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Amazon-Anthropic Boost: Marvell Gains from AI Chip Demand

Marvell Technology is expected to benefit substantially from the major partnership between Amazon and Anthropic. Anthropic plans to spend over $100 billion on AWS technologies over the next decade to power its large language model, Claude. This commitment drives demand for Amazon's AI-dedicated Trainium chips, where Marvell is a key ASIC design partner. Furthermore, Marvell supplies critical components like optical processors and ethernet switches, which are expected to see increased demand. Following the announcement, analysts raised price targets for Marvell and related hardware firms like Astera Labs, citing sustained growth momentum in the AI infrastructure sector.

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Amazon-Anthropic Boost: Marvell Gains from AI Chip Demand

Chipmaker Marvell Technology is positioned to benefit significantly from the expanded partnership between Amazon and Anthropic, following announcements made on Monday. The collaboration signals massive investment in AI infrastructure, directly boosting demand for Marvell's specialized hardware components.

The Amazon-Anthropic Partnership Details

Anthropic announced its commitment to spending over $100 billion on Amazon Web Services (AWS) technologies over the next decade. This funding is earmarked to secure up to 5 gigawatts of new capacity required to train and operate Claude, its suite of large language models (LLMs).

Key aspects of the agreement include:

  • AI Compute Focus: The capacity boost will heavily rely on Amazon's AI-dedicated Trainium chips.
  • Investment Scale: Amazon is investing $5 billion immediately, with an additional $20 billion planned for the longer term.
  • Anthropic's Goal: To advance AI research and deliver Claude to its customer base, including those utilizing AWS.

Marvell's Role in the AI Ecosystem

Marvell is identified as a crucial supplier to Amazon's cloud infrastructure, particularly within the Trainium chip program. Analysts highlighted Marvell's deep involvement in the hardware supply chain:

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  • ASIC Partnership: Marvell serves as a long-standing Application-Specific Integrated Circuit (ASIC) design partner for the Trainium program (including Trainium 2 and upcoming Trainium 3 and 4).
  • Hardware Supply: Beyond AI chips, Marvell supplies essential components such as:
    • Ethernet switches
    • Data processing units
    • Optical signal processors

Analysts noted that the commitment from Anthropic is expected to sustain strong double-digit growth momentum for Marvell into fiscal year 2028 and beyond, particularly due to optical connectivity strength.

Analyst Reactions and Stock Impact

Financial analysts reacted positively to the news, leading to upward revisions in price targets for both Marvell and related industry players like Astera Labs.

  • Marvell Price Target: RBC Capital Markets raised its price target for Marvell to $170 from a previous $115.
  • Astera Labs Gains: Astera Labs was also cited for potential gains. RBC Capital Markets increased its price target for Astera Labs by 11% to $250.
  • Industry Insight: JPMorgan analysts pointed to Astera Labs' Scorpio-X switches, noting their role in supporting the ramp of Amazon Trainium 3 XPU, which is expected in the second half of 2026.
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