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 116 companies within two hops; the links are backed by 14 dated sources, 4 of them primary filings (as of 2026-07-12).
Annual return · 2026-09-04'21+84.6%'22-57.5%'23+63.7%'24+83.8%'25-22.8%YTD+163.4%
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 |
|---|---|---|---|---|---|---|---|
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| eBay Inc. | lead2 | +33.8 | -36.5 | +7.7 | +44.8 | +42.7 | +19.8 |
| Colgate-Palmolive Company | lead2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.6 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| Cintas Corporation | lead2 | +26.5 | +3 | +34.8 | +22.2 | +3.8 | +7.4 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.7 |
| Honeywell Technologies | lead2 | -0.3 | +4.9 | +0 | +10 | -6.4 | +3.8 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -7.8 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | -8.1 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Booking Holdings Inc. | lead2 | +7.7 | -16 | +76 | +41.3 | +8.6 | -9.3 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | -11.2 |
| AutoZone | lead2 | +76.8 | +17.6 | +4.8 | +23.8 | +5.9 | -12 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -14.7 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -20.3 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -49.9 |
| AppLovin Corporation | lead2 | · | -88.8 | +278.4 | +712.6 | +108.1 | -52.4 |
| Arista Networks | lead1 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Marvell | node | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| SK hynix | benef1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | benef1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| Samsung Electro-Mechanics | benef2 | -11.8 | -18.5 | -1.4 | -2.5 | +110 | +402.2 |
| Jusung Engineering | benef2 | +127.9 | -42.6 | +173.3 | -3.1 | +30.7 | +331.2 |
| MediaTek | benef2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +152.4 |
| LG Innotek | benef2 | +78.2 | -22 | -28.8 | -22.1 | +66.8 | +130.7 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Cohu | benef2 | -0.2 | -15.9 | +10.4 | -24.6 | -12.8 | +118 |
| PSK Inc | benef2 | +22.7 | -19.6 | +14.2 | -2.6 | +228.2 | +105.7 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +100.6 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +98.1 |
| Simmtech | benef2 | +119.6 | -34.6 | +12.4 | -63.3 | +392.9 | +94.9 |
| ACM Research | benef2 | +4.9 | -72.9 | +153.4 | -22.7 | +161.3 | +88.7 |
| FormFactor | benef2 | +6.3 | -51.4 | +87.6 | +5.5 | +26.8 | +86.3 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +84.6 |
| SK Square | benef2 | · | -33.9 | +42.8 | +81.3 | +505.7 | +82.9 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +80.1 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +77.6 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +73.5 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +69.8 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +65.1 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +61.1 |
| Daeduck Electronics | benef2 | +64.2 | -0.3 | +13.3 | -22.7 | +250.2 | +58.1 |
| ASMPT | benef2 | -29 | -12.4 | +21.8 | -4.8 | +47.6 | +54.5 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +53.3 |
| Samsung E&A | benef2 | +74.5 | +20 | -13.7 | -15.9 | +76.7 | +48.9 |
| Qnity Electronics | benef2 | · | · | · | · | · | +47.8 |
| Foosung | benef2 | +59.9 | -33.5 | -34.5 | -39.1 | +67.4 | +47.6 |
| KC Tech | benef2 | -24.2 | -6.1 | +57.9 | +5.9 | +56.7 | +45.5 |
| Arteris | benef2 | · | -79.6 | +37 | +73 | +52.1 | +37.9 |
| Camtek | benef2 | +110.1 | -52.3 | +215.9 | +18.3 | +31.7 | +37 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +33.7 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| Kokusai Electric | benef2 | · | · | · | -35.4 | +165.3 | +30.1 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
| Sumitomo Chemical | benef2 | +19.6 | -9.1 | -27.7 | -2.2 | +43.9 | +28.4 |
| Air Products and Chemicals | benef2 | +13.8 | +3.9 | -9 | +8.1 | -12.7 | +24.4 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +23.4 |
| Eugene Technology | benef2 | +28.1 | -45.1 | +64.1 | -12.6 | +202.5 | +23.2 |
| Qorvo | benef2 | -5.9 | -42 | +24.2 | -37.9 | +20.8 | +21.7 |
| Air Liquide | benef2 | +14.3 | +8.1 | +21.1 | +8.7 | -4.6 | +21.3 |
| ISC | benef2 | +43.2 | +14.2 | +116.5 | -11.9 | +126.8 | +20.8 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +20.3 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +17.8 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +16.7 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +14.1 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +13.8 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +13.1 |
| Nepes | benef2 | -29.5 | -44 | +6.7 | -62.7 | +179.2 | +12.5 |
| Powertech Technology (PTI) | benef2 | +4.8 | -7.5 | +86 | -16 | +128.6 | +11 |
| Merck KGaA (EMD) | benef2 | +42.2 | -0.4 | -19.1 | -2.5 | -12.7 | +10.4 |
| Hanmi Semiconductor | benef2 | +98.5 | -21.7 | +313.1 | +93.7 | +87.9 | +9.3 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | +9.2 |
| Siemens AG | benef2 | +12.2 | +5.1 | +20.1 | +28 | +26.4 | +8.6 |
| Montage Technology | benef2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Wonik IPS | benef2 | -19.7 | -19.8 | -0.2 | -25.5 | +408.8 | +0.3 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | -4.2 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | -6.4 |
| Hana Micron | benef2 | +109 | -41 | +143.5 | -52.4 | +269.3 | -7.7 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | -8.5 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -9 |
| Park Systems | benef2 | +25.1 | +1.6 | +41.6 | +37.3 | +28.9 | -13.5 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -16.2 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | -17.3 |
| Uni Test | benef2 | +23.4 | -57.8 | +11.3 | -1.6 | +6.8 | -21.4 |
| LG Display | benef2 | -6.8 | -30.9 | -8.5 | -20.6 | +26.2 | -21.8 |
| Dongjin Semichem | benef2 | +28.1 | -13.7 | +16.1 | -42.8 | +160.1 | -28.1 |
| SFA Semicon | benef2 | -5.8 | -34.1 | +48.7 | -48.7 | +139.8 | -28.4 |
| ENF Technology | benef2 | -32.9 | -23.6 | +1.3 | -16.1 | +204.6 | -28.8 |
| Soulbrain | benef2 | -8.2 | -3.9 | +16.6 | -37.6 | +192.8 | -33.1 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -37.1 |
| S&S Tech | benef2 | -17.3 | -5 | +45.8 | -31.2 | +210.8 | -56 |
YTD as of 2026-09-04 · source: Yahoo Finance
Marvell operates across Custom AI silicon, Optical DSP, Networking. After -22.8% in 2025, it rebounded +163.4% in 2026. The stock (+163.4%) is ahead of both its demand side (avg +18.1%) and supply side (avg +105.4%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Samsung Electro-Mechanics (+402.2%) and the furthest behind is Synopsys (-16.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It straddles both bottlenecks of the AI datacenter — compute and interconnect.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target $348 · Price $222.34 (09-05) · Upside +57%
| 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).