Marvell stock hit a record high after Amazon signaled it may sell custom AI chips beyond its own cloud, opening a wider market for the chip-design partner that already supplies the high-speed networking gear to tie these systems together.

What happened: Marvell Technology shares rose about 7% to close near $311 on Thursday, hitting a record high of about $330 earlier in the day. The move was sparked by a Bloomberg report that Amazon Web Services is in early talks to sell its custom Trainium artificial intelligence chips directly to outside companies for use in their own data centers, rather than exclusively through AWS's cloud rental service. Marvell has been a key partner helping Amazon design Trainium.

Why it matters: Marvell's data center revenue—the part of its business most tied to AI infrastructure—reached about $1.83 billion（約2900億円） in its fiscal first quarter of 2027 (ended May 2, 2026), up 27% year over year and about 76% of total revenue. If Amazon can sell Trainium more broadly, it expands the overall demand for custom silicon work that Marvell supplies, and for the high-speed optics and networking gear Marvell makes to connect thousands of these chips into a single AI system. Amazon's AI chief said the current generation of Trainium is largely sold out.

What to watch: Marvell is scheduled to be added to the S&P 500 on June 22. However, reports suggest Amazon handed the design work on newer Trainium3 and Trainium4 chips to Taiwanese rival Alchip Technologies—a shift neither company has confirmed. Marvell's forward price-to-earnings ratio sits at about 70, a valuation that already prices in years of strong growth and leaves little cushion for unexpected setbacks.