fund ownership of Marvell grew from 79 funds at the end of Q1 2026 to 96 at the end of Q2 2026. Short interest accounted for 3.21% of float as of September 30, 2026.
GF’s comments indicate that Marvell’s longer-term position in Google’s chip supply chain remains intact. But the note does not specify Marvell’s role, while rising hedge fund ownership signals broader institutional participation. Still, a 63x multiple on this year’s earnings leaves little room for delays. The company needs to deliver on the expected timeline to support its valuation.
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