JPMorgan’s still bullish on Marvell

New deal, same hype machine

Marvell is back in the analyst spotlight, and JPMorgan’s message is basically: the AI plumbing trade still has legs. Harlan Sur reiterated an Overweight rating on the chipmaker, saying demand for optical chips, switching gear, and custom silicon has gotten meaningfully stronger over the past 90 days.

Why your eyeballs should care

This isn’t just Wall Street doing its usual “we like the stock” song and dance. JPMorgan expects Marvell’s fiscal second-quarter results to come in around consensus or slightly better, with particular strength in:

• optical DSPs for 1.6T and 800G programs
• Teralynx 10 switching products
• custom silicon tied to Amazon’s AWS Trainium 3 rollout

In plain English: if the AI arms race is a giant highway, Marvell sells a bunch of the on-ramps, traffic lights, and toll booths.

The real test is Thursday

Marvell is set to report fiscal Q2 2027 earnings on Thursday, August 27 after the close, and that’s where investors will be looking for the actual proof. JPMorgan thinks third-quarter guidance could land closer to $3.1 billion, above Street expectations, and sees a cleaner runway for data center growth into calendar 2027 and 2028.

Big picture

The bull case here is simple: if AI demand keeps pulling harder on optical, networking, and custom chips, Marvell stops looking like a “maybe someday” story and starts looking like one of the sturdier picks in semis. The stock was already down 4.08% at the time of publication, because of course the market likes to keep everyone humble right before earnings.