Nvidia, Marvell, Synopsys Demonstrate AI Leadership And Strong Chip Design Momentum: Analyst - Analog Dev

Companies exposed to artificial intelligence and accelerated computing have continued to see their end demand and visibility strengthen.

That’s according to analysts at JPMorgan. Companies exposed to consumer-facing markets like smartphones and IoT are seeing demand trends track in line with expectations, they say. Demand trends in automotive and industrial remain mixed.

The assessment comes after JPMorgan held virtual fireside chats in conjunction with the 2025 International Consumer Electronics Show.

Marvell Technology, Inc (NASDAQ:MRVL) and Nvidia Corp (NASDAQ:NVDA) management teams were featured.

In-person meetings and booth tours were also held with Analog Devices, Inc (NASDAQ:ADI), Lam Research Corp (NASDAQ:LRCX), Micron Technology, Inc (NASDAQ:MU), Synaptics Inc (NASDAQ:SYNA), Synopsys Inc (NASDAQ:SNPS), Skyworks Solutions, Inc (NASDAQ:SWKS), and Silicon Laboratories, Inc (NASDAQ:SLAB),

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Here are the key takeaways from JPMorgan analyst Harlan Sur’s Jan. 10 research report:

Nvidia sees a strong demand setup for 2025 as it brings to market its Blackwell platform.
Marvell noted that its AI revenues are tracking significantly ahead of its prior expectations of $2.5 billion. The firm expects continued growth in 2026
Synopsys’ AI and accelerated compute-leading chip and system design remain strong and have a multi-year tailwind. Outside of AI, design activity continues, but at a slightly slower pace, as auto, industrial, and telco sector trends remain muted. The team continues to take a conservative view of China prudently.
For Analog Devices, the team anticipates sequential growth trends beyond the January quarter.
For Micron, the setup for the second half of 2025 remains strong. It is based on a favorable AI-driven HBM and eSSD demand backdrop combined with a cyclical recovery in non-AI segments (smartphone and PC).
Expect new product launches from Nvidia as well as Advanced Micro Devices, Inc (NASDAQ:AMD) and Intel Corp (NASDAQ:INTC).
Synaptics highlighted the strong design win momentum for its Astra platform, WiFi capabilities, and Bluetooth Channel Sounding feature, holding potential for new revenue and content opportunities in foldable phones and PCs.
Regarding Skyworks, Sur noted seasonal demand trends in its business with iPhone 16 demand trends aligning with expectations, and return to 10% average radio frequency content growth. The analyst remains selective in the Android markets with limited exposure to China OEMs.

In summary, overall demand trends align with Harlan Sur’s expectation in calendar 2025 and favored companies with leverage to AI and accelerated computing and those involved in the value chain benefiting from leading-edge chip advancements.

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