A research by TD Cowen, an investment bank in the United States, shows that although Nvidia still dominates the AI market, AI related capital expenditures will gradually flow to other companies, especially AMD, Broadcom, and Marvel.

With the expansion of the field of generative artificial intelligence (GenAI), AMD, Broadcom, and Marvel are expected to achieve significant growth in the second half of the year. These companies' investments in AI technology and applications will bring significant growth opportunities.

AMD's Growth Potential

TD Cowen analysts point out that AMD's MI300X accelerator program may increase sales by $4.75 billion in 2024 and reach $9.5 billion by 2025. He stated that due to strong demand in the AI market, AMD's revenue in AI accelerated computing and data center areas will see significant growth.

AMD recently acquired Finnish AI startup Silo AI with the aim of strengthening its position in the AI field. Silo AI will help AMD strengthen its competitiveness in the AI field and achieve AMD's long-term goal of becoming an end-to-end AI solution provider.

This acquisition plan is expected to be completed in the second half of the year and is expected to bring new revenue sources to AMD.

Broadcom's Market Advantages

Due to the launch of more AI based products by software companies, the market demand for Broadcom will continue to increase in the future, especially in data center infrastructure. As a result, Broadcom will gain significant advantages in the transformation of Ethernet backend networks and the growth of customized AI chips (ASICs).

The cooperation between Broadcom and major clients such as Google puts it in a favorable position in the construction of AI infrastructure. These partnerships will help Broadcom achieve its growth goals and maintain an advantage in the competition for AI technology development.

Marvell's Growth Prospects

Marvel's data center division has performed strongly due to AI growth, achieving revenue of $1.161 billion in the first quarter of fiscal year 2025, exceeding expectations and increasing by 87% compared to the same period last year.

Marvel's customized AI chip (ASIC) business is growing, and it is expected that revenue from two anonymous hyperscale customers will increase by 2026.