Marvell Technology Group "Data Center Revenue Growth Accelerating In F28" (Buy)

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Marvell Technology Group "Data Center Revenue Growth Accelerating In F28" (Buy)

the key driver being Custom ASIC segment where existing programs, MSFT ramp

and XPU-attach should each contribute about ⅓ of the $2B+ Y/Y increase. Beyond

Custom ASIC, MRVL highlighted scale-up 1.6T to step up in FY28, DCI (scale-

across) expected to reach $1B run rate in FY28, and CPO/optical that is now

expected to be 2x higher vs prior $150MM outlook.

In interconnect, MRVL is seeing strong demand for 800G scale-out solutions, with

1.6T revenue ramping in FY27 and increasing substantially in FY28. Beyond the

DSP, management noted its TIAs/drivers business continues to scale, suggesting

over $1B/yr annualized runrate in the next few quarters.

In switching, MRVL continues to see demand for 12.8T scale-out platforms, with

next-gen 51.2T switches ramping and engagement broadening across existing/

new customers. Management now expects scale-out switch revenue to exceed

$600MM in FY27, doubling Y/Y, and sees the business tracking to >$1B/yr

annualized revenue in FY28. MRVL also highlighted its new 100T platform and

roadmap towards 200T Ethernet switching, while scale-up switching remains an

emerging upside vector supported by UALink/Ethernet development, XConn, and

NVLink Fusion.

MRVL also reiterated the momentum it is seeing in AECs / retimers as it expects

combined revenues to more than double in FY27 and continue to grow rapidly in

FY28.

MRVL expects scale-up optics revenue to ramp significantly in FY28, with revenue

now forecast to more than double the prior ~$150MM outlook, implying roughly

~$300MM next year from "true" NPO/CPO solutions. Management said adoption

is accelerating across multiple CPO/NPO engagements, with Celestial’s photonic