Marvell (MRVL) Stock Hits Record High on Amazon and Optical Networking Momentum

TLDR

• MRVL closed up 2.2% at $131.28, marking its second record high close in a row since January 2025
• Amazon’s AI chip business, generating $20B annually, is a key driver of confidence in Marvell
• Fears of losing Amazon’s Trainium chip contract had pushed MRVL down over 50% to ~$50 earlier in 2025
• Marvell’s optical-networking revenue could grow up to 90% this year and next, per Barclays
• B. Riley raised its price target on MRVL to $156 from $135, maintaining a Buy rating

Marvell Technology’s stock has been through the wringer over the past year, but it’s back on top. The chipmaker closed at $131.28 on Monday, up 2.2%, its second consecutive record high close since January 2025, according to Dow Jones Market Data.

Marvell Technology, Inc., MRVL

The stock’s comeback story is a sharp one. Earlier in 2025, MRVL had fallen more than 50% from its highs, dropping to around $50, after fears emerged that it could lose its role designing Amazon’s next-generation Trainium AI chips.

Those fears have largely faded. Wall Street is increasingly confident Marvell will hold its position in Amazon’s AI chip supply chain.

Amazon CEO Andy Jassy confirmed last week that the company’s homegrown AI processor business is already generating $20 billion in annual revenue, and that Amazon plans to sell more of those chips to third parties. That news gave investors fresh reason to back Marvell.

KeyBanc analyst John Vinh has an Overweight rating and a $130 price target on the stock. He expects Marvell’s next earnings report, due in early June, to come in slightly ahead of expectations.

Optical Networking Adds Fuel

Beyond Amazon, Marvell is getting a separate lift from its optical-networking business. As AI data centers grow in size and complexity, they need optical transceivers to move data faster and more efficiently, converting electrical signals into light.

Marvell makes the digital signal processors inside those transceivers — a niche but important piece of the AI infrastructure puzzle. Barclays analyst Tom O’Malley upgraded MRVL to Overweight last week and projects the company’s optical-networking revenue could grow by as much as 90% this year and next.

That kind of growth projection gets attention. Optical networking has quietly become one of the more talked-about corners of the AI trade.

Price Targets Moving Higher

B. Riley raised its price target on MRVL to $156 from $135 on Monday, maintaining its Buy rating. The firm cited Taiwan Semiconductor’s March sales data as offering a positive read-across for Marvell’s Q1 and early Q2 outlook.

TSMC’s supply chain numbers gave analysts a clearer picture of chip demand across the industry, and the read for Marvell was positive.

Marvell’s stock has more than doubled over the past 12 months, even after its steep drop earlier in 2025.

The early June earnings report will be the next real test. Analysts will be watching for updates on both the Trainium contract and optical-networking revenue growth.

B. Riley’s revised target of $156 sits above the current price, leaving room if momentum holds.

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