Marvell Technology (MRVL) is likely to remain a "key supplier" for Amazon (AMZN) AWS' Trainium4 chip, which is expected to ramp up in fiscal 2028, RBC Capital Markets said in a Wednesday note.

The company underperformed the PHLX Semiconductor index in 2025 amid concerns over its share losses with major customer Amazon AWS, which dual-sourced its custom application-specific integrated circuit, or ASIC, orders, the investment firm said.

While the dual-sourcing is expected to continue, RBC said Trainium volumes continue to grow and Marvell Technology is positioned to secure more than 50% of the serviceable addressable market.

Marvell Technology continues to expect sustained topline growth into fiscal 2028 and quarter-on-quarter growth through fiscal 2027, supported by fiscal 2027 orders from Amazon AWS and fiscal 2028 ASIC orders from Microsoft (MSFT), RBC noted.

RBC initiated coverage on Marvell Technology, with an outperform rating and a $105 price target.

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