Qualcomm and Marvell Shares Slump as Tech Giants Pivot to Custom Silicon

Event Summary

Qualcomm and Marvell Technology shares experienced a significant slump in mid-June, dropping 8% and 10% respectively as tech giants pivoted toward custom silicon. In response to shifting market dynamics, Qualcomm entered strategic negotiations to acquire AI chip startups. These moves include talks to acquire Tenstorrent at a valuation between $8 billion and $10 billion, as well as late-stage discussions to purchase Modular Inc. for approximately $4 billion.