Applied Materials vs. Marvell Technology: What Revenue Trends Tell Investors About These Artificial Intelligence Companies
Key Points
Applied Materials generates higher total revenue than Marvell Technology on an absolute basis, maintaining a clear lead and securing the top position across all eight comparable quarters.
Marvell achieved steady quarter-over-quarter revenue growth across the past eight quarters, whereas Applied Materials posted mostly flat revenue results during the earlier quarters before recording a distinct acceleration in top-line performance during the first half of 2026.
Investors should monitor whether the revenue gap between the two companies continues to widen during upcoming quarters, or if their varying growth trajectories eventually cause this difference to narrow over time.
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Applied Materials: Recent Acceleration in Revenue
Applied Materials (NASDAQ:AMAT) earns revenue by designing and selling critical wafer fabrication equipment used to manufacture integrated circuits.
For the quarter ended July 2026, it expanded its specialized equipment research and development ecosystem to include eleven active partner engagements across the manufacturing landscape, and it also appointed an experienced new operational executive to its corporate board of directors.
Marvell Technology: Generating Steady and Consistent Revenue
Marvell Technology (NASDAQ:MRVL) primarily earns revenue by developing data infrastructure integrated circuits for various enterprise and networking applications.
It entered a multi-year strategic manufacturing agreement with GlobalFoundries to secure greater production capacity for its specialized infrastructure components, while it concurrently presented advanced optical interconnect technology demonstrations at a major European communications conference during the month of September 2026.
Why Revenue Matters for Investors
Revenue demonstrates the total capital an enterprise brings in from its core operations over time. This metric helps investors measure a company's overall size, market footprint, and long-term trajectory.
Quarterly Revenue for Applied Materials and Marvell Technology
| Calendar quarter | Applied Materials Revenue | Marvell Technology Revenue |
|---|---|---|
| Q3 2024 | $7.0 billion (quarter ended Oct. 27, 2024) | $1.5 billion (quarter ended Nov. 2, 2024) |
| Q4 2024 | $7.2 billion (quarter ended Jan. 26, 2025) | $1.8 billion (quarter ended Jan. 31, 2025) |
| Q1 2025 | $7.1 billion (quarter ended April 27, 2025) | $1.9 billion (quarter ended May 3, 2025) |
| Q2 2025 | $7.3 billion (quarter ended July 27, 2025) | $2.0 billion (quarter ended Aug. 2, 2025) |
| Q3 2025 | $6.8 billion (quarter ended Oct. 26, 2025) | $2.1 billion (quarter ended Nov. 1, 2025) |
| Q4 2025 | $7.0 billion (quarter ended Jan. 25, 2026) | $2.2 billion (quarter ended Jan. 31, 2026) |
| Q1 2026 | $7.9 billion (quarter ended April 26, 2026) | $2.4 billion (quarter ended May 2, 2026) |
| Q2 2026 | $9.1 billion (quarter ended July 26, 2026) | $2.7 billion (quarter ended Aug. 1, 2026) |
Data source: Financial Modeling Prep. Data as of Sept. 21, 2026.
Foolish Take
The revenue trends for Applied Materials and Marvell Technology are important indicators of the direction their businesses are headed. Of particular note is their performance in 2026, because the artificial intelligence boom that has been driving their sales growth is going into overdrive.
An estimated 3,000 new U.S. data centers are expected to be added to the 5,000 currently in existence. Some will be the size of New York City, and packed with AI servers. This means the need for AI semiconductor chips will soar in the coming years.
Marvell made this clear on Oct. 6, when management raised its revenue outlook for its 2028 fiscal year (FY), ended Jan. 31, 2028, to $20 billion, up from $18 billion in August. The company also announced a FY2031 target of $70 billion to $90 billion in sales. It made $8.2 billion in FY2026, so its forecast anticipates incredible growth in the years ahead.
As for Applied Materials, its sudden sales acceleration this year points to similar outsized revenue expansion. Due to the data center buildout, AI semiconductor chip demand far exceeds supply. Manufacturers are seeking ways to optimize output and yield while adding new factories. These are tailwinds for Applied Materials as it provides specialized equipment to these manufacturers.
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Robert Izquierdo has positions in Globalfoundries and Marvell Technology. The Motley Fool has positions in and recommends Applied Materials, Globalfoundries, and Marvell Technology. The Motley Fool has a disclosure policy.
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