Marvell Technology: Qualcomm Just Entered Its AWS Territory, But The Buy Case Still Holds

Marvell Technology faces new competition as Qualcomm enters Amazon's AI custom silicon and optical connectivity ecosystem, but MRVL retains broad AWS engagement. MRVL's data-center revenue surged 46% YoY in Q2 FY2027, with management raising FY2027 revenue to ~$12B and FY2028 to ~$18B, signaling robust growth. Despite Qualcomm's entry, MRVL's strength in interconnect, switching, and Photonic Fabric, plus ongoing AWS warrants, supports a continued buy rating.