Marvell Technology (MRVL) Soars on Amazon’s $200B AI-Capex Outlook

Marvell Technology (MRVL) is受益 from Amazon.com’s (AMZN) $200 billion in 2026 AI, semiconductors, and satellite capital spending, as the company manufactures Amazon’s custom Trainium AI processors. The news sent MRVL shares up 3% premarket following a broader 8% drop on AMZN’s earnings call. Marvell reported Q3 fiscal 2026 revenue of $2.075B, up 37% YOY, and non-GAAP EPS of $0.76, beating guidance and estimates. Data center revenue, 73% of sales, drove growth; GAAP gross margin 51.6%, non-GAAP 59.7% (up 30 bps qoq); operating cash flow $582M. Q4 guidance: revenue $2.2B, non-GAAP gross margin 58.5%-59.5%, non-GAAP EPS $0.74-$0.84; full-year revenue growth over 40%. Project Rainier for Anthropic will use 500,000 Trainium chips, signaling sustained AI infrastructure demand. Analysts average a $118.25 price target and a “Strong Buy” rating, implying about 45% upside from current levels. <date-reference>Date: February 9, 2026</date-reference>