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Marvell Technology Debunks Speculations Of Losing Business From Amazon, Microsoft

Benzinga·12/09/2025 18:47:51
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Marvell Technology Inc (NASDAQ:MRVL) confirmed that the multi-generational XPU programs of its major customers, Amazon.com Inc (NASDAQ:AMZN) and Microsoft Corp (NASDAQ:MSFT), remain on track to ramp in 2026, according to JPMorgan.

The Marvell Technology Analyst: Analyst Harlan Sur reiterated an Overweight rating on the stock.

The Marvell Technology Thesis: Meetings with the company's top management reiterated the need to secure purchase orders for the Trainium 3 XPU ASIC program at AWS through 2026, Sur said in the note.

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Marvell Technology also confirmed that Microsoft's 3nm Maia AI XPU ASIC program remains on track to ramp in the back half of 2026 and into 2027, he added.

"AI XPU attach wins will start to add to revenues next year and the team believes it can hit $2B of XPU attach revenues in CY28," the analyst wrote.

Management expects "greater-than-datacenter capex growth" in the electro-optical business in 2026 with a strong ramp in 1.6T DSP (digital signal processors) and continued growth in 800G with multiple GPU/XPU programs, he further stated.

MRVL Price Action: Shares of Marvell Technology had declined by 3.04% to $89.20 at the time of publication on Tuesday.

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