Marvell Set To Double AI Chip Sales To $4 Billion Next Year, Analyst Projects

Anusuya Lahiri

August 25, 2025

JPMorgan analyst Harlan Sur projects that Marvell Technology‘s (NASDAQ: MRVL) AI-related business will more than double year-over-year to $4 billion in 2025 and continue to accelerate in 2026.

He highlighted progress on Trainium 3 (3nm) at Amazon Web Services, which is on track for a 2026 high-volume ramp, and the MAIA Gen 3 (2nm/3nm chiplet – 3DSOIC) program at Microsoft (NASDAQ:MSFT), which is slated for a 2027–2028 production ramp.

Sur also noted that Marvell has secured multiple 2nm design wins for future products.

Sur expects Marvell to report July-quarter revenue of about $2.05 billion, driven by strong AI chip and optical digital signal processor (DSP) demand, as it ramps Amazon.com (NASDAQ:AMZN) Trainium 2 production.

The company's October-quarter guidance is projected at around $2.1 billion. That’s slightly below consensus due to its automotive Ethernet business sale. The divestiture will result in a $0.02–$0.03 EPS hit per quarter in the near term.

Also Read: Marvell Stock Rebounds On AI Momentum, New Global Chip Partnership

This transaction will be accretive to earnings by $0.05–$0.10 per share, Sur adds. That’s assuming the proceeds are used for share buybacks.

In its optical networking segment, Sur sees strong demand for 800G PAM4 optical DSP orders and shipments, particularly for Nvidia’s (NASDAQ:NVDA) H200 and GB200 GPUs and Alphabet’s (NASDAQ:GOOGL) TPU infrastructure

Overall, Sur reaffirmed a positive long-term outlook for Marvell. The company is well-positioned to capitalize on the hyperscale capex boom and AI-driven infrastructure investments, he says.

Price Action: Marvel stock was trading higher by 0.97% at $73.71 as of last check on Monday.

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