Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results/Guide And Increased CY26/CY27 Growth Outlook On Strong AI Compute/Networking Demand And New Program Ramps; Reit OW

研报英文原文证据摘录

Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results/Guide And Increased CY26/CY27 Growth Outlook On Strong AI Compute/Networking Demand And New Program Ramps; Reit OW

l Quarterly Forecasts (FYE Jan)

now expected to grow 70% Y/Y (versus prior expectations of 50%) and scale-up Adj. EPS ($)

switching growing >2x Y/Y, reflecting the strong capex spending environment and 2026A 2027E 2028E

continued strong market share (we still believe the team maintains a 60–65% share Q1 0.62 0.80A 1.30

Q2 0.67 0.93 1.47

in 1.6T DSPs). Custom XPU is also tracking modestly ahead of the 20% growth Q3 0.76 1.07 1.66

expectation (we believe now tracking +25% Y/Y), but somewhat constrained by Q4 0.80 1.24 2.00

HBM/advanced substrate supply. Often overlooked storage controller (HDD and FY 2.85 4.04 6.43

eSSD) business is tracking to >$1B in revenues this year (versus $700M last year). Style Exposure

Looking ahead to FY28, the team expects Data Center growth to further accelerate

to 55% Y/Y (versus prior expectation of 50%), driven by a >2x growth in AI custom

revenues (more than 25+ XPU/XPU attach design wins), sustained strong optical

DSP demand, and new product/program ramps (switching/AEC/UALink/ CPO)/

NPO). Combined with LSD% growth in Communications and Other, the team

expects to drive $16.5B in total revenues (versus prior view of $15B). In custom

AI ASICs, the next-generation Trainium 3 XPU ASIC program is starting its initial

shipment ramp this quarter, with volumes increasing in the second half of the year.

We believe the team is deep in the design phase of the next-generation Trainium

4, 2nm program. Their next Tier-1 XPU customer (Microsoft, Maia 3nm XPU

program) is progressing well, with plans for high-volume manufacturing next year.