Marvell Jumps 6% as GF Securities Says Google Chip Delay Won’t Dent Its Position; Broadcom Rises 3%

Quick Read

• Marvell jumped 7% and Broadcom rose 3% after GF Securities said Google’s TPU delay won’t alter Marvell’s medium- to long-term supply chain standing.

• SOXX outpaced QQQ 3% to 2% as Google’s warrant to acquire up to 7% of Marvell shares signals a partnership extending well beyond one delayed chip.

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Wall Street is treating a reported delay in the next tensor processing unit (TPU) chip from Alphabet‘s (NASDAQ:GOOGL) Google as a manageable setback for its custom chip partners. Marvell Technology (NASDAQ:MRVL) stock is at $241.27, up 6% in afternoon trading.

Meanwhile, Broadcom (NASDAQ:AVGO) stock is up 3%, a smaller gain…