Broadcom (NASDAQ:AVGO<\/a>) and Marvell Technology (NASDAQ:MRVL<\/a>) both sell custom AI silicon and networking chips to hyperscalers. Broadcom trades near $370, roughly 25% below its 52-week high after a Google diversification scare. Marvell has quietly tripled off spring lows. The businesses tell very different stories. <\/p>\n Broadcom’s Q2 FY2026 landed at $22.19 billion in revenue, up 47.9% year over year, with AI semiconductor revenue of $10.80 billion, up 143%. Free cash flow ran at 46% of revenue, remarkable at this scale. CEO Hock Tan told investors that “the momentum continues and in Q3 we expect semiconductor revenue from AI to grow over 200 percent year-over-year to $16.0 billion.” That is a step function. <\/p>\n Marvell delivered $2.42 billion in revenue, up 27.6%, with the data center segment doing $1.83 billion, or 76% of the total. Matt Murphy called out “exceptional AI-related bookings” and guided Q2 to $2.70 billion, roughly 35% growth. <\/p>\n Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks \u2014 and Broadcom didn’t make the cut. Grab the names FREE today<\/a>. <\/p>\n Business Driver <\/p>\n Broadcom <\/p>\n Marvell <\/p>\n Main Growth Engine <\/p>\n Custom XPUs, Ethernet AI networking <\/p>\n 800G\/1.6T optics, custom XPU-attach <\/p>\n AI Revenue (Latest Q) <\/p>\n $10.8B <\/p>\n $1.83B data center <\/p>\n Adjacent Business <\/p>\n VMware software ($7.18B) <\/p>\n Post-auto-ethernet pure play <\/p>\n Cash Machine Versus Comeback Story <\/p>\n Broadcom monetizes scale with 67% non-GAAP operating margins guided into Q3 and multi-year custom-silicon commitments from Meta, Anthropic, and OpenAI, including the co-developed “Jalape\u00f1o” inference chip. Marvell is reshaping itself: it sold automotive ethernet to Infineon for $2.5 billion, then bought Celestial AI for photonic fabric and XConn for chiplet connectivity, and raised $2.0 billion in convertible preferred to fund the pivot. <\/p>\n Capital return follows the same logic. Broadcom runs a $10 billion buyback and pays a $0.65 quarterly dividend. Marvell repurchased $200 million and pays a token $0.06. <\/p>\n Customer Concentration Is the Real Test <\/p>\n The bear case on Broadcom is that Google could shift some custom TPU volume toward cheaper designers like MediaTek. That fear carved the 25% discount off the $494.18 52-week high. Keep an eye on Q3 AI revenue landing at or above $16 billion, and on Marvell’s next data center earnings report, where the 800G to 1.6T optics ramp must show through. <\/p>\n Why Broadcom Looks Better at This Price <\/p>\n You are paying a forward P\/E near 19 for a business compounding AI revenue triple digits with 46% free-cash margins and named commitments from Meta, Anthropic, and OpenAI. Marvell’s optical scale-up thesis is compelling, but at a forward P\/E near 61 and after a 171% year-to-date run, you are underwriting significant upside. If custom silicon consolidates around fewer designers, Broadcom’s incumbency looks structural. If Google splits its TPU work three ways, I will revisit. <\/p>\n Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks \u2014 and Broadcom didn’t make the cut. Grab the names FREE today<\/a>. <\/p>\n<\/a> “DSC00411-DSC00512_-_ZS-retouched-1” by FritzchensFritz is marked with CC0 1.0. To view the terms, visit https:\/\/creativecommons.org\/publicdomain\/zero\/1.0\/. Broadcom Posts Records While Marvell Reaccelerates <\/p>\n