Marvell Technology (MRVL, Financial) and Nvidia (NVDA, Financial) stand out as top artificial intelligence semiconductor plays for 2025, according to a Barclays report led by analyst Tom O'Malley.
Barclays highlights Broadcom (AVGO, Financial), Credo Technology (CRDO, Financial), and Lumentum Holdings (LITE, Financial) as additional AI beneficiaries. The firm upgraded Lumentum to Overweight from Underweight, setting a $125 price target, citing strong demand from hyperscalers moving to U.S.-based suppliers. Nvidia's dominance in AI remains clear, with GPU sales hitting nearly $100 billion in 2024 and projected to reach $160 billion in 2025.
However, Barclays sees growing demand for custom silicon, forecasting 55% annual growth in the segment over the next three years. Broadcom is expected to see $21 billion in AI-related chip sales by fiscal 2026, while Marvell's ASIC revenue could hit $4 billion in calendar 2026. The firm also raised price targets for Broadcom (to $260 from $205) and Marvell (to $150 from $115), emphasizing the AI semiconductor market's path to exceeding $1 trillion by 2030.
