Skyworks、Marvell对2025年人工智能增长充满信心：花旗

Skyworks Solutions (NASDAQ:SWKS) and Marvell Technology (NASDAQ:MRVL) both reflected confidence in artificial intelligence growth in 2025 during the Consumer Electronics Show in Las Vegas, according to Citi analysts.

If Apple (AAPL) decides to in-source modems for the next iPhone, it could benefit Skyworks.

"Management expects multiple benefits if Apple moves to insourcing modem, including one fewer competitor, working with Apple directly in 2-way partnership, the potential to win at least 1 part back that was lost in iPhone 16, and free up the opex resources that were used for supporting both internal and external modems over the past few years, to reallocate to other RF opportunities within reach," said Citi Research analyst Atif Malik, in an investor note.

Qualcomm (QCOM) is expected to continue producing a majority of the modems for the iPhone 16. However, spending for the iPhone 17 remains undecided.

Citi maintains its Sell rating on Skyworks, but increased its price target on the stock to $84 from $72.

Meanwhile, Citi maintains its Buy rating on Marvell and set a $136 price target on the stock. 

"Marvell expects Al sales growth in 2025/26 and all the way to ~$8B+ In 2028," Malik noted. "We expect Customer C (MSFT) to ramp production in late 2026 and AWS to still grow strongly Y/Y. On ASIC TAM, Marvell's $43B TAM at April 2024 investor day was conservative and we expect updated outlook in June given higher-than-expected cloud capex spend (i.e recent MSFT $80B FY25 outlook), higher custom ASIC attach rates vs 20-25% prior| assumption, and new customer engagements."

Marvell slipped 3% during early market action on Friday.