Marvell’s Stock Climbs on Microsoft HSM Deal as Trading Volume Falls to 105th Rank in Growing Cloud Security Market

Marvell Technology (NASDAQ: MRVL) rose 0.72% on August 18, 2025, with a trading volume of $780 million, down 23.4% from the prior day, ranking 105th in market activity. The stock’s performance coincided with a strategic partnership expansion with Microsoft, which selected Marvell’s LiquidSecurity hardware security modules (HSMs) for its Azure Cloud HSM service. This collaboration builds on existing integrations with Azure Key Vault and Key Vault Managed HSM, further solidifying Marvell’s role in securing cloud infrastructure for enterprise clients.

The Azure Cloud HSM service, a FIPS 140-3 Level 3-certified solution, enables customers to manage cryptographic keys in dedicated cloud-based HSM clusters. Marvell’s PCIe-based LiquidSecurity HSMs, optimized for multi-tenant environments, offer scalability with one card capable of handling 100,000 encryption key pairs and processing over one million operations per second. Analysts highlight the growing HSM-as-a-service market, projected to grow at 8.5% annually through 2029, positioning Marvell’s cloud-optimized technology to benefit from increased demand for secure data infrastructure.

Industry experts note that Marvell’s LiquidSecurity HSMs reduce operational complexity for cloud providers by minimizing power consumption and physical space requirements compared to traditional HSMs. Microsoft emphasized the partnership’s alignment with customer demand for secure, compliant key management without the overhead of managing on-premise hardware. ABI Research analysts underscored Marvell’s leadership in cloud-optimized HSMs, citing its role in advancing confidential computing and cloud sovereignty initiatives.

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