The 'Next Nvidia' Trade? Why Investors Are Suddenly Watching Advanced Micro Devices, Arm Holdings, and Marvell Technology - The Globe and Mail

Investors are increasingly turning their attention away from NVIDIA, despite its continued dominance in the AI chip market, as companies like AMD, ARM, and Marvell show stronger growth potential. Whil... Read original →

The AI chip market is pivoting from training to inference, reshaping hardware demand and triggering a cascade across the tech stack. ARM’s energy-efficient architecture is rapidly penetrating edge and data center inference—so much so that even NVIDIA is adopting it, signaling an irreversible shift. AMD leverages Zen4c server CPUs and MI300X accelerators to embed itself in Microsoft and Meta’s supply chains, while Marvell locks in cloud hyperscalers with custom ASICs, offering viable alternatives to GPU-centric approaches. Tightening U.S. export controls on advanced computing are accelerating non-U.S. clients’ diversification away from NVIDIA to mitigate compliance risks. Over the next 12–24 months, inference workloads will exceed 70% of AI compute, making CPU+ASIC heterogeneous architectures dominant. Though NVIDIA retains training supremacy, its growth trajectory is plateauing. The real battleground lies in full-stack, software-hardware co-optimization—precisely where AMD and Marvell can exploit open ecosystems to close the gap.