Broadcom's $16.70B AI revenue dwarfs Marvell's $2.17B

Broadcom and Marvell reported their summer quarters from opposite ends of the custom silicon stack. Broadcom's results were dominated by XPUs—chips built to order for individual hyperscalers—which accounted for 73% of its AI revenue. That mix helped Broadcom reach an operating margin of 67.9%, far above Marvell's 36.6% non-GAAP margin.

Marvell's growth leaned on connectivity: its 1.6T optical DSPs are ramping, and management expects scale-out switching to more than double this year on 51.2T products. The company also secured a Google warrant for up to 7% of its shares, tying its fortunes to the same customer that anchors Broadcom's TPU business.

For all their differences, both companies are racing to lock in supply. Broadcom says it has already secured the supply to deliver its fiscal 2027 and 2028 AI revenue targets, while Marvell plans about $1 billion of supplier prepayments this fiscal year. Broadcom's concentration—six XPU customers, four expected to be especially large—contrasts with Marvell's broader spread across CXL memory, NPO optics, and custom NICs. How each manages supply bottlenecks, from Broadcom's Singapore substrate facility to Marvell's margin targets, will likely shape which approach proves more durable.