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Why Marvell Will Overtake Broadcom As Nvidia’s AI Challenger

The Information · Anita Ramaswamy · last updated

Specialized chip designers Broadcom and Marvell Technology have been getting a lot of investor love lately. Both companies’ shares have surged more than 30% over the past three months as their revenues have soared, thanks to their efforts helping tech giants including Google and Amazon build their own artificial intelligence chips.

Meanwhile, shares of the biggest AI chip designer, Nvidia, have stalled as its super-hot revenue growth has slowed. Right now, Nvidia’s stock is trading in line with Broadcom’s on a multiple of next year’s expected sales, while Marvell lags both, according to data from S&P Global Market Intelligence. Investors appear to believe that Broadcom, at least, can eventually break Nvidia’s grip on the AI chip market.

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