Marvell (MRVL) has dropped 22% in 2025 while the broader semiconductor index is up 46%. The underperformance seems driven by high expectations and a rumor about losing a key customer contract. However, the company is heavily involved in ASICs (custom chips), where demand is projected to outpace GPUs in 2026. They are working with hyperscalers like Alphabet, Amazon, and Microsoft on in-house chips. The stock trades at 30x earnings right now, a discount to the Nasdaq-100. Fiscal 2026 revenue is tracked to grow 42% with earnings potentially up 80%.