MRVL · Marvell Technology, Inc.

Marvell Technology, Inc. has entered into a significant strategic and financial transaction with NVIDIA Corporation, involving a $2 billion equity investment and a partnership focused on AI infrastructure. On March 31, 2026, Marvell completed the sale of 2 million shares of newly designated Series A Convertible Preferred Stock to NVIDIA. The preferred stock carries a stated value of $1,000 per share and is initially convertible into approximately 21.78 million shares of common stock, implying an initial conversion price of roughly $91.84 per share. The issuance was conducted via a private placement under Section 4(a)(2) of the Securities Act.

Concurrently, the companies announced a strategic partnership under the NVIDIA NVLink Fusion platform. Marvell will provide custom XPUs and scale-up networking compatible with NVLink Fusion, while NVIDIA contributes its CPU, NIC, DPU, and switching technologies. The collaboration aims to enable customers to build semi-custom AI infrastructure fully compatible with NVIDIA's ecosystem. Additionally, the companies plan to collaborate on silicon photonics technology and AI-RAN for telecommunications networks. This dual-track engagement—substantial capital investment coupled with deep technical integration—signals a strong alignment between the two semiconductor firms targeting the expanding AI factory and data infrastructure markets.