浪人心。

Now everyone's eyes are on NVIDIA, but this wave of AI market movement isn't just about GPUs.

The larger the data center scale, the higher the demands on networking and data transmission.

Marvell happens to be in this business.

So I think its future potential might not be smaller than many popular AI stocks$Marvell Tech(MRVL.US)

$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.

$AMD(AMD.US) From an investor's perspective, my view on Advanced Micro Devices (AMD) is:

AMD is no longer the company that used to compete for market share with CPUs. The biggest focus now is whether its AI GPU business can become the second choice besides NVIDIA.

Currently, AMD has three core logics:

① Continued growth in the data center business

EPYC server CPUs have been steadily eating into Intel's market share over the years, and the data center has become one of AMD's most important profit sources.

S&P Global

② AI is the biggest growth driver

The market used to view AMD as a CPU company, but now its MI series AI GPUs are starting to be adopted by cloud providers. Recently, many institutions have upgraded their ratings, believing that AMD's value in the AI GPU market is still underestimated.

Investor website

③ Lisa Su has strong execution capabilities

Over the past few years, Lisa Su has almost transformed AMD from an industry challenger into a global top-tier chip company, with consistently strong execution on product roadmaps.

crn.com

However, the risks are also evident:

• The AI GPU market remains overwhelmingly dominated by NVIDIA;

• AMD's valuation already incorporates significant AI expectations;

• If the MI400 series underperforms, stock price volatility could be relatively high.

$SpaceX(SPCX.US) If the subsequent growth of Starlink users and improvement in cash flow exceed expectations, the current high valuation may be absorbed; but if the growth rate slows down, the stock price may also experience a significant pullback.

For ordinary investors, SPCX is more like a story with high certainty, but the price may not be cheap.

So at this stage, I'm more focused on position management rather than predicting tomorrow's price movements. After all, even the best company, if bought too expensively, needs time to digest its valuation.

$SpaceX(SPCX.US) The biggest contradiction for SPCX right now is not whether the business is good or not, but which is running faster: valuation or growth speed.

From a fundamental perspective, SpaceX is indeed the world's strongest commercial aerospace company, possessing rocket launches, the Starlink satellite internet, defense contracts, and the imagination of the future space economy, with a very deep moat.

However, from a market perspective, the current stock price has already priced in a lot of future expectations. The company is still in a high-investment phase, and the valuation given by the market is far higher than that of most tech giants, so short-term volatility will be very high.