Chip Giant Marvel Israel Lays Off Dozens of Employees
Translated & summarized from Calcalist by baba
American chip company Marvel is laying off dozens of its approximately 500 employees in Israel, affecting one specific engineering team. The company stated the layoffs are to align resources with changing business needs. Marvel, which specializes in data center connectivity chips and is valued at about $150 billion, has operated in Israel for over 25 years and is committed to expanding its local development centers.
The story in 5 lines · by baba
- Marvel Israel is laying off dozens of employees from its approximately 500-strong workforce.
- The layoffs are a specific decision affecting one engineering team, not a broad company cut.
- Marvel specializes in connectivity chips for data centers and recently announced a major acquisition.
- The company is currently valued at around $150 billion on Wall Street.
- Marvel has operated in Israel for over 25 years and plans to continue expanding its local operations.
American chip company Marvel is laying off dozens of employees in Israel, out of approximately 500 staff at its local development centers. This is not part of a broader company-wide reduction but a specific decision affecting one engineering team in Israel. Marvel's operations in Israel are spread across development centers in Petah Tikva and Yokneam, built upon local companies acquired over the years. The global development activities at Marvel are managed by Israeli CTO Noam Mizrahi, who joined the company from Galileo, which was acquired for $2.7 billion.
Marvel specializes in connectivity chips for data centers and recently announced a major $115 billion deal to acquire Inphi. The company is currently valued at around $150 billion on Wall Street, having recently seen a decline along with other chip stocks. In June, its valuation had approached $280 billion, and Nvidia CEO Jensen Huang had predicted it would be the next trillion-dollar company, a forecast that has not yet materialized.
In response, Marvel stated, "As part of an ongoing effort to align resources with evolving business needs, we are reducing positions within one of our engineering teams. These changes affect a small portion of Marvel Israel's overall engineering array. Marvel has operated in Israel for over 25 years and is committed to continuing to expand its development center operations in Israel."
