Astera Labs and Marvell Technology are pursuing different routes through the artificial-intelligence infrastructure boom: Astera is expanding quickly from specialized connectivity products, while Marvell is leveraging a broader portfolio of networking, storage, custom silicon and optical technologies.
Its products and COSMOS software are designed to move data between processors, memory and other components in large AI systems. The company also began ramping its Scorpio X-Series smart-fabric products and said it was expanding research and development, including a new design center in Israel.
That growth is accompanied by substantial customer concentration. Astera disclosed that one end customer generated more than 70% of 2025 revenue, while its three largest end customers contributed about 86%. The company’s filings also warn that major customers generally are not required to buy minimum quantities and can redesign systems to use fewer or none of its products.
Marvell entered the comparison with much greater scale. Marvell reported $2. 7 billion in net income, held $2. 6 billion in cash at year-end and returned $2. 2 billion to shareholders through buybacks and dividends.
Marvell also has concentrated exposure. In the first half of fiscal 2027, one distributor accounted for 45% of revenue and one direct customer represented 16%.
The biggest new development came at Marvell’s Oct. 6 investor day. Management set a fiscal 2031 revenue target of $70 billion to $90 billion, raised its fiscal 2028 target to $20 billion and identified a potential $400 billion total addressable market for calendar 2030.
Those targets are projections rather than current results. Marvell’s own model places fiscal 2026 revenue at roughly $8 billion and assumes that custom silicon, optical connectivity and other data-center products expand dramatically over the following years.
The comparison therefore turns on risk and valuation as much as on growth. Astera offers the faster recent expansion but relies heavily on a small number of end customers. Marvell has more revenue, cash and product breadth, but its ambitions depend on sustained AI infrastructure spending, successful design wins and the conversion of long-range targets into shipments. Marvell’s shares may offer a lower earnings-based entry point, while Astera’s faster growth commands a higher sales valuation; the relative appeal depends on how investors weigh concentration, execution and the durability of data-center demand.