Custom AI Chips Are Coming for Nvidia's Crown. Here Are 2 Companies Quietly Cashing In.

As major cloud companies design their own custom AI chips to reduce reliance on Nvidia, chip designers Broadcom and Marvell Technology are capturing significant revenue from this trend. Broadcom's AI revenue jumped 143% to $10.8 billion in its latest quarter with over $30 billion in booked AI orders, while Marvell's data center segment grew 27% with expectations for custom silicon to exceed $10 billion annually by fiscal 2029. Both companies trade at premium valuations but face customer concentration risks.