Marvell stands to gain from boosted Amazon-Anthropic partnership
Chipmaker Marvell Technology will be a beneficiary of the expanded partnership between Amazon and Anthropic announced on Monday, Street analysts are betting. Anthropic said Monday it will be spending more than $100 billion on Amazon Web Services technologies over the next decade, aiming to secure up to 5 gigawatts of new capacity to train and run Claude, its group of large language models. The capacity boost will involve Amazon’s series of AI-dedicated Trainium chips, which the company builds along with inputs from Marvell. Marvell is a key supplier for a range of Amazon’s cloud infrastructure, delivering optical processors, retimers and other hardware. “The company is [Amazon Web Service’s] long-standing [application-specific integrated circuit] ASIC design partner on the Trainium program (Trainium 2) and is in the midst of ramping Trainium 3, with strong content-gain potential in Trainium 4,” analysts for JPMorgan said in a Tuesday note. Analysts for RBC Capital Markets raised their price target for Marvell to $170 on Tuesday, up from $115. The stock was trading Tuesday in the range of $150 per share. MRVL YTD mountain Marvell shares year to date In addition to AI chips, Marvell supplies Amazon with ethernet switches, data processing units, and optical signal processors, all of which should be in greater demand from Anthropic’s Claude commitment to Amazon. “We see room for near-term upside primarily from … optical connectivity strength and believe that the AWS/Anthropic agreement will help sustain strong double-digit growth momentum into FY28 and beyond,” RBC Capital Markets analysts wrote to clients, adding that “[Marvell’s] opportunity with [Trainium 4] looks even more compelling given its optical scale-up.” Analysts also see gains for data-center hardware maker Astera Labs as a result of the Anthropic-Amazon collaboration. RBC Capital Markets raised its price target for Astera Labs by 11% to $250 from $225 for an “implied all-in return” of 42%. “We believe the company is ramping Scorpio-X switches in [the second half of 2026] to support Amazon Trainium 3 XPU ramp,” JPMorgan analysts said Tuesday. Astera Labs’ Scorpio-X switch business was referenced in multiple notes. The company says its switches are built “to deliver the highest back-end bandwidth for AI scale-up (GPU-to-GPU communications)” and that their design “enhances data parallelism, reduces latency, and improves scalability for next-generation AI applications.” Amazon said it’s investing $5 billion in Anthropic on Monday, with an additional $20 billion coming the in the longer term. “Our collaboration with Amazon will allow us to continue advancing AI research while delivering Claude to our customers, including the more than 100,000 building on AWS,” Dario Amodei, CEO and co-founder of Anthropic, said in a Monday release.
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