Marvell builds the chips that actually move data inside AI data centers and as AI clusters get bigger the demand for what they make only goes up. Unlike Broadcom which is spread across a ton of different businesses, Marvell is completely locked in on AI infrastructure so every bit of R&D and focus goes toward the same thesis. Revenue is growing 35% and accelerating every quarter, Nvidia literally invested $2 billion into them and called them the next trillion dollar company, and they just got added to the S&P 500 which means billions in forced buying from index funds.
Yes the stock is up 250% this year and I get why people think they missed it, but the runway is still very much there. Custom silicon relationships with Google and Amazon take years to build and are locked in for years ahead, design wins just hit an all time record meaning revenue visibility is strong, and AI infrastructure spending is still in early innings. Compare that to something like SanDisk which just posted 251% revenue growth from an AI driven NAND shortage and is still trading at 12x forward earnings showing the market is still pricing these AI infrastructure winners way too conservatively. I genuinely think most people are sleeping on this one while they chase Nvidia.