Google Deal Talks Send This AI Chip Designer’s Stock to New Highs

• Marvell Technology shares climbed to a record high Monday following a report that the custom chip designer is in talks with Google.

• A deal could see Marvell develop new custom AI chips with the cloud giant.

One custom AI chip designer’s stock is off to a strong start this week amid reports that it is on the verge of a reaching a deal with Google.

Shares of Marvell Technology (MRVL) were up over 4% in recent trading and on track to close at a fresh high topping Friday’s record, after The Information reported over the weekend that the chipmaker is in talks with Alphabet’s (GOOGL) Google. Shares of Alphabet were down about 1%.

A deal could see Marvell design new custom AI chips for Google, which could help them better compete with offerings from AI chip leader Nvidia (NVDA), the report said.

Google and Marvell did not respond to…