New York, April 13, 2026, 12:02 EDT
Marvell Technology shares climbed to new records Monday, building on Friday’s surge as Nvidia’s $2 billion bet fueled optimism around Marvell’s role in Amazon’s AI chip plans. The stock traded up roughly 2.1% at $131.22 by late morning, after reaching $135.18. Nvidia, meanwhile, hovered near flat.
This shift is significant: AI investments are spilling over from Nvidia’s GPUs to broader data center infrastructure. Marvell’s business centers on application-specific integrated circuits, or ASICs—chips tailored for certain jobs—and optical interconnect hardware, which pushes data between servers and racks using light. That approach speeds things up and cuts power needs.
Nvidia’s move on March 31 put a sharper focus on that narrative. The two firms announced Marvell’s custom XPUs and networking gear are set to work with Nvidia’s NVLink Fusion platform, powering semi-custom AI systems. Jensen Huang described it as “the inference inflection.” Marvell CEO Matt Murphy pointed to “the growing importance of high-speed connectivity” as he discussed the deepening partnership. NVIDIA Newsroom
Amazon fueled another leg of the rally. CEO Andy Jassy, in last week’s annual letter, revealed the company’s chip segment — covering Trainium AI processors, Graviton CPUs, and Nitro networking cards — is pulling in over $20 billion a year. He mentioned “so much demand for our chips” that racks could be sold to third parties down the line. That commentary eased concerns in the market that Marvell might be shut out of future Trainium design contracts. Reuters
Wall Street got more bullish on Thursday. Barclays’ Tom O’Malley bumped Marvell up to overweight from equal weight and hiked his target to $150—up from $105. O’Malley contends AI data center optical ports could double this year, then double again by 2027. “Marvell is first and foremost an optical company,” he wrote. As AI clusters scale and power constraints tighten, optical transceivers—which turn electrical signals into light—are starting to matter much more. MarketWatch
Marvell finds itself positioned between Nvidia’s established ecosystem and cloud giants eager to expand their in-house silicon efforts. Its competitor Broadcom announced last week a long-term agreement to develop Google’s AI chips running through 2031, marking a significant win in the custom chip space. Meanwhile, Anthropic said it splits workloads among AWS Trainium, Google TPUs, and Nvidia GPUs.
Marvell is working hard to prove it can scale with both sides. Back in March, the chipmaker outlined a target for fiscal 2028 revenue—almost $15 billion—following a record $8.195 billion in fiscal 2026 sales. CEO Murphy said bookings were “continuing to grow at a record pace.” Reuters
Still, the fresh bull thesis depends on a lot of pieces landing in place. Marvell shares plunged over 50% early last year because of worries tied to Amazon. O’Malley points out there’s also the possibility Broadcom grabs more optical share. A dip in hyperscaler spending, any stumble in upcoming results, or shifts in Amazon’s chip strategy — any of these could send the stock sharply lower after its swift rebound.
Right now, investors are lumping Marvell in with the heavyweights building out the AI data-center backbone, rather than viewing it as just another niche chip play. That perception got a boost from Nvidia’s investment, adding some real strategic weight. Amazon’s new chip push, plus a fresh analyst upgrade, kept the story moving.
