If you've been hearing whispers about Marvell Technology Inc. (MRVL) losing ground with its hyperscale cloud customers, the company has a message: not so fast.

Marvell just reaffirmed that its custom chip programs with Amazon.com Inc. (AMZN) and Microsoft Corp. (MSFT) are proceeding exactly as planned, according to JPMorgan. These multi-generational XPU programs are still slated to ramp up production in 2026, squashing recent speculation about potential customer losses.

What Management Is Saying

JPMorgan analyst Harlan Sur, who maintains an Overweight rating on the stock, met with Marvell's leadership team and came away with clarity on several key programs. The company confirmed it needs to lock in purchase orders for Amazon's Trainium 3 XPU ASIC program at AWS through 2026. Meanwhile, Microsoft's 3nm Maia AI XPU ASIC program remains on schedule to ramp in the second half of 2026 and continue into 2027.

Here's where it gets interesting financially: "AI XPU attach wins will start to add to revenues next year and the team believes it can hit $2B of XPU attach revenues in CY28," Sur wrote in his research note.

Beyond the Headline Programs

Marvell's management also expects its electro-optical business to outpace overall datacenter capital expenditure growth in 2026. The company anticipates a strong ramp in 1.6T DSP (digital signal processors) alongside continued expansion in 800G technology across multiple GPU and XPU programs.

Shares of Marvell dropped 3.04% to $89.20 on Tuesday following the update.