The AI semiconductor trade is evolving beyond NVIDIA Corp. (NVDA). As investors look for the next phase of AI infrastructure growth, Wall Street is highlighting Broadcom Inc. (AVGO) and Marvell Technology Inc. (MRVL) as major winners in custom AI chips, even as KeyBanc maintains that NVIDIA remains the industry's best-positioned AI chipmaker.

KeyBanc's Vinh Still Favors NVIDIA

KeyBanc Capital Markets senior research analyst John Vinh told CNBC on Thursday that NVIDIA remains his favorite AI chip name despite valuation questions and a broader pullback in semiconductor stocks.

Vinh called NVIDIA "hands down" the best-in-class AI chip player in the sector.

He said no major merchant silicon competitor is likely to gain meaningful traction against NVIDIA anytime soon, and he said he likes NVIDIA's risk-reward at current levels.

Vinh Sees Broadcom Pullback As Near-Term Reset

Vinh said Broadcom's selloff makes sense in the near term because investors had expected the company to raise its AI outlook after a strong run in chip stocks.

Instead, Broadcom reiterated its fiscal 2026 and fiscal 2027 AI targets, which Vinh said were not enough to meet heightened market expectations.

Still, Vinh maintained a constructive longer-term view on Broadcom.

He said KeyBanc raised its estimates and price forecast because Broadcom's fiscal 2027 AI revenue outlook could prove conservative.

Vinh said Broadcom's plan to deploy 10 gigawatts of AI chips, at roughly $13 billion in revenue per gigawatt, could point to upside beyond the company's $100 billion target.

Black Says Custom AI Chipmakers Are Winning

Investor Gary Black said Wall Street is increasingly rewarding leaders in custom AI chips as demand for specialized AI infrastructure rises.

Black said Broadcom and Marvell "seem to be the big winners in Wall Street's new appreciation for custom AI chips," referring to application-specific integrated circuits used to power large-scale AI workloads.

Black highlighted Broadcom's position as the dominant ASIC player, citing an estimated 70% market share and major customers including Alphabet Inc. (GOOGL) Google, Meta Platforms Inc. (META), Microsoft Corp. (MSFT), and OpenAI.

Price Action: NVIDIA shares were up 0.50% at $215.82, Broadcom shares were down 13.48% at $414.62 and Marvell Technology shares were up 2.82% at $310.17 at the time of publication on Thursday.