Ось чому partnership та investment Nvidia в Marvell мають таке велике значення

Ось чому partnership та investment Nvidia в Marvell мають таке велике значення
Nvidia's strategic tie-up з fellow chipmaker Marvell Technology є ще однією причиною залишатися з sluggish stock AI-гіганта. У Tuesday morning компанії оголосили про partnership для інтеграції Marvell's custom AI chips та networking products з Nvidia's dominant AI computing ecosystem. Крім того, Club name Nvidia набуває $2 billion stake в Marvell, її latest investment в інші technology companies, використовуючи cash windfall від AI boom. Для Nvidia investors, deal є significant, оскільки вона enhances Nvidia's presence у світі custom AI chips — widely considered the biggest threat до її crown як king of AI computing. Nvidia's largest customers, while still buying jaw-dropping amounts of compute від Nvidia, інвестують у власний custom silicon з design help від likes of Marvell та fellow Club holding Broadcom. Marvell's customers включають Amazon та Microsoft, тоді як Alphabet та more recently Meta відомі як working з Broadcom. Shares of Nvidia jumped 5.6% Tuesday, on pace для their second-best day of the year. Це є encouraging reaction після того, як stock languished for months despite steady stream of good news — best exemplified by frustratingly subdued market reaction до Nvidia's impressive GTC conference в mid-March. To be sure, частина Nvidia's recent weakness stemmed від broader market pullback на Iran war. Але no matter the cause, end result був stock, який hasn't been this cheap в over a decade. Тепер, з Marvell arrangement, ми маємо even more reason вважати, що Nvidia продовжуватиме delivering earnings growth в years ahead. In effect, Nvidia має opportunity capture larger share of dollars spent на AI data centers, якщо її other products є more compatible з custom silicon. While best known за workhorse graphics processing units (GPUs), Nvidia transformed в one-stop-shop для AI computing, offering additional types of non-GPU processors та networking technology, що enables all chips talk to each other. Nvidia також має vast software library, що є core до competitive standing, led by CUDA (Compute Unified Device Architecture) platform. Deal з Marvell focused на networking side її portfolio, specifically NVLink technology. Last year, Nvidia оголосила creation of NVLink Fusion для effectively open up proprietary fabric до non-Nvidia processors — і це є what companies will leverage в цьому strategic partnership. News may have been foreshadowed в December, коли ми дізналися в Amazon's cloud computing, що Amazon інтегрує NVLink Fusion з власними custom silicon solutions, including Tranium4 chip та Graviton central processors (CPUs). В interview Tuesday morning на CNBC, Nvidia CEO Jensen Huang пояснив rationale behind Marvell alliance. "All of the world's data centers are going to be replaced з цією new form of doing computing," Jensen told Jim Cramer. "Of course, vast majority of data centers will be powered by Nvidia CUDA GPUs. However, для customers who like to also have specialized versions that they built themselves, we're extending our architecture, starting з networking architecture, basically entire chassis of our Grace Blackwell та Vera Rubin systems. We're going to extend that, through NVLink та connect it до Marvell. Together, we'll be able to address customers whether they would like to use all Nvidia gear або if they would like to augment our Nvidia gear з their specialized processors." "Together, we are going to be able to address a much much larger [total addressable market, or TAM]," Jensen said. Grace Blackwell є Nvidia's current generation computing platform, anchored by Grace GPUs та Blackwell GPUs. Вона on track roll out Vera CPUs та Rubin GPUs — під Vera Rubin family of server racks — later this year. З NVLink Fusion, Jensen said company that designed власний custom AI chip can more easily link them до Nvidia products. Він specifically called out SpectrumX networking fabric, as well as Vera CPUs, new Groq-infused inference chip designed для daily AI model usage, та data-storage platform known as Bluefield. Groq-infused chip та updated version of Bluefield були серед bullish updates delivered at GTC. "All of this will be system architecture compatible. It'll be ecosystem compatible... [and] makes it easier for them to interoperate та makes it fantastic for us as we expand out TAM," Jensen said. Whether companies buy GPU compute platforms від Nvidia, або look to invest в custom silicon та partner з Marvell to do so, Nvidia stands to benefit. Also keep in mind: $2 billion investment means Nvidia також benefits від any Marvell deals that don't include any Nvidia components, given that it represents roughly 2.5% ownership stake в company. Nvidia також used massive cash pile для invest в startups like ChatGPT creator OpenAI, as well as suppliers such Lumentum та Coherent, both of which є в optical technology space. Optics є growing focus для Nvidia as AI computing gets more intensive. Marvell має optics business, та Tuesday's announcement також called that out як area of development. Corning є our bet на growth of optical networking technology в data center. Nvidia's investment deals reinforce notion, що це є strong company only getting stronger. That is precisely what made stock's underperformance all the more bewildering та valuation all the more shocking. Entering Tuesday's session, Nvidia's stock traded at roughly 20 times forward earnings, according to FactSet data — as cheap as it's been в a decade. Roughly two years ago, stock carried forward price-to-earnings ratio of about 36. В August 2025, коли shares began to stall out, її P/E was about 34. Over past 10 years, only two times we even got close до current P/E of 20 was в 2018, as result of Federal Reserve taper tantrum that crushed market, та в days following President Donald Trump's reciprocal tariff announcement в April 2025. Crucially, Nvidia's current valuation є before any uplift to earnings associated з Marvell partnership are в picture. So, that's our starting point. Time will tell just how much initiative accelerates Nvidia's bottom-line growth this year, next year, та beyond. But point is, stock could end up proving cheaper than we thought Monday night. Bottom line At some point, something has to give. Even з Tuesday's pop, stock є still below where it was коли Iran war broke out. Sure, this could end up being value trap, де earnings keep growing but nobody ever cares, resulting в persistent muted performance. However, we just don't see that being case. That leaves dueling outcomes де we one day find out earnings estimates were way too high, або price finally starts to reflect fundamentals. Given what we heard at GTC та learned Tuesday, we struggle to see how estimates are too high — barring any dramatic intensification в Iran that plunges economy в recession та customers are forced to reel in their AI spending. We think it's more likely estimates prove too low. Коли we step back та think about how fast advancement та adoption of AI are proceeding, we simply struggle to see how Nvidia doesn't start to work again once overall investor sentiment improves. Perhaps Tuesday's rally ends up being start of that (though we're not exactly ready to ring all-clear bell.) It is difficult to pound table на name that, up until Tuesday, did not seem capable of going higher, no matter how good news got. But we are definitely screaming from hilltops, що Nvidia has given you one more reason to own stock for long term та not try to trade name на every headline. (Jim Cramer's Charitable Trust є long NVDA, AVGO, AMZN, MSFT, META, AVGO, GLW та GOOGL. See here для full list of stocks.) As subscriber до CNBC Investing Club з Jim Cramer, you will receive trade alert before Jim makes trade. Jim waits 45 minutes after sending trade alert before buying або selling stock в charitable trust's portfolio. If Jim talked about stock на CNBC TV, he waits 72 hours after issuing trade alert before executing trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.