Custom AI silicon · Optical DSP · Networking
Marvell
A fabless maker of custom AI silicon (XPUs) and datacenter optical interconnect (DSP) for hyperscalers, with datacenter over $6B (~three-quarters) of FY2026's $8.195B revenue. As Amazon's Trainium design partner and a Microsoft/Google customer it absorbs custom-silicon demand, outsourcing chips to TSMC (N2, CoWoS) and collaborating on custom HBM with Samsung and SK. It straddles both bottlenecks of the AI datacenter — compute and interconnect.
MRVL Updated Jul 12, 2026 4 AI consumers· 4 recurring
Per the valuechain.wiki graph, Marvell is directly linked to 11 companies (7 supply, 4 revenue relationships) and reaches 105 companies within two hops; the links are backed by 14 dated sources, 4 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'21+84.6%'22-57.5%'23+63.7%'24+83.8%'25-22.8%YTD+177.8%
MarvellFY2026 revenue $8.195B
Financials & Segments
- Total revenue · FY2026 revenue $8.195B (data center >$6B, ~3/4)
- Customer concentration · One distributor 37%, one direct customer 14% (FY2026). Top 10 customers 82%
- Segments · Data Center · Other
Revenue from
- Microsoft High confidence· Revenue $6B · FY2026 · Data-center segment revenue >$6B (~3/4 of $8.195B total), custom silicon for MS/Google/Amazon
Supplies custom AI silicon.Confirms KO Korea Economic Daily Published Apr 14, 2026: Marvell supplies custom AI silicon to hyperscalersConfirms EN Marvell Investor Relations Published Mar 4, 2026: Marvell Q4 and full-year FY2026 results - Amazon High confidence· Revenue share 14% (est.) · FY2026 · Marvell's largest direct customer (10-K Customer A; media identifies Amazon)
Design partner for Amazon's Trainium AI chip; the largest direct customer (inferred).Confirms KO Korea Economic Daily Published Apr 14, 2026: Marvell supplies custom AI silicon to hyperscalersConfirms EN Marvell Investor Relations Published Mar 4, 2026: Marvell Q4 and full-year FY2026 results - Alphabet (Google) Medium confidence
Custom AI silicon customer.Mentions KO Korea Economic Daily Published Apr 14, 2026: Marvell supplies custom AI silicon to hyperscalers - Arista Networks Medium confidence
Supplies optical DSP and connectivity to Arista Networks.
Pays to
- TSMC High confidence
Foundry (N2) and CoWoS packaging for custom AI chips.Mentions KO ZDNet Korea Published Jun 18, 2025: Marvell targets the custom SRAM chip market, an opening for Korea - Synopsys High confidence
Pays for synopsys EDA tools and IP licenses. - Cadence Design Systems High confidence
Pays for cadence EDA tools and IP licenses. - Siemens EDA Medium confidence
Pays for Siemens EDA (Calibre etc.) licenses. - SK hynix Medium confidence
Custom HBM collaboration (for its custom AI chips).Confirms KO Korea Economic Daily Published Dec 11, 2024: Marvell partners with Samsung and SK hynix on custom HBM - Samsung Electronics Medium confidence
Custom HBM collaboration.Confirms KO Korea Economic Daily Published Dec 11, 2024: Marvell partners with Samsung and SK hynix on custom HBM - Samsung Electro-Mechanics Medium confidence
Buys silicon capacitors for AI accelerators.Confirms KO ETNews Published Jun 19, 2025: Samsung Electro-Mechanics supplies silicon capacitors to Marvell
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | +32.1 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -9 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -9 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Arista Networks | lead1 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Marvell | node | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| SK hynix | benef1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | benef1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Samsung Electro-Mechanics | benef2 | -11.8 | -18.5 | -1.4 | -2.5 | +110 | +467.7 |
| Jusung Engineering | benef2 | +127.9 | -42.6 | +173.3 | -3.1 | +30.7 | +364.1 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +225.8 |
| PSK Inc | benef2 | +22.7 | -19.6 | +14.2 | -2.6 | +228.2 | +208 |
| LG Innotek | benef2 | +78.2 | -22 | -28.8 | -22.1 | +66.8 | +204.6 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +171.6 |
| ACM Research | benef2 | +4.9 | -72.9 | +153.4 | -22.7 | +161.3 | +161.1 |
| Cohu | benef2 | -0.2 | -15.9 | +10.4 | -24.6 | -12.8 | +141.4 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| MediaTek | benef2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Arteris | benef2 | · | -79.6 | +37 | +73 | +52.1 | +124.3 |
| FormFactor | benef2 | +6.3 | -51.4 | +87.6 | +5.5 | +26.8 | +110.7 |
| KC Tech | benef2 | -24.2 | -6.1 | +57.9 | +5.9 | +56.7 | +108.1 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +103.6 |
| Simmtech | benef2 | +119.6 | -34.6 | +12.4 | -63.3 | +392.9 | +94.9 |
| Daeduck Electronics | benef2 | +64.2 | -0.3 | +13.3 | -22.7 | +250.2 | +92.1 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +91 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +86.3 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +85.9 |
| ASMPT | benef2 | -29 | -12.4 | +21.8 | -4.8 | +47.6 | +82 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Qnity Electronics | benef2 | · | · | · | · | · | +76.3 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +72.8 |
| Kokusai Electric | benef2 | · | · | · | -35.4 | +165.3 | +70 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Foosung | benef2 | +59.9 | -33.5 | -34.5 | -39.1 | +67.4 | +62.2 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +56.2 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +54.6 |
| Eugene Technology | benef2 | +28.1 | -45.1 | +64.1 | -12.6 | +202.5 | +49.5 |
| Montage Technology | benef2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +44 |
| Samsung E&A | benef2 | +74.5 | +20 | -13.7 | -15.9 | +76.7 | +43.2 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +42.9 |
| Camtek | benef2 | +110.1 | -52.3 | +215.9 | +18.3 | +31.7 | +35.2 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | +32.3 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +28.8 |
| Powertech Technology (PTI) | benef2 | +4.8 | -7.5 | +86 | -16 | +128.6 | +26 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +25.1 |
| Air Products and Chemicals | benef2 | +13.8 | +3.9 | -9 | +8.1 | -12.7 | +23.7 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +22.9 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | +22.4 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +17.1 |
| Sumitomo Chemical | benef2 | +19.6 | -9.1 | -27.7 | -2.2 | +43.9 | +16 |
| Nepes | benef2 | -29.5 | -44 | +6.7 | -62.7 | +179.2 | +15.1 |
| Merck KGaA (EMD) | benef2 | +42.2 | -0.4 | -19.1 | -2.5 | -12.7 | +13.5 |
| Air Liquide | benef2 | +14.1 | +7.9 | +20.9 | +8.5 | -4.8 | +12.5 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | +10.2 |
| Wonik IPS | benef2 | -19.7 | -19.8 | -0.2 | -25.5 | +408.8 | +9.3 |
| Siemens AG | benef2 | +12.2 | +5.1 | +20.1 | +28 | +26.4 | +8.7 |
| Hanmi Semiconductor | benef2 | +98.5 | -21.7 | +313.1 | +93.7 | +87.9 | +5.5 |
| Hana Micron | benef2 | +109 | -41 | +143.5 | -52.4 | +269.3 | +5.3 |
| Qorvo | benef2 | -5.9 | -42 | +24.2 | -37.9 | +20.8 | +1.5 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +0.7 |
| ISC | benef2 | +43.2 | +14.2 | +116.5 | -11.9 | +126.8 | +0.3 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | -4.5 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -5.2 |
| LG Display | benef2 | -6.8 | -30.9 | -8.5 | -20.6 | +26.2 | -5.7 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -6.6 |
| Park Systems | benef2 | +25.1 | +1.6 | +41.6 | +37.3 | +28.9 | -11.2 |
| Dongjin Semichem | benef2 | +28.1 | -13.7 | +16.1 | -42.8 | +160.1 | -15.8 |
| Uni Test | benef2 | +23.4 | -57.8 | +11.3 | -1.6 | +6.8 | -24.8 |
| ENF Technology | benef2 | -32.9 | -23.6 | +1.3 | -16.1 | +204.6 | -28.4 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -30.3 |
| SFA Semicon | benef2 | -5.8 | -34.1 | +48.7 | -48.7 | +139.8 | -31.8 |
| Soulbrain | benef2 | -8.2 | -3.9 | +16.6 | -37.6 | +192.8 | -35.9 |
| S&S Tech | benef2 | -17.3 | -5 | +45.8 | -31.2 | +210.8 | -47.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is how much datacenter revenue compounds for the No.2 design partner in hyperscaler custom AI silicon. Datacenter is over $6B (~three-quarters) of FY2026's $8.2B revenue, as Amazon's Trainium design partner and a Microsoft/Google customer absorbing custom-XPU and optical-DSP demand. It outsources chips to TSMC (N2, CoWoS) and collaborates on custom HBM with Samsung and SK, so the supply side (foundry, HBM) moved ahead of its stock. The risks are customer/distributor concentration (one distributor 37%, top-10 customers 82%), custom-silicon competition with Broadcom, and valuation pressure from expectations already priced in.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target $348 · Price $236.7 (07-11) · Upside +47%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| UBS · Timothy Arcuri | Buy | $340 | Jun 29, 2026 | Report ↗ |
| Cantor Fitzgerald · C.J. Muse | Neutral | $300 | Jun 29, 2026 | Report ↗ |
| Bank of America · Vivek Arya | Buy | $365 | Jun 24, 2026 | Report ↗ |
| Stifel · Tore Svanberg | Buy | $350 | Jun 24, 2026 | Report ↗ |
| KeyBanc Capital Markets · John Vinh | Overweight | $385 | Jun 18, 2026 | Report ↗ |
Target $230→$340, Buy kept; the underappreciated CXL interconnect business (a $7-10B market by 2030, with Marvell taking ~$2B in 2028).