Marvell Technology, Inc. (MRVL)

The key line is custom solutions for cloud operators: an accelerator or network processor designed for a customer's workload in place of an off-the-shelf part. Such contracts are long, predictable and hard to enter, but they concentrate revenue on a few customers, and losing one programme changes the whole outlook.

The second part is optical interconnect and networking silicon: the growth of AI data centres demands bandwidth between racks, and here the company sells standard products to a wide set of buyers. The remaining lines — carrier, automotive, enterprise networking — are inherited and grow slowly.

The company owns no fabs: wafers come from TSMC, and access to leading-edge nodes constrains output. Marvell carries debt from earlier acquisitions and pays a small dividend; the stock's valuation rests on expected new custom programmes rather than on current earnings.