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AI ASIC part II: AWS, Marvell, Alchip, Microsoft, and Meta
FUNDA
Alchip poised to win AWS Inferentia3 and likely Trainium3, driving outsized upside; MRVL faces 2026 uncertainty.
We will provide a detailed analysis of the ASIC businesses of AWS, Marvell, Alchip, Microsoft, and Meta, as well as the elasticity of their revenue and profit performance.
AWS
Key Insights:
a. Chip Iteration:
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Released Inferentia1, Inferentia2, and Trainium1 chips. Inferentia2 and Trainium1 share similar architectures, but Trainium1's NeuronLink-v2 interconnect ports for inference are only half those of Trainium1. Additionally, architectural issues causing compute-bound operations lead to slow prefill.
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Trainium2, featuring high bandwidth and large memory, could be pivotal for AWS’s ASIC.
b. ASIC Chip Business:
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