MRVL · Marvell Technology, Inc.Marvell Technology, Inc.
🔬 Marvell数据中心业务燃爆，营收指引连续上调，定制芯片和互联业务加速增长，与英伟达合作扩大，长期增长前景强劲
Marvell数据中心业务燃爆，营收指引连续上调，定制芯片和互联业务加速增长，与英伟达合作扩大，长期增长前景强劲。
Evidence & details
- +CEO原话：'我们的数据中心业务燃爆了'，'订单异常强劲'
- +Q2指引营收约27亿美元，高于分析师预期的26亿美元
- +2027财年营收预期上调至约115亿美元，同比增长约40%
- +数据中心营收增长加速：FY2026 +46%，FY2027约+50%，FY2028约+55%
- +互联业务年度增速预期从30%上调至超过70%
- ⚡数据中心营收增速持续加速
- ⚡1.6T产品线等高价值产品推动互联业务增长
- ⚡定制芯片FY2029目标从80亿美元升至100亿美元
- ⚡与英伟达合作带来新市场机会（AI-RAN等）
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Post Timeline · 5 posts
“我们的数据中心业务燃爆了”，“订单异常强劲”，这是MRVL的CEO在财报电话会上的原话，记录下电话会上值得重视的要点： 1、连续多个季度上调指引 1）Q2指引方面，公司预计营收约27亿美元（上下浮动5%），同比增长约35%，高于分析师此前预期的26亿美元 2）Marvell将2027财年营收预期上调至约115亿美元，同比增长约40%。三个月前，公司给出的指引是“接近110亿美元” 2、数据中心业务增速在加速 1）Q1数据中心营收18.3亿美元，同比增长27%，环比增长11%，占总营收76%。 Marvell对这块业务的增速预测是： FY2026：+…
Thesis: Marvell数据中心业务燃爆，营收指引连续上调，定制芯片和互联业务加速增长，与英伟达合作扩大，长期增长前景强劲。
$MRVL 电话会要点： 1️⃣收入预期上调主要由数据中心业务驱动，预计该业务本财年将增长约50%。其中，互连业务预计同比增长超过70%，显著高于此前50%的预期。 2️⃣互连业务的增长将继续快于云CapEx，主要受益于scale-out网络对1.6T的强劲需求，以及scale-up和scale-across网络的更大贡献。 3️⃣和Nvdia的合作方向： -光学合作：从DSP、TIA和驱动扩展到硅光子技术 -NVLink Fusion整合：支持Marvell开发与NVIDIA无缝互联的定制芯片 -AI RAN：将AI与无线基础设施融合 4️⃣关键…
Thesis: Marvell's earnings call confirms strong demand in interconnect and optics driven by AI scale-out networks, with custom chip becoming next growth engine.
Very nuanced. People buying $PENG for $MRVL "photonic memory" are likely to be disappointed. They're on the $SMCI integrator level with potential software add. The high margin, foundational IP belongs to companies like Celestial or others like Lightmatter. What they do is bui…
Thesis: PENG is not the core photonic memory IP owner; it is an integrator building a chassis around Celestial/Marvell's IP, and the development is at an early stage. Investors conflating PENG with MRVL's pho…
@AD14977 I've always said $POET is the most likely to get designed out down the road. They just buy lasers and package them... and $MRVL can just go directly to the laser source and do the same with some delays to their roadmap.
Thesis: POET is at risk of being designed out by MRVL because POET only buys and packages lasers, and MRVL can go directly to laser sources, causing delays to POET's roadmap.
$MRVL cancelled $POET purchase orders after the CFO went out and violated NDA when getting angry. Ouch to Poet, down -46%, this is why I don’t like companies with single customer concentration risk. On the bright side for $POET holders they do have $420m cash buffering downside…
Thesis: Marvell cancelled POET purchase orders after CFO violated NDA, highlighting single customer concentration risk for POET.
SIVE's win in the photonics chain could lead to MRVL needing to acquire or secure a stake in SIVE to control supply chain, making SIVE a valuable target.
source ↗Rotation into CPO/ELS supply chains driving outperformance despite mega cap weakness.
source ↗A competitor could acquire SIVE for ~$350M to chokepoint MRVL's growth verticals in photonics, making SIVE a strategic asset.
source ↗Nvidia prefers SIVE independent, but potential share acquisition by MRVL or acquisition by AVGO to choke competitors' CPO roadmap.
source ↗Optical interconnects TAM expected to grow from ~$19B to $100B+ by 2030, driven by CPO/Scale Up with SiPh and external CW lasers; listed tickers are favorite names in the sector.
source ↗COHR and MRVL are solid profitable longs with expected 50-100% gains over the next year, described as versatile but poorly understood companies.
source ↗List of 30 US stocks with brief bullish theses covering semis, AI, space, rare earths, etc.
source ↗Anthropic's latest models were likely trained on Amazon Trainium, which drove AMZN rally and is bullish for Amazon's ecosystem including MRVL and AAOI.
source ↗Reaffirms long-term bullish thesis on a basket of semiconductor and related stocks, noting that short-term entry points vary but overall market validation continues.
source ↗Pullback in these stocks is unjustified given $700M inflows into supply chain and SIVE's CHIPS Act backing; fundamental analysis supports waiting for growth.
source ↗Bullish on photonics supply chain (SIVE, 6451, MRVL, HPS.A) due to CPO/1.6T supercycle, with specific catalysts for each.
source ↗AI hyperscaler demand is causing widespread supply chain bottlenecks across semiconductors, materials, and infrastructure components, benefiting companies exposed to CPUs, semiconductor equipment, photoresists, grid components, optical modules, and photonics.
source ↗MRVL will likely design out POET for interposer packaging and instead buy lasers from LITE or SIVE, doing packaging in-house, which is negative for POET.
source ↗MRVL likely buying lasers directly from COHR/SIVE/LITE causing delays to Celestial roadmap.
source ↗$MRVL benefits long term by vertically integrating the packaging process, and will likely make deals to buy lasers directly from suppliers.
source ↗Metaphor describing supply chain for optical components: SIVE and LITE produce specialized components (blue/red lobsters), POET processes them, MRVL integrates and sells. Nvidia buying red lobsters (alternative supply) may push MRVL to buy directly from SIVE/LITE, bypassing POET. The situation is fluid.
source ↗1.6T optical modules near mass adoption, with beneficiaries including AAOI (largest 1.6T capacity US pure play), JBL (contrarian long using LRO architecture), SIVE (powers Jabil's LRO, scales laser demand), and AVGO/MRVL as broad beneficiaries.
source ↗MRVL earnings expectations: market expects a beat; slight beat unlikely to move price; large guidance raise bullish; miss bearish; meet expectations may lead to drop.
source ↗Marvell's earnings call confirms strong demand in interconnect and optics driven by AI scale-out networks, with custom chip becoming next growth engine.
source ↗