Company Reports

Marvell Technology reported good July-quarter results and raised its guidance for the next two years. Sales rose 37% year on year to $2.74 billion, and fiscal 2028 guidance went up nearly 10% to $18 billion. Management previewed further strong growth past fiscal 2028.

We see Marvell as a differentiated provider of networking and processing chips into data centers, enabling impressive growth and profitability. Between switching, processing, and optical chips, Marvell has one of the broadest networking silicon portfolios in the world, and we believe it is primed to expand faster than its underlying markets as future networking setups utilize greater content and we anticipate Marvell will continue to win share even in an expanding market. In particular, we believe Marvell will be a significant beneficiary of investment in generative artificial intelligence, or gen AI, with its strong position in optical chips and a burgeoning custom accelerator business.

We see Marvell as a differentiated provider of networking and processing chips into data centers, enabling impressive growth and profitability. Between switching, processing, and optical chips, Marvell has one of the broadest networking silicon portfolios in the world, and we believe it is primed to expand faster than its underlying markets as future networking setups utilize greater content and we anticipate Marvell will continue to win share even in an expanding market. In particular, we believe Marvell will be a significant beneficiary of investment in generative artificial intelligence, or gen AI, with its strong position in optical chips and a burgeoning custom accelerator business.

Marvell Technology and Google announced a commercial agreement for custom chips, including AI inference accelerators and other data center chips. Google will receive warrants worth up to 7% of Marvell's total shares, fully vesting if the Google spends $120 billion, cumulatively, through fiscal 2033.

Marvell Technology reported strong April-quarter results, with July-quarter guidance above our model, and raised guidance through fiscal 2028 (calendar 2027). Management now expects $16.5 billion in fiscal 2028 revenue, up 10% from its guide just three months ago of $15 billion.

We see Marvell as a differentiated provider of networking and processing chips into data centers, enabling impressive growth and profitability. Between switching, processing, and optical chips, Marvell has one of the broadest networking silicon portfolios in the world, and we believe it is primed to expand faster than its underlying markets as future networking setups utilize greater content and we anticipate Marvell will continue to win share even in an expanding market. In particular, we believe Marvell will be a significant beneficiary of investment in generative artificial intelligence, or gen AI, with its strong position in optical chips and a burgeoning custom accelerator business.

The Information reported that Marvell Technology is working on two custom AI chips for Google. One chip is a memory processor designed to work alongside Google's TPU, and one is an artificial intelligence compute chip, potentially an alternative to the TPU. Marvell shares rose 5% intraday April 20.

Nvidia and Marvell Technology announced a partnership, inclusive of a $2 billion direct investment into Marvell by Nvidia. The companies plan to pair Marvell's custom artificial intelligence chips, or XPUs, with Nvidia's networking products and rack-scale designs.

We see Marvell as a differentiated provider of networking and processing chips into data centers, enabling impressive growth and profitability. Between switching, processing, and optical chips, Marvell has one of the broadest networking silicon portfolios in the world, and we believe it is primed to expand faster than its underlying markets as future networking setups utilize greater content and we anticipate Marvell will continue to win share even in an expanding market. In particular, we believe Marvell will be a significant beneficiary of investment in generative artificial intelligence, or gen AI, with its strong position in optical chips and a burgeoning custom accelerator business.

Marvell Technology reported strong fiscal fourth-quarter results and provided an even better, raised outlook for fiscal 2027 and fiscal 2028. In fiscal 2027 (calendar 2026), Marvell expects $11 billion in sales (30% growth), followed by $15 billion in fiscal 2028 (40% growth).

The Information reported that Microsoft was in talks with Broadcom to work on a custom artificial intelligence accelerator, potentially creating a dent to Marvell's upcoming revenue from designing Microsoft's Maia chip. Marvell shares fell 10% intraday Dec. 8.

We view Marvell Technology as a strong competitor in networking chips, resulting from a multiyear business pivot using acquisitions, divestitures, and organic development to focus on the cloud data center market. In our view, Marvell offers strong growth potential, impressive profitability, and a healthy competitive position. Between switching, processing, and optical chips, Marvell has one of the broadest networking silicon portfolios in the world, and we believe it is primed to expand faster than its underlying markets as future networking setups utilize greater content, and we anticipate Marvell will continue to win share even in an expanding market. In particular, we believe Marvell will be a significant beneficiary of investment in generative artificial intelligence with its strong position in optical chips and a burgeoning custom accelerator business.

Marvell Technology's October-quarter results and January-quarter guidance were positive and in line with our estimates, while management provided bullish guidance for the next two fiscal years. Marvell also announced the acquisition of Celestial AI for up to $5.5 billion.

Marvell Technology shares rose 7% Wednesday after management remarks at a sell-side competitor's conference. CEO Matt Murphy reaffirmed bullishness in Marvell's custom accelerator programs, and provided a rough minimum guide of 18% revenue growth in fiscal 2027 (calendar 2026).

Marvell Technology's July-quarter results met the midpoints of management guidance, with revenue rising 58% year over year and 6% sequentially to $2.01 billion. Guidance implies continued sequential growth, rising 3% at the midpoint to $2.06 billion.

Marvell stock rose 8% intraday on July 30 after a competing research firm published a note with bullish estimates for Microsoft's Maia300 chip, which Marvell is reported to be designing. The note forecasts 300,000 units in the fourth quarter of calendar 2026 and over 1 million units in 2027.

Marvell Technology hosted a webinar focused on its custom artificial intelligence compute portfolio on June 17. Management raised its market growth expectations through calendar 2028, announced 15 additional design wins, and disclosed a pipeline of over 50 potential new design wins in the future.

Marvell Technology is hosting a webinar focusing on its custom AI accelerator (also known as XPUs) opportunity on June 17.

Marvell is down 40% year to date as of May 30, primarily due to market concerns over rumored share losses for Marvell’s custom accelerators.

Marvell Technology's April-quarter results were in line with management guidance, including revenue rising by 63% year over year and 4% sequentially to $1.90 billion. July-quarter guidance calls for sequential growth of 6%, to Marvell's first-ever quarterly revenue of $2 billion.