Marvell is the more concentrated data-center semiconductor business; Broadcom combines semiconductors with infrastructure software. That makes Marvell a closer fit for investors specifically seeking data-center chip exposure, while Broadcom may better match those seeking a larger, more diversified chip-and-software company. Neither profile alone shows which stock is cheaper or more likely to outperform: that requires current, comparable valuation data.
How the businesses differ
Marvell: data-center-focused semiconductor exposure
Marvell (Nasdaq: MRVL) supplies semiconductors for data-center and communications markets. Its portfolio includes custom application-specific integrated circuits (ASICs), networking and Ethernet products, switches, storage controllers, processors, and interconnect technologies. Its optical and connectivity offerings include PAM and coherent digital signal processors, drivers, transimpedance amplifiers, silicon photonics, active electrical cable DSPs, and PCIe retimers. These product categories describe the company’s portfolio; they do not establish that every development program is in production or commercially successful. Marvell’s annual filing describes ASIC work spanning 5 nm and 3 nm designs and development of a 2 nm platform.
Marvell’s fiscal 2026 ended January 31, 2026. The company reported $8.195 billion in revenue, up 42% year over year, including $6.100 billion from data center, up 46%. Data center accounted for about 74% of revenue, with communications and other making up about 26%. Beginning in Q4 FY2026, Marvell consolidated several older end-market categories into “communications and other”; it said data-center category composition remained unchanged. The company attributed the revenue increase primarily to strong AI-related demand. Marvell’s FY2026 results release provides the reported figures.
For FY2026, Marvell also reported non-GAAP gross margin of 59.5%, non-GAAP operating margin of 35.3%, and non-GAAP diluted EPS of $2.84. These are non-GAAP measures and should not be treated as directly comparable to GAAP figures or to another company’s results for a different reporting period. The results release identifies the accounting basis.
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Broadcom: semiconductors and infrastructure software
Broadcom (Nasdaq: AVGO) operates semiconductor solutions and infrastructure software businesses. Its semiconductor portfolio includes networking products and custom AI accelerators; its software business includes VMware Cloud Foundation. For Q3 FY2026, the quarter ended August 2, 2026, semiconductor solutions represented 70% of revenue and infrastructure software 30%. Broadcom attributed semiconductor growth primarily to custom AI accelerators and AI networking, and infrastructure-software growth primarily to VMware Cloud Foundation, including license revenue recognized on contracts customers could not terminate. Broadcom’s Q3 FY2026 results release and its Form 10-Q provide these details.
Broadcom reported Q3 FY2026 revenue of $29.591 billion, up 86% year over year. It reported $16.0 billion in GAAP operating income, GAAP diluted EPS of $2.68, and free cash flow of $13.665 billion, equal to 46% of revenue. Separately, its non-GAAP operating income was $20.095 billion and non-GAAP diluted EPS was $3.32. Keep those GAAP and non-GAAP measures distinct. The company also said AI semiconductor revenue was $16.7 billion, up 221% year over year and 54% quarter over quarter. CEO Hock Tan described demand for custom AI accelerators and networking as “very strong”; management commentary and guidance are not guarantees of future results. Broadcom’s release contains the reported figures and outlook.
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Reported results at a glance
The figures below come from different reporting periods and describe different business categories. Marvell’s figures cover a full fiscal year; Broadcom’s cover one quarter. The category splits are not equivalent: Marvell’s 74% is data-center revenue, while Broadcom’s percentages divide revenue between semiconductor solutions and infrastructure software.
| Measure | Marvell | Broadcom |
|---|---|---|
| Reporting period | FY2026, year ended January 31, 2026 | Q3 FY2026, quarter ended August 2, 2026 |
| Revenue | $8.195 billion; up 42% year over year | $29.591 billion; up 86% year over year |
| Reported business mix | Data center: $6.100 billion, about 74% of revenue; communications and other: about 26% | Semiconductor solutions: 70%; infrastructure software: 30% |
| AI-related figure | Data-center revenue grew 46% year over year; the company attributed the increase primarily to strong AI-related demand | AI semiconductor revenue: $16.7 billion; up 221% year over year and 54% quarter over quarter |
| Profitability or cash-flow figures | Non-GAAP gross margin: 59.5%; non-GAAP operating margin: 35.3%; non-GAAP diluted EPS: $2.84 | GAAP operating income: $16.0 billion; GAAP diluted EPS: $2.68; free cash flow: $13.665 billion, 46% of revenue. Non-GAAP operating income: $20.095 billion; non-GAAP diluted EPS: $3.32 |
| Near-term outlook | Not stated in the cited FY2026 results release | Q4 FY2026 revenue forecast of approximately $34.8 billion and AI semiconductor revenue forecast of $21.7 billion |
Broadcom’s Q4 figures are forecasts issued with its September 2, 2026 results release, not actual results. The release also cautions that outlook and actual outcomes may differ. The revenue totals and per-share figures above should not be ranked as if they represented equal-length periods.
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Which business profile may fit your investment thesis?
Consider Marvell if you want a more concentrated data-center thesis
Marvell’s reported 74% data-center share makes its revenue mix more directly concentrated in that market than the broader categories reported for Broadcom. Its disclosed products span custom silicon, networking, storage, and optical or electrical interconnect, giving exposure to several parts of data-center infrastructure rather than a single chip type. That concentration can make the business profile more aligned with a view that data-center infrastructure demand will keep growing, but it also means a larger share of Marvell’s reported revenue depends on that market.
Consider Broadcom if you value a chip-and-software mix
Broadcom’s semiconductor business participates in custom AI accelerators and networking, while infrastructure software adds a distinct revenue stream. Its reported Q3 FY2026 free cash flow was substantial, but one quarter’s cash-flow figure does not by itself establish future performance or make the shares attractively priced. The software business also brings risks different from semiconductor sales, including customer acceptance and execution considerations.
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- PLUG-AND-PLAY UNMANAGED NETWORK SWITCH: Simple plug-and-play setup with no software to install or configuration required.
- FLEXIBLE MOUNTING OPTIONS: Compact metal design supports desktop or wall-mount placement for versatile installation.
- SILENT & ENERGY-EFFICIENT OPERATION: Fanless design ensures silent performance, while IEEE 802.3az Energy Efficient Ethernet reduces power consumption without compromising high-speed network performance.
- REGIONAL COMPATIBILITY: Made for use in U.S. & CA only
Do not infer stock value from growth figures alone
The results show strong reported growth at both companies, but do not establish which shares are the better buy. A valuation comparison needs MRVL and AVGO share prices measured at the same market timestamp, together with consistently defined trailing or forward earnings and enterprise-value measures. No such comparable valuation set is established here, so a claim that one stock is cheaper would be unsupported.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Risks that can affect both companies
AI infrastructure demand is an important reported growth driver, not a guarantee of durable sales. Both companies disclose risks involving semiconductor demand cycles, customer concentration or customer timing, competition, supply-chain dependence, and execution. Marvell notes that end-market classification involves judgment and may vary with customer use and the company’s knowledge of that use. Its risks include demand timing, customers, competition, manufacturing, and supply arrangements. Marvell’s annual filing discusses its risk factors.
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Broadcom’s disclosed risks include AI-related semiconductor cyclicality, loss of or timing changes among significant customers, outsourced manufacturing and reliance on limited suppliers, competition, software customer acceptance, significant indebtedness, and integration or acquisition risks. Its Q4 guidance remains exposed to these uncertainties. Broadcom’s results release and Form 10-Q outline relevant risks.
Quick Recap
What to compare before choosing
- Exposure: Decide whether you prefer Marvell’s heavier data-center concentration or Broadcom’s mix of semiconductor solutions and infrastructure software.
- Evidence period: Compare like with like. Marvell’s cited results are for FY2026 ended January 31, 2026; Broadcom’s are for Q3 FY2026 ended August 2, 2026.
- Accounting basis: Keep GAAP and non-GAAP measures separate, and avoid comparing a full-year margin or EPS with a quarterly result as if the periods matched.
- Valuation: Check both share prices at the same time and calculate comparable valuation measures using consistent trailing or forward assumptions before making a price-based decision.
- Risk tolerance: Consider how comfortable you are with customer concentration, demand timing, supply constraints, competition, and the possibility that AI spending or software adoption develops differently from management expectations.
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