The Circuit EP 145: Marvell Analyst Day, Broadcom Earnings, AI Trade Sentiment
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Dec 15, 2025 The hosts dive into the shifting landscape of semiconductor networking, spotlighting Marvell’s focus on optical interconnects. They compare copper and fiber in AI clusters, highlighting the challenges of optical deployment. Broadcom’s recent earnings spark debate over market reactions and the risks tied to custom silicon reliance. The discussion concludes with a year-end review of AI stock performance, marked by growing skepticism about the sustainability of current investments. Tune in for industry insights and a dose of cautious optimism!
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Marvell Shifts Toward Networking And IO
- Marvell repositioned from custom XPUs to focus on networking and IO as its core defensibility.
- Ben argues Marvell’s IP in networking and optical interconnects gives it a stronger long-term position than pure custom logic.
Fiber Needed For Massive GPU Clusters
- Large-scale GPU clustering at rack and datacenter scale requires fiber rather than copper for practical interconnects.
- Ben warns that true multi-thousand-rack clusters will move the industry toward optical solutions over time.
Optical Is Hard But Timelines Vary
- Optical is technically hard and often slower to deploy than hoped, but deployment timelines differ by role.
- Jay says optical can be "really soon" (a ~3-year roadmap) for builders, while others see it taking much longer.