Marvell Technology shares fell 8% to $223.1 in premarket trading on Friday as questions about the timing of revenue from its Google custom-chip deal overshadowed better-than-expected results. The agreement with Alphabet’s Google, secured last week, could generate up to $120 billion in revenue through fiscal 2033 and make Google one of Marvell’s largest shareholders. Marvell expects fiscal 2027 revenue to grow about 45% to roughly $12 billion, up from a previous forecast of about $11.5 billion, and forecasts fiscal 2028 revenue of about $18 billion, compared with an earlier target of about $16.5 billion. CEO Matt Murphy said existing custom-revenue targets through fiscal 2028 already included some Google-related revenue, with the contribution expected to become much more significant in fiscal 2029. Shares have nearly tripled this year as Marvell benefits from demand for custom chips and AI connectivity. Morgan Stanley analysts said expectations were higher because of the Google deal and that its contribution was already largely reflected in earlier guidance. At least five brokerages raised their price targets, with a median of $275 implying 13.8% upside from Thursday’s close, according to LSEG data. Marvell trades at a premium to Broadcom, with a 12-month forward price-to-earnings ratio of 58.41 versus 32.15.