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 * Home
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 * Microsoft-stock
 * News for Microsoft
 * Broadcom, Marvell Set To Capitalize On AI Investments From Microsoft,
   Alphabet, Meta: JPMorgan


BROADCOM, MARVELL SET TO CAPITALIZE ON AI INVESTMENTS FROM MICROSOFT, ALPHABET,
META: JPMORGAN




Benzinga
Apr. 29, 2024, 08:28 AM










JPMorgan analyst Harlan Sur has offered important insights into current trends
in cloud and hyperscale datacenter infrastructure spending. On Sunday, he
emphasized the increased focus on AI and accelerated computing.

This trend – as supported by insights from major players like Microsoft Corp
(NASDAQ:MSFT), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), and Meta Platforms Inc
(NASDAQ:META) – points towards a robust multi-year spending cycle for AI
infrastructure build-out.

Per their latest earnings reports, these companies are directing their
investments towards GPUs, custom AI compute processors (ASICs), and networking
infrastructure. This spells good news for chip manufacturers like Broadcom Inc
(NASDAQ:AVGO) and Marvell Technology Inc (NASDAQ:MRVL).

Also Read: Google ‘Copy Pasted What META Did Last Quarter,’ Redditor On Q1
Earnings


BROADCOM’S STRATEGIC COLLABORATIONS

According to Sur, Meta’s decision to increase its 2024 capex guidance to $37.5
billion, up 33% YoY, underscores its commitment to scaling AI investments. The
company’s plans to deploy its own custom silicon chip (MTIA AI chip, co-designed
by Broadcom) indicates a potential significant revenue stream for Broadcom.






Similarly, Google’s emphasis on sustaining its technological edge through
investments in infrastructure, including the Google TPU (co-designed by
Broadcom), presents a promising opportunity for Broadcom.


MARVELL’S CRUCIAL ROLE IN AI INFRASTRUCTURE

Sur notes that Microsoft’s substantial near-term capex spending suggests a
continuous strong AI infrastructure build-out. Microsoft also plans to exceed
FY24 capex levels, going forward.

Marvell’s involvement in ramping up Microsoft’s next-gen AI processor ASIC
(“Maia”) for 2026, positions the company favorably to capitalize on the growing
demand for AI infrastructure, the analyst adds.


CUSTOM AI ASIC PROGRAMS

Sur highlights that both Broadcom and Marvell, the top two global ASIC chip
suppliers, are witnessing a surge in demand for custom AI ASICs. Recent investor
events have highlighted strong customer adoptions and pipeline expansions,
indicating a sustained demand for custom AI ASICs. This bodes well for Broadcom
and Marvell.


NETWORKING INFRASTRUCTURE

AI deployments necessitate robust high-speed networking capabilities, an area
where Broadcom and Marvell excel. Marvell’s 800G PAM4 DSP chipsets and
Broadcom’s Tomahawk 5 switching/Jericho 3 routing silicon are witnessing
increased adoption for AI interconnectivity in accelerated compute clusters.






Additionally, Marvell’s forthcoming 1.6T pluggable optical transceivers are
poised to support critical infrastructure for Nvidia Corp‘s (NASDAQ:NVDA)
Blackwell GPU/QuantumX 800 InfiniBand switch and Google’s TPU V6/Broadcom’s
Tomahawk 5 switching chipset.


WHAT SETS BROADCOM AND MARVELL APART AS KEY BENEFICIARIES

Sur’s insights underscore the pivotal roles of Broadcom and Marvell in the
evolving AI infrastructure landscape. While the broader tech landscape includes
other players like Nvidia, Advanced Micro Devices Inc (NASDAQ:AMD), Arm Holdings
Inc (NASDAQ:ARM), and Intel Corp (NASDAQ:INTC), who are well-positioned to meet
the demand for AI compute; Broadcom and Marvell’s strategic positioning in
custom AI ASICs and networking infrastructure sets them apart, he adds.

With increased investments from tech giants in AI infrastructure, Broadcom and
Marvell are poised to capitalize on this trend and emerge as key beneficiaries
in the AI infrastructure build-out.

Read Next: Microsoft, Alphabet And Meta’s Raised AI Capex Outlook Could Benefit
These JPMorgan Stock Picks

Photo: Shutterstock




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