MRVL: F1Q27 Preview: Tougher Set-Up, but We See a Lot of Potential Upside Drivers Ahead - PT to $195 (was $135)

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MRVL: F1Q27 Preview: Tougher Set-Up, but We See a Lot of Potential Upside Drivers Ahead - PT to $195 (was $135)

Marvell Technology, Inc. Equity Research

capex growth) with ongoing scale-out momentum + additional TAM expansion ahead with scale-

across and scale-up build-outs. Marvell's positioning for 1.6T cycle is a key focus.

• Google - An Incremental Growth Driver? Although not confirmed, we would re-highlight that in

mid-April The information reported that Google was engaging Marvell on the development of two

new AI chips - a memory processing unit (XPU-attach win; possibly CXL deployment of Marvell's

Structera silicon?) and a possible AI inference-optimized version of Google's TPUs. We think there is

a good likelihood, based on our industry conversations, that Google could be working with Marvell

for a CXL-based memory pooling solution. In March 2026, The Information published an article

noting that Google had begun installing CXL controllers.

• Interconnect Growth into FY28 (>30% = Upside?); 1.6T Positioning a Key Focus. Marvell's

Interconnect revenue totaled ~$3 billion in FY26, which we estimate to reflect ~$2.5B from

traditional Inphi solutions for scale-out; ~$500M in DCIA scale-across, and $100 million in AECs

+ retimers. We're now modeling FY27 and FY28 Interconnect revenue at ~$4.6B (+53% y/y) and

~$6.2B (+35% y/y). As noted above, Marvell has guided its FY27 Interconnect growth at >50%

y/y, which now compares to hyperscaler cloud capex growth forecasted at ~80%+ y/y - leaving

us / investors to gauge continued upside given Marvell's prior comments that it believes it's

Interconnect (Electro-Optics) growth could continue to outpace overall hyperscaler capex growth

(although component price inflation a key consideration). Based on our conversations, Marvell's