Marvell Technology ( NASDAQ:MRVL ) and Nvidia ( NASDAQ:NVDA ) stand out as top artificial intelligence semiconductor plays for 2025, according to a Barclays report led by analyst Tom O'Malley.

Barclays highlights Broadcom ( NASDAQ:AVGO ), Credo Technology ( NASDAQ:CRDO ), and Lumentum Holdings ( NASDAQ:LITE ) as additional AI beneficiaries. The firm upgraded Lumentum to Overweight from Underweight, setting a $125 price target, citing strong demand from hyperscalers moving to U.S.-based suppliers. Nvidia's dominance in AI remains clear, with GPU sales hitting nearly $100 billion in 2024 and projected to reach $160 billion in 2025.

However, Barclays sees growing demand for custom silicon, forecasting 55% annual growth in the segment over the next three years. Broadcom is expected to see $21 billion in AI-related chip sales by fiscal 2026, while Marvell's ASIC revenue could hit $4 billion in calendar 2026. The firm also raised price targets for Broadcom (to $260 from $205) and Marvell (to $150 from $115), emphasizing the AI semiconductor market's path to exceeding $1 trillion by 2030.

This article first appeared on GuruFocus .