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Back in late 2024, custom chips for AI workloads were the talk of the town. People were coming to terms with the thesis that Nvidia’s (NVDA) state-of-the-art GPUs, no matter how good, weren’t ideal for the repeated high-intensity workloads that large language model training required. This caused stock prices for custom chip makers like Broadcom (AVGO) and Marvell Technology (MRVL) to skyrocket — until first-quarter guidance provided a reality check. Custom chipmakers weren’t able to translate that demand into sustainable revenue and stock prices crashed.
Fast forward to April 2026 and Marvell is trading at about the same share price as in December 2024. This recovery happened after MRVL stock dropped 60% from its December 2024 all-time high. While the current stock price may look familiar to those who were holding shares back then, the bull thesis has completely changed according to Barclays.
