Group 1 - Marvell has announced a definitive agreement to acquire Celestial AI for a total consideration of $3.25 billion, consisting of $1 billion in cash and $2.25 billion in Marvell common stock [1] - The transaction is expected to close in the first quarter of the 2026 calendar year, subject to customary closing conditions and regulatory approvals [1] - Marvell anticipates that Celestial AI will begin to contribute significantly to revenue in the second half of fiscal year 2028, with an annualized revenue run rate of $500 million by the fourth quarter of fiscal year 2028, and doubling to $1 billion by the fourth quarter of fiscal year 2029 [1] Group 2 - Celestial AI has developed a disruptive photonic Fabric technology platform, which will enable Marvell to become the most comprehensive provider of high-bandwidth, low-power, and low-latency solutions in the industry [3] - The acquisition is aimed at supporting next-generation data center interconnects [3]

Core Insights - Marvell has reached a final agreement to acquire Celestial AI for approximately $3.25 billion, which includes $1 billion in cash and $2.25 billion in Marvell common stock [1][2] - The acquisition is expected to enhance Marvell's position in the AI and cloud data center connectivity market, with significant revenue contributions anticipated from Celestial AI starting in the second half of fiscal year 2028 [1][2] - Celestial AI's technology focuses on photonic interconnects, which are expected to provide high bandwidth, low latency, and energy efficiency, making them suitable for large AI clusters [6][8] Acquisition Details - The deal includes an additional contingent payment of up to 27.2 million shares of Marvell common stock, valued at up to $2.25 billion, based on revenue milestones achieved by Celestial AI [1][2] - The transaction is expected to close in the first quarter of 2026, pending customary closing conditions and regulatory approvals [2] Financial Projections - Marvell anticipates that Celestial AI will generate a run rate of $500 million by Q4 of fiscal year 2028, doubling to $1 billion by Q4 of fiscal year 2029 if certain revenue milestones are met [1][2] Strategic Importance - The acquisition is seen as a strategic milestone for Marvell, reinforcing its technological leadership and expanding its potential market in scalable connectivity [2] - Marvell's CEO emphasized that the acquisition will accelerate the company's roadmap to provide a comprehensive connectivity platform for AI and cloud customers [2] Technology Overview - Celestial AI's photonic interconnect technology is designed to allow large AI clusters to scale easily, offering energy efficiency that is more than twice that of copper interconnects [6][8] - The technology is expected to support high-performance, low-power, and low-latency solutions, which are critical for next-generation data center architectures [5][6] Market Context - The demand for scalable, high-performance cloud platforms is driving the need for differentiated technology solutions, with photonic interconnects playing a crucial role in future AI infrastructure [3][5] - Marvell's custom chip business is projected to experience accelerated growth, with new customers including emerging hyperscale data center operators [3]

Marvell Technology, Inc. (NASDAQ:MRVL) reported earnings per share (EPS) of $0.76, surpassing the estimated $0.75, indicating efficient cost management and profitability.The company's reported revenue of approximately $2.07 billion exceeded expectations, showcasing strong demand for its products.Marvell's price-to-sales and enterprise value ratios reflect investor confidence in its future sales potential and strategic market positioning.Marvell Technology, Inc. (NASDAQ:MRVL) is a key player in the semicondu ...

Core Viewpoint - Marvell Technology's stock surged after the company provided a strong growth forecast for its data center business, overshadowing a lackluster overall earnings outlook, which renewed investor confidence in the custom chip manufacturer [1][3]. Financial Performance - Marvell reported a third-quarter adjusted EPS of $0.76 and revenue of $2.08 billion, slightly exceeding analyst expectations of $0.74 EPS and $2.07 billion revenue [4]. - The data center business, a key revenue driver, saw a 38% year-over-year revenue increase, reaching $1.52 billion, slightly above Wall Street's expectation of $1.51 billion [4]. Future Guidance - The company provided a cautious outlook for the fourth quarter, expecting an adjusted EPS of $0.79 (with a $0.05 margin) and revenue of $2.2 billion (with a 5% margin), aligning closely with analyst predictions [4]. - CEO Matt Murphy's forecast of over 25% year-over-year growth in data center revenue for the next fiscal year significantly boosted market sentiment [3][4]. Acquisition Plans - Marvell announced plans to acquire AI startup Celestial AI for approximately $3.25 billion in cash and stock, which was not included in the optimistic revenue forecast [5]. Market Dynamics - Despite an 83% stock price increase in 2024, Marvell's stock has declined by 16% year-to-date, reflecting investor concerns about the company's ability to secure long-term orders amid intense competition [6]. - The market's skepticism centers around the prospects of custom ASIC chips, which are tailored for specific applications and seen as potential alternatives to NVIDIA's GPUs [6]. Analyst Perspectives - UBS analyst Timothy Arcuri noted that most customers are diversifying their supply chains, using multiple GPU and ASIC suppliers, which could benefit companies like Marvell [7]. - Arcuri maintains a "Buy" rating on Marvell with a target price of $110, suggesting that the company's strong guidance supports a positive outlook [7].

本文源自：金融界AI电报 预付对价收购Celestial AI，其中包括10亿美元现金，以及约2720万股Marvell普通股（价值22.5亿美 元）。此外，若Celestial AI达成特定营收里程碑，Marvell将向其股权持有者支付最高约2720万股 Marvell普通股作为增量或有对价，价值上限为22.5亿美元。本次交易预计将于2026年第一季度完成。 ...

Core Viewpoint - Marvell Technology's stock performance has lagged behind industry peers despite strong earnings and growth potential, indicating a shift in market sentiment towards its products, particularly in the AI sector [1][5]. Company Performance - Marvell's stock is down 18% year-to-date, contrasting sharply with the performance of competitors like Nvidia and AMD [1]. - The company reported an all-time high revenue of $2.075 billion, representing a 37% year-over-year growth, and a non-GAAP diluted income per share of $0.76, which is a 77% increase year-over-year [5]. - Following the earnings report, the stock initially fell by up to 8% but rebounded significantly, rising by 15% after hours due to positive commentary regarding future growth expectations [5][6]. Market Trends - There is a growing interest in alternative AI processing units, such as Alphabet's Tensor Processing Units (TPUs) and Broadcom's custom AI accelerators, which may benefit Marvell's offerings in the future [3][4]. - Marvell's data center business growth expectations have increased from 18% year-over-year to 30% year-over-year since the last investor call, indicating a positive shift in market outlook [6].

Core Insights - Marvell Technology (MRVL.US) shares rose over 8% in after-hours trading, reaching $100.39 [1] - The company reported Q3 FY2026 earnings with revenue of $2.08 billion, a 37% year-over-year increase, slightly above market expectations of $2.07 billion [1] - Adjusted earnings per share (EPS) were $0.76, exceeding market expectations of $0.74 [1] - Data center revenue for the quarter was $1.52 billion, a 38% year-over-year increase, also slightly above the expected $1.51 billion [1] - For Q4, the company projects revenue of $2.2 billion and adjusted EPS of $0.79, both in line with market expectations [1] - Marvell Technology announced the acquisition of chip startup Celestial AI for approximately $3.25 billion in cash and stock [1] - The acquisition aims to enhance Marvell's competitive position in AI data center connectivity, competing with Nvidia and Broadcom [1]

Core Viewpoint - Marvell Technology (MRVL) reported strong Q3 earnings and raised its revenue outlook, highlighting the robust demand for AI ASIC chips in the data center market, particularly in competition with Nvidia's AI GPU technology [1][3]. Financial Performance - For Q3 of FY2026, Marvell's total revenue reached $2.07 billion, a 37% year-over-year increase, slightly above Wall Street's expectation of $2.05 billion [3]. - Non-GAAP earnings per share (EPS) were approximately $0.76, exceeding the analyst consensus of $0.74 and up from $0.43 in the same quarter last year [3]. - The company reported a GAAP net profit of approximately $1.9 billion, a significant increase from a net loss of $676 million in the same quarter last year [3]. Future Outlook - Marvell's management expects Q4 revenue to be around $2.2 billion, which is significantly higher than the analyst average estimate of $2.18 billion [2]. - The company anticipates total revenue for the next fiscal year to reach approximately $10 billion, with a projected 25% growth in data center business revenue [2]. Strategic Acquisition - Marvell announced a $3.25 billion acquisition of Celestial AI, a startup focused on optical interconnect technology, to enhance its networking product portfolio [1][4]. - The acquisition is expected to leverage Celestial AI's research in silicon photonics, which could significantly improve AI model performance and energy efficiency in data centers [4][5]. Market Dynamics - The demand for AI ASIC technology is expected to grow exponentially, driven by the increasing need for AI computing infrastructure [8]. - Marvell and its competitor Broadcom are collaborating with major cloud providers like Amazon and Google to develop customized AI ASIC solutions for their data centers [3][4]. Competitive Landscape - The competition in the AI ASIC market is intensifying, particularly with Broadcom, as both companies aim to capture a larger share of the growing demand for AI computing solutions [1][4]. - Analysts have noted a bullish sentiment towards both Marvell and Broadcom, with target price increases reflecting confidence in their future performance [13].

Market Performance - Major market indexes showed positive movement, with the Dow gaining +185 points (+0.39%), S&P 500 up +16 points (+0.25%), and Nasdaq increasing by +137 points (+0.59%) [1] - Bitcoin rose nearly +6% to 91.4K, positively impacting the stock of MicroStrategy (MSTR), which gained over +5% [1] - The small-cap Russell 2000 index experienced a slight decline of -0.17% [1] Economic Data - Private-sector payrolls for November are expected from Automatic Data Processing (ADP), with a consensus estimate of around 40K new jobs, down from 42K the previous month [2] - The labor market has shown difficulties, with no back-to-back positive ADP jobs numbers since April and May of 2025 [2] - Upcoming reports on Imports, Exports, Industrial Production, and Capacity Utilization are anticipated to show slight gains from the previous month [3] Earnings Reports - CrowdStrike (CRWD) reported Q3 earnings of 96 cents per share on revenues of $1.23 billion, exceeding estimates and showing over +20% year-over-year growth [4] - American Eagle Outfitters (AEO) beat Q3 earnings expectations with 53 cents per share and record-high revenues of $1.36 billion, leading to an +11% increase in shares after market [5] - Marvell Technologies (MRVL) posted Q3 earnings of 76 cents per share on revenues of $2.08 billion, slightly above projections, but shares remained flat [6]

Core Viewpoint - Marvell Technology Inc. is experiencing a positive shift in investor sentiment due to its custom chip-design unit securing repeat orders, indicating growth driven by increased spending on AI computing [1][2]. Group 1: Revenue Growth and Forecast - Marvell is optimistic about revenue growth, predicting a 20% increase in custom chip sales next year, with large customers renewing orders [2]. - The company forecasts revenue of approximately $2.2 billion for the fiscal fourth quarter, aligning with Wall Street projections [5]. - CEO Matt Murphy stated that Marvell's revenue could reach $10 billion in the next fiscal year, surpassing analyst predictions of $9.47 billion [3]. Group 2: Stock Performance - Following the positive earnings call, Marvell's shares rose over 15% in late trading, recovering from a 16% decline earlier in the year [4]. Group 3: Acquisition of Celestial AI - Marvell announced plans to acquire Celestial AI for at least $3.25 billion, which is expected to enhance its artificial intelligence capabilities [3]. - The acquisition includes $1 billion in cash and $2.25 billion in stock, with additional payouts contingent on Celestial AI achieving specific revenue targets [6][9]. - Celestial AI specializes in photonic fabric technology that improves data movement within AI infrastructure, potentially accelerating AI system performance [7]. Group 4: Market Position and Competition - Marvell aims to capitalize on the AI spending boom, assisting cloud-computing firms like Amazon in designing custom chips, although its products are not as prevalent as those from Nvidia [4]. - The company reported recent customer wins, including an emerging hyperscaler, indicating progress in its custom chip business [5].