Both design partners
Broadcom — realized now
Marvell — back-loaded
Hyperscaler custom-ASIC capex flows through a shared two-partner design pool, priced now in Broadcom and later in Marvell
Hyperscaler AI capex
custom accelerators
Shared design pool
two-partner bottleneck
Broadcom · ~70% share
monetizes today at scale
prices the pool now
Marvell · ~20-25% share
back-loaded to FY29+
prices future inflections