$Marvell Tech(MRVL.US) The biggest focus now is not traditional networking chips, but the opportunity for custom chips (ASICs) in the AI era.

Many people are only focused on GPUs, but in large-scale AI infrastructure construction, besides GPUs, high-speed interconnects, optical module DSPs, switching chips, and custom AI accelerators are also needed, and these are precisely Marvell's strongest areas.

My view:

• In the short term, the stock price has already risen significantly, and the market has priced in AI expectations quite fully.

• In the medium term, AI data center capital expenditures are still expanding, and Marvell remains a beneficiary.

• In the long term, what truly determines the valuation ceiling is whether the ASIC business can replicate the success of the GPU industry chain.

Simply put, $NVIDIA(NVDA.US) sells "AI engines," while Marvell sells the "AI highway." As long as AI data centers continue to be built, Marvell has a logical case for continued benefit.