Asian Tech Key takeaways from Marvell’s 1QFY27 results

研报英文原文证据摘录

Asian Tech Key takeaways from Marvell’s 1QFY27 results

J P M O R G A N Asia Pacific Equity Research

28 May 2026

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Asian Tech

Key takeaways from Marvell’s 1QFY27 results

• Raising interconnect revenue growth in FY2027 and confident in strong Technology and Telecoms

AC growth next year: MRVL raised its FY27 (Feb 26-Jan 27) interconnect Gokul Hariharan

revenue growth outlook to 70%+ YoY (from ~50% previously) and expects the (852) 2800-8564

interconnect business to continue outpacing cloud capex growth (we estimate gokul.hariharan@jpmorgan.com

the top four U.S. CSPs’ capex to increase 80%/50% YoY in 2026/27), making J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

it the primary growth driver in FY28 (Feb 27-Jan 28). In the scale-out PAM,

Jennifer Hsieh

MRVL noted that 800G demand remains strong, while its 200G-per-lane 1.6T (886-2) 2725-9868

solution is ramping this year and should become a larger revenue contributor jennifer.hsieh@jpmorgan.com

in FY28. For scale-across, MRVL sees a meaningful opportunity in pluggable J.P. Morgan Securities (Taiwan) Limited

DCI modules over the next few years and highlighted that its DCI solutions are David Chou

already shipping to all five major U.S. hyperscalers, with line of sight to ~$1bn (886-2) 2725-9618

in annualized revenue in FY28 (roughly 2x FY26).The networking supply david.chou@jpmorgan.com

chain is poised for very strong growth in the coming years and should J.P. Morgan Securities (Taiwan) Limited