The firm lowered its Nvidia target to $315 and its Marvell target to $300, trimming expectations for two of the biggest AI chip names
Melius Research has lowered its price targets on two of the most closely watched names in AI hardware. Nvidia now carries a $315 target from the firm, and Marvell Technology sits at $300.
The new numbers
The headline figures are straightforward. Melius set Nvidia at $315 and Marvell at $300.
For Nvidia, the change marks a notable step down from where the firm stood a few months ago. As of August 27, 2026, Melius analyst Ben Reitzes held a Buy rating on Nvidia with a $420 price target.
Going from $420 to $315 is a meaningful haircut. Put simply, the firm’s view of what the stock should be worth has shifted down by more than a hundred dollars a share in a matter of months.
Marvell’s path is less tidy. Melius’s coverage of the company has swung in both directions over the past year and a half.
In May 2025, the firm downgraded Marvell to Hold with a $66 target. The concern at the time was a slower ramp in custom silicon, the bespoke chips Marvell designs for large cloud customers.
Melius then reversed course. It upgraded Marvell to Buy with a $135 target in January 2026, and later lifted that target to $220 in June 2026.
Because the new $300 figure is described as a cut, the firm’s target had to sit above that level beforehand. That means Melius’s Marvell target went from $66 to somewhere north of $300 before coming back down.
Why these two names matter
Nvidia and Marvell occupy different corners of the AI infrastructure buildout. Nvidia makes the graphics processing units, or GPUs, that do the heavy computing required to train and run AI models. Marvell designs application-specific integrated circuits, known as ASICs, which are chips built for one customer’s particular workload. It also supplies interconnect technology, which moves data between chips and servers at high speed.
The research landscape around these companies has been shaped by forecasts of multi-trillion-dollar capital spending by hyperscalers, the massive cloud operators that build and run data centers at global scale.
A crowded field of opinions
Melius is moving against a more optimistic current, at least on Marvell. In October 2026, other firms raised their Marvell targets into a range of $300 to $400.
Those upgrades followed Marvell’s investor day, where the company’s guidance pointed to promising revenue expectations for fiscal 2028. Interconnect growth was a central driver of that outlook.
That puts Melius’s new $300 target at the bottom edge of the range other analysts were floating after the event.
What this means for investors
A lower price target is different from a downgrade, and nothing in the announcement indicates Melius changed its rating on either company.
The size of the Nvidia revision is worth watching. A move from $420 to $315 suggests Melius has reassessed something material, whether that is the pace of AI spending, competitive pressure, or how much investors should pay for that growth.
For Marvell, the story is about custom silicon execution. The firm’s May 2025 downgrade was explicitly tied to slower custom chip ramps, and its subsequent upgrades tracked improving confidence in that business. Investors following the stock should keep an eye on how Marvell delivers against the fiscal 2028 targets it laid out at investor day.
