The Marvell rumor mill spun hard this week, but JPMorgan says the company is pushing back on all of it. After a wave of reports claimed Marvell $MRVL ( ▲ 0.26% ) was losing custom chip business from its two largest hyperscaler clients, JPMorgan analyst Harlan Sur met with senior leadership on Monday to get answers directly.
Benchmark had downgraded the stock, saying Amazon $AMZN ( ▲ 0.87% ) was shifting its Trainium3 and Trainium4 designs to Alchip. The Information reported that Microsoft $MSFT ( ▼ 0.05% ) was preparing to move its custom chip work to Broadcom. The stock sank sharply, wiping out its entire post-earnings rally.
Marvell leadership told JPMorgan that the chatter is flat-out wrong. According to Sur, the company reaffirmed that it has purchase orders in hand for all of calendar 2026 for Amazon’s next-generation Trainium3 XPU program. It also said Microsoft’s 3 nanometer Maia XPU program is still scheduled to ramp in the second half of 2026 and into 2027.
Management also emphasized that work has already begun on next-generation 2 nanometer XPU designs for both cloud giants. Sur kept his overweight rating and a price target of 92.
Inside Marvell, the reaction to the headlines is confusion and frustration. The company does not understand where the latest round of speculation is coming from, and the back-and-forth now has the feel of a small subplot from a streaming drama.
For investors, the message is simple. Marvell is telling JPMorgan that its biggest custom chip relationships remain firmly in place.