Woofun AI reports that analyst Serenity published a theory suggesting NVIDIA CEO Jensen Huang favors ASIC competitors over Broadcom, actively eroding the latter's market share. Companies including Marvell, MediaTek, AlChip, and GUC are reportedly gaining ground with NVIDIA's backing, acting as ecosystem extensions to counter cloud providers' in-house ASIC moats.

Serenity characterizes this dynamic as a two-year trading opportunity, noting NVIDIA's role as a "kingmaker" that triggers market repricing for allied firms, such as Marvell's trillion-dollar valuation discussions.

However, he anticipates that hyperscalers like Google will increasingly insource design work after 2030, potentially altering this competitive landscape.