Nvidia up 7% in early 2026, but Marvell Technology surges 95% as hyperscalers shift spending to custom AI chips

Marvell Technology stock rose 95% in 2026, significantly outpacing Nvidia's 7% gain over the first four months of 2026. Marvell's data center revenue grew by 46% to $6.1 billion in the company's fiscal 2026, which ended Jan. 31.

Hyperscalers including Alphabet, Amazon, and others are investing heavily in custom AI chips called application-specific integrated circuits (ASICs) — specialized processors designed for their specific computing needs rather than general-purpose GPUs. Marvell makes custom AI accelerators called XPUs, and Amazon has a partnership with Marvell through 2029 to produce its Trainium chips.

Nvidia itself partnered with Marvell in March and invested $2 billion in the company, connecting them through NVLink Fusion technology. Counterpoint Research projects that shipments of custom ASICs will triple by 2027 compared to 2024 levels, positioning custom chip makers to capture sizable growth.