Serenity: Nvidia is the "kingmaker" in the ASIC market, while companies like Marvell are gradually eroding Broadcom's market share.

BlockBeats news, on July 3rd, Serenity posted that he personally holds a "conspiracy theory" view that NVIDIA CEO Jensen Huang may not like Broadcom (AVGO), and believes that ASIC challengers among NVIDIA's allies are gradually eroding Broadcom's ASIC market share. Marvell (MRVL), MediaTek, AlChip, GUC, and other companies all seem to be slowly entering Broadcom's ASIC market. He thinks this process is being pushed forward in a relatively low-key manner with NVIDIA's support.

He compares this phenomenon to the rise of emerging cloud service providers last year, believing they have in some ways become an extension of the NVIDIA ecosystem, used to counteract the moat built by cloud providers who develop their own ASICs. The overall ASIC market is clearly still growing, but many challengers seem to be taking on more projects related to hyperscale cloud providers, possibly with support from NVIDIA behind the scenes.

Serenity emphasized this is not investment advice, but he believes it may be an interesting two-year trading opportunity. However, after 2030, he expects companies like Google may internalize more design work. He also noted that NVIDIA is clearly a "king-maker"—any company touched by it gets repriced in the market, as seen in previous discussions about Marvell potentially becoming a "1 trillion-dollar company."