US Chip Giant Marvell Laying Off Dozens of Employees at Israel Centers
US chipmaker Marvell is laying off dozens of employees from its Israel development centers in a targeted move affecting one engineering team, amid a broader market pullback.
American semiconductor giant Marvell is laying off dozens of employees in Israel out of a total workforce of approximately 500 across its local development centers. The layoffs are not part of a broad company-wide cost-cutting wave, but rather a targeted decision affecting one specific engineering team in Israel. Marvell's operations in Israel are divided between development centers in Petah Tikva and Yokneam, built upon a series of local companies acquired over the years.
Global development at Marvell is led by Israeli Chief Technology Officer Noam Mizrahi, who originally joined the company through Galileo, which was acquired for $2.7 billion. Marvell specializes primarily in connectivity chips for data centers and earlier this month announced a massive deal to acquire Lumentum for $115 billion. Marvell itself is traded on Wall Street at a market capitalization of approximately $150 billion, having recently declined alongside other semiconductor stocks.
Last June, its market value approached $280 billion, and Nvidia CEO Jensen Huang even declared that it would be the next company to join the trillion-dollar club — a prediction that has not yet materialized. In response, Marvell stated: "As part of an ongoing effort to align resources with changing business needs, we are reducing positions in one of our engineering teams. These changes affect a limited portion of Marvell Israel's overall engineering array. Marvell has operated in Israel for over 25 years and remains committed to continuing to expand its development center operations in the country."
