Serenity: NVIDIA is the Kingmaker in the ASIC Market, as Marvell and Others Continuously Divert Market Share from Broadcom

Odaily Odaily reports that Serenity has released an独家分析 on the X platform regarding the AI ASIC market, putting forward the core viewpoint that "NVIDIA is the kingmaker in the ASIC market." It proposes a set of industry deduction logic, believing that NVIDIA CEO Jensen Huang is not pleased with Broadcom monopolizing the custom ASIC track. Manufacturers such as Marvell, MediaTek, AlChip, and GUC are, with the implicit support of the NVIDIA ecosystem, steadily seizing market share that originally belonged to Broadcom and taking on more custom chip projects from hyperscale cloud vendors. This landscape can be likened to the rise of emerging cloud service providers last year, serving as an important means for NVIDIA to hedge against the moat created by top-tier cloud vendors' self-developed ASICs.

Serenity suggests this could be a trading opportunity on a two-year horizon, but this does not constitute investment advice. It also predicts that after 2030, major players like Google will internalize a significant amount of chip design work for in-house development. It adds that NVIDIA has the capability to reshape the valuation of the industrial chain, and the market has already seen expectations related to Marvell potentially hitting a trillion-dollar market capitalization.