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I previously wrote how Marvell Technology (MRVL) gained from the custom chip boom brought on by large language model training (LLM). For most of 2025, this was the company’s bull thesis. The more the hyperscalers spent, the more custom chip makers like Broadcom (AVGO) and Marvell (MRVL) benefited. With increasing investments in data centers, new bottlenecks started to emerge. The memory bottleneck, which caused stocks like Micron (MU) and SanDisk (SNDK) to surge higher and higher, is well known to investors. What some may not realize, however, is that the memory chip alone isn’t the issue. A lot of things need to come together to build that memory chip, and optical interconnects are one of them. Why am I pointing out the interconnects specifically? Because they’re what’s driving Marvell’s bull thesis now, not the custom chips.
