Amazon, Marvell, Google Challenge NVIDIA: Is $180 a Buy or Sell?

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12-03 20:26
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Recently, $NVIDIA(NVDA)$ hasn’t had an easy time. In addition to last month’s impact from $Alphabet(GOOG)$’s TPU, $Amazon.com(AMZN)$ yesterday announced a new in-house AI chip, which it claims is more cost-effective than Nvidia’s.

$Marvell Technology(MRVL)$ jumped nearly 10% after reporting announcing a $3.25B acquisition of AI-chip startup Celestial AI. This move pushes Marvell another step closer toward becoming a viable Nvidia alternative.

1. “Three-way battle”: Nvidia vs. Google TPU vs. Amazon AWS (Trainium)

  • Nvidia has established a nearly unshakable de-facto standard with its GPU hardware + CUDA ecosystem.

  • Google, through its self-developed TPU chips, has achieved extreme vertical integration for AI workloads. TPUs primarily serve Google’s own large models (such as Gemini) and remain a key strategic asset in maintaining their AI leadership.

  • AWS focuses on cost-performance through in-house chips, aiming to provide customers with more economical AI compute options on the cloud.

2. How institutions view Amazon’s AI chips — Is Amazon undervalued?

Citi target price: $320

Based on 33x 2027E GAAP EPS ($9.68)

EV/EBITDA = 13x, below the 10-year median of 18x → Citi sees the market undervaluing AMZN

Trainium ecosystem: more powerful, faster, larger scale. Over 1 million Trainium chips deployed. Trainium2 is AWS’s fastest-ramping AI chip ever, producing chips 4× faster than the previous generation.

Morgan Stanley Rating: Overweight/Price target: $315 (~35% upside)

Views re:Invent 2025 as delivering major updates across GPUs, Trainium, and agent platforms.

Expects AWS to maintain low- to mid-20% growth in 2026–2027.

Competition intensifies: Marvell challenges Nvidia & Broadcom

Marvell will acquire Celestial AI for up to $5.5B, aiming to absorb its leading photonic interconnect platform and strengthen its position in AI data-center connectivity. Amazon also provided warrant support to the deal.

Between Broadcom’s ASIC order wins and now Marvell’s acquisition, the market is questioning:

Can Nvidia still maintain its revenue trajectory next year?

Worse yet: OpenAI turbulence adds another layer of uncertainty

OpenAI’s CEO reportedly issued an internal “red alert” yesterday:

  • Google Gemini 3 poses a serious threat to ChatGPT

  • Cash-flow problems may mean OpenAI faces another funding crunch

Nvidia itself may be fine, but the ecosystem it relies on faces three major risks:

  1. $150B+ debt from ORCL / CRWV / NBIS

  2. Long-term CUDA ecosystem pressure from Google & Amazon

  3. OpenAI cash-flow shortage, jeopardizing demand

Back in September, Nvidia announced a $100B investment in OpenAI, and both parties announced a $500B collaboration. In October, SoftBank injected $22.5B more.

But yesterday Nvidia’s CFO admitted: The highly publicized “$100B investment” is still only at the MOU stage, not finalized.

Meanwhile, Anthropic is rumored to be preparing for an IPO as early as 2026.

Some in the market believe NVDA may fall to the $155 support level.

  1. So how do you view the current three-way chip war?

  2. Are chip rivals steadily siphoning Nvidia’s revenue?

  3. Should you sell at 180 or hold? Buy the rising stars?

Leave your comments to win tiger coins~

Challenge NVIDIA: Buy Dip of NVDA or AMZN?
Amazon announced a new in-house AI chip, which the company claims is more “cost-effective” than Nvidia’s. Marvell has acquired Celestial AI, betting on “next-generation optical interconnect technology.” Combined with previous developments such as Google’s TPU and Broadcom’s ASIC, multiple companies are now competing to challenge Nvidia’s chip supremacy. How do you view the growing competition against Nvidia? Are you optimistic about Amazon’s AI chip? Would you chase high of Google? Or buy the dip of Nvidia or Amazon? Amazon still lags behind among Mag 7.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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Comments

  • Shyon
    12-04 08:36
    Shyon
    From my view, the chip battle between Nvidia, Google, and Amazon is heating up, but Nvidia’s CUDA $NVIDIA(NVDA)$ ecosystem still gives it a strong edge. Even so, Google’s TPU $Alphabet(GOOGL)$ and Amazon’s $Amazon.com(AMZN)$ Trainium have scaled enough that they’re clearly pulling some workloads away and putting real pricing pressure on Nvidia.

    I also think Amazon’s AI chip progress is still undervalued. With over a million Trainium units deployed and Trainium2 ramping fast, AWS is positioning itself as a major alternative. Combined with Marvell’s photonics move and Broadcom’s ASIC wins, the industry is clearly shifting toward more diversified AI compute.

    At $180, I’m not selling Nvidia. The OpenAI noise and the MOU headlines may weaken sentiment, but long-term demand for enterprise AI and inference remains strong. I’d hold NVDA while considering AMZN or MRVL $Marvell Technology(MRVL)$ for broader exposure to the rising players in the AI stack.

    @Tiger_comments @TigerStars

  • 1PC
    12-03 23:35
    1PC
    it's a 3-way fight 🤭.... I maintained Bullish 📈 on NVDA 🚀 BUY if Dip around $155++ 💪 @JC888 @Barcode @Aqa @Shernice軒嬣 2000 @DiAngel @koolgal @Shyon
  • Chrishust
    12-04 03:22
    Chrishust
    $NVIDIA(NVDA)$ is the largest driver of the data centres and ai construction boom and is a buy at $180
    1. While there is an ai chip war, nvda’s cuda is the dominant Gpu in this war
    2. Nvda’s revenue is growing not shrinking
    3. $180 is a buy not a sell, there aren’t many other ai stocks
  • Aqa
    12-03 23:17
    Aqa
    Bullish on $NVIDIA(NVDA)$ for long term. The current three-way chip war may looks like the chip rivals are steadily siphoning away NVDA’s revenue but Nvidia has established an unshakable de-facto standard with its GPU hardware + CUDA ecosystem. Big thanks & Like @Tiger_comments @TigerStars @Tiger_SG @icycrystal
  • TimothyX
    12-03 21:29
    TimothyX
    近日，$英偉達(NVDA)$過得並不輕鬆。除了上月受來自$Alphabet(GOOG)$的TPU，$亞馬遜(AMZN)$昨天宣佈了一款新的內部人工智能芯片，它聲稱是比英偉達的性價比更高.

    $Marvell技術(MRVL)$大漲近10%在報道宣佈$3.25 B收購人工智能芯片初創公司Celestial AI這一舉措使Marvell離成爲一家可行的公司又近了一步英偉達替代方案.

  • TimothyX
    12-03 21:29
    TimothyX
    近日，$英偉達(NVDA)$過得並不輕鬆。除了上月受來自$Alphabet(GOOG)$的TPU，$亞馬遜(AMZN)$昨天宣佈了一款新的內部人工智能芯片，它聲稱是比英偉達的性價比更高.

    $Marvell技術(MRVL)$大漲近10%在報道宣佈$3.25 B收購人工智能芯片初創公司Celestial AI這一舉措使Marvell離成爲一家可行的公司又近了一步英偉達替代方案.

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