Core Viewpoint - The AI chip sector is facing significant challenges, highlighted by the sharp decline in Marvell Technology's stock price due to disappointing earnings and guidance for Q3, leading to a cumulative drop of over 40% this year [1][3]. Financial Performance - Marvell Technology expects Q3 revenue to be $2.06 billion, below analyst expectations of $2.1 billion [3]. - The company's Q2 revenue was $2.01 billion, a 58% year-over-year increase, meeting analyst expectations, with data center revenue contributing $1.49 billion, a 69% increase, but slightly below the average analyst forecast of $1.51 billion [4]. - Adjusted earnings per share for Q2 were $0.67, in line with analyst expectations [4]. Analyst Sentiment - Concerns about Marvell's growth trajectory have led to a downgrade by Bank of America analyst Vivek Arya, who lowered the rating from "Buy" to "Neutral" and reduced the target price from $90 to $78 [4]. - Arya noted two main uncertainties: delays in the new project with Microsoft and the company's share in Amazon's next-generation 3nm chip project, leading to a downward revision of the expected growth rate for 2026 data center business from 23%-25% to mid-teens [4]. Market Context - On August 29, the Philadelphia Semiconductor Index fell over 3%, with major chip stocks like Broadcom, AMD, NVIDIA, and TSMC also experiencing declines of over 3% [5]. - Analysts attribute the volatility in chip stocks to previously high expectations and valuations, leaving little room for error in earnings reports [5]. Broader Industry Trends - NVIDIA reported Q2 revenue of $46.7 billion, exceeding expectations, but the market reacted negatively due to concerns over slowing growth rates, particularly in data center revenue, which grew 56% to $41.1 billion, slightly below expectations [7][8]. - NVIDIA's CEO emphasized ongoing demand for AI computing power and projected significant market expansion over the next five years, despite short-term growth concerns [8].

Core Viewpoint - The article discusses the recent downturn in the U.S. stock market, particularly focusing on technology stocks and their performance amid inflation concerns and economic data releases [3][6]. Market Overview - On Friday, U.S. stocks fell across the board, with notable declines in tech stocks such as Dell and Nvidia, as the market digested the latest inflation data [3]. - The Dow Jones Industrial Average decreased by 0.20% to 45,544.88 points, the Nasdaq Composite fell by 1.15% to 21,455.55 points, and the S&P 500 dropped by 0.64% to 6,460.26 points [3]. - Major tech stocks showed weak performance, with Nvidia down 3.3%, Apple down 0.2%, Microsoft down 0.6%, Amazon down 1.1%, and Tesla down 3.5%. In contrast, Google saw a slight increase of 0.6% [3]. Economic Data - The Personal Consumption Expenditures (PCE) price index, a key inflation indicator for the Federal Reserve, rose by 2.6% year-on-year in July, with the core PCE increasing to 2.9% [6]. - The Michigan Consumer Sentiment Index for August was revised down to 58.2 from an initial 58.6, indicating a decline in consumer confidence [6]. - One-year inflation expectations rose to 4.8%, and five-year expectations increased to 3.5%, both higher than July's figures [6]. Sector Performance - The Philadelphia Semiconductor Index experienced a significant drop of 3.2%, marking its largest decline since April [7]. - Nvidia's stock fell 3.3% after its latest earnings report failed to meet high investor expectations, although spending related to AI infrastructure remains strong [7]. - Dell's stock plummeted nearly 9% after the company forecasted lower-than-expected profits for the upcoming quarter [8]. - Caterpillar, a major player in the construction machinery sector, saw its shares decline by 3.6% due to predictions of increased tariff-related expenses by 2025 [9]. Commodity Market - International oil prices weakened, with WTI crude oil near-month contracts falling by 0.91% to $64.01 per barrel, and Brent crude down by 0.73% to $68.12 per barrel [9]. - Gold prices rose due to increased risk aversion, with COMEX gold futures for November delivery up by 1.17% to $3,512.40 per ounce [10].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents Marvell Technology's unaudited condensed consolidated financial statements for Q2 fiscal 2026, covering balance sheets, income, equity, and cash flows. [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Provides a snapshot of the company's financial position as of August 2, 2025, showing increased assets and liabilities, with stable stockholders' equity. | Category | August 2, 2025 (millions) | February 1, 2025 (millions) | | :-------------------------------- | :-------------------------- | :-------------------------- | | **ASSETS** | | | | Current assets | $4,512.9 | $3,120.3 | | Property and equipment, net | $794.5 | $790.5 | | Goodwill | $11,062.2 | $11,586.9 | | Acquired intangible assets, net | $2,207.2 | $2,710.6 | | Total assets | **$20,586.3** | **$20,204.5** | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Current liabilities | $2,399.3 | $2,026.8 | | Long-term debt | $3,967.9 | $3,934.3 | | Total liabilities | $7,164.6 | $6,777.5 | | Total stockholders' equity | $13,421.7 | $13,427.0 | | Total liabilities and stockholders' equity | **$20,586.3** | **$20,204.5** | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Details the company's financial performance for the three and six months ended August 2, 2025, showing significant revenue growth and a shift to net income. | Metric | Three Months Ended August 2, 2025 (millions) | Three Months Ended August 3, 2024 (millions) | Six Months Ended August 2, 2025 (millions) | Six Months Ended August 3, 2024 (millions) | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :------------------------------------- | :------------------------------------- | | Net revenue | $2,006.1 | $1,272.9 | $3,901.4 | $2,433.8 | | Gross profit | $1,010.6 | $587.6 | $1,963.0 | $1,115.4 | | Operating income (loss) | $290.1 | $(100.4) | $560.7 | $(252.7) | | Net income (loss) | $194.8 | $(193.3) | $372.7 | $(408.9) | | Net income (loss) per share — basic | $0.23 | $(0.22) | $0.43 | $(0.47) | | Net income (loss) per share — diluted | $0.22 | $(0.22) | $0.43 | $(0.47) | [Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Presents comprehensive income (loss) for the three and six months ended August 2, 2025, indicating a positive shift to income, driven by net income. | Metric | Three Months Ended August 2, 2025 (millions) | Three Months Ended August 3, 2024 (millions) | Six Months Ended August 2, 2025 (millions) | Six Months Ended August 3, 2024 (millions) | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :------------------------------------- | :------------------------------------- | | Net income (loss) | $194.8 | $(193.3) | $372.7 | $(408.9) | | Other comprehensive income (loss), net of tax | $0.7 | $(0.8) | $0.2 | $(1.5) | | Comprehensive income (loss), net of tax | **$195.5** | **$(194.1)** | **$372.9** | **$(410.4)** | [Unaudited Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Outlines changes in stockholders' equity for the six months ended August 2, 2025, reflecting impacts from compensation, repurchases, dividends, and net income/loss. | Item | Six Months Ended August 2, 2025 (millions) | Six Months Ended August 3, 2024 (millions) | | :---------------------------------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Balance at beginning of period | $13,427.0 | $14,831.4 | | Issuance of common stock in connection with equity incentive plans | $51.1 | $51.5 | | Tax withholdings related to net share settlement of restricted stock units | $(100.9) | $(131.7) | | Stock-based compensation | $296.0 | $292.8 | | Repurchase of common stock | $(540.0) | $(325.0) | | Cash dividends declared and paid | $(103.5) | $(103.7) | | Net income (loss) | $372.7 | $(408.9) | | Other comprehensive income (loss) | $0.2 | $(1.5) | | Balance at end of period | **$13,421.7** | **$14,204.9** | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Reports cash flows from operating, investing, and financing activities for the six months ended August 2, 2025, showing a significant increase in cash and equivalents. | Cash Flow Activity | Six Months Ended August 2, 2025 (millions) | Six Months Ended August 3, 2024 (millions) | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net cash provided by operating activities | $794.5 | $630.9 | | Net cash used in investing activities | $(171.3) | $(154.9) | | Net cash used in financing activities | $(347.1) | $(618.1) | | Net increase (decrease) in cash and cash equivalents | $276.1 | $(142.1) | | Cash and cash equivalents at end of period | **$1,224.4** | **$808.7** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the unaudited condensed consolidated financial statements. [Note 1. Basis of Presentation](index=10&type=section&id=Note%201.%20Basis%20of%20Presentation) Describes the financial statement preparation basis, including U.S. GAAP compliance and the automotive ethernet business divestiture. - Company entered into a definitive agreement on April 7, 2025, to sell its automotive ethernet business to Infineon Technologies AG for **$2.5 billion** in cash. The sale was completed on August 14, 2025, with an expected gain on sale in Q3 fiscal 2026[17](index=17&type=chunk)[18](index=18&type=chunk) | Asset Type | Amount (millions) | | :-------------------------------- | :---------------- | | Inventories | $33.0 | | Property and equipment | $20.3 | | Goodwill | $524.7 | | Acquired intangible assets | $14.0 | | **Total Assets Held for Sale** | **$595.5** | [Note 2. Recent Accounting Pronouncements](index=10&type=section&id=Note%202.%20Recent%20Accounting%20Pronouncements) Discusses recent FASB accounting pronouncements on income tax, expense disaggregation, and share-based consideration, and their potential impact. - FASB issued ASU 2023-09 (Income Taxes) effective for fiscal 2026, requiring enhanced cash tax and effective tax rate disclosures[20](index=20&type=chunk) - FASB issued ASU 2024-03 (Expense Disaggregation) effective for fiscal years beginning after December 15, 2026, requiring disaggregated expense disclosures[21](index=21&type=chunk) - FASB issued ASU 2025-04 (Share-Based Consideration) effective for fiscal years beginning after December 15, 2026, clarifying guidance for share-based consideration payable to customers[22](index=22&type=chunk) [Note 3. Revenue](index=11&type=section&id=Note%203.%20Revenue) Provides detailed net revenue disaggregation by end market, geographical destination, and customer type, highlighting data center contributions. | End Market | Three Months Ended August 2, 2025 | % of Total (2025) | Three Months Ended August 3, 2024 | % of Total (2024) | Six Months Ended August 2, 2025 | % of Total (2025) | Six Months Ended August 3, 2024 | % of Total (2024) | | :------------------ | :-------------------------------- | :------------------ | :-------------------------------- | :------------------ | :-------------------------------- | :------------------ | :-------------------------------- | :------------------ | | Data center | $1,490.5 | 74 % |

Financial Performance - Marvell Technology shares experienced a significant drop following a sales forecast that fell short of Wall Street expectations [1] Market Trends - The report advises monitoring key chart levels for Marvell Technology [1]

Marvell Technology's stock crashed hard when the company released second-quarter results. What's the issue here, and where is Marvell going next?Shares of Marvell Technology (MRVL -17.86%) took a deep dive on Friday, following the chip designer's release of Q2 2025 earnings. The results were right in line with the consensus analyst projections, but that wasn't enough to impress Marvell's investors. The stock was down 16.1% at noon ET.Marvell's Q2 by the numbersMarvell's second-quarter sales soared 58% above ...

Core Viewpoint - Marvell Technology's strong second-quarter results were overshadowed by disappointing third-quarter guidance, leading to a decline in stock price and adjustments in price forecasts by analysts [1][5]. Financial Performance - Marvell reported adjusted earnings of 67 cents per share, slightly exceeding Wall Street's forecast of 66 cents, with revenue at $2.006 billion, just below the consensus estimate of $2.009 billion [2]. - The company achieved a record revenue of $2.006 billion in the second quarter, marking a 58% year-over-year increase, with expectations for continued growth into the third quarter [3]. Market Demand and Growth Drivers - The growth was driven by strong demand for AI-focused products, including custom silicon and electro-optics, alongside a recovery in enterprise networking and carrier infrastructure markets [4]. - For the third quarter, Marvell anticipates revenue between $1.957 billion and $2.163 billion, with adjusted EPS projected between 69 cents and 79 cents [5]. Analyst Reactions - Analysts have responded to the guidance by trimming price forecasts, citing both near-term challenges and long-term opportunities [5]. - Rosenblatt Securities described the results as mixed, noting adjustments in data center ASIC shipments that contributed to a slight revenue shortfall, while maintaining a Buy rating due to a strong pipeline of upcoming ASICs [6][7]. - JP Morgan noted that the July-quarter results were in line with expectations, highlighting strong consumer demand offsetting weaker data center and carrier sales [8]. Future Outlook - Analysts expect flat data center revenue, with growth in optical networking offset by uneven custom ASIC shipments, which are projected to reaccelerate in 2026 [9]. - J.P. Morgan reiterated an Overweight rating while adjusting its price forecast to $120 from $130, citing strong long-term drivers despite near-term lumpiness [10]. - Goldman Sachs maintained a Neutral rating, cutting its price forecast to $72 from $75, reflecting slower growth assumptions and ongoing content loss at Amazon [11][12].

Core Insights - Marvell Technology, Inc. reported second-quarter fiscal 2026 earnings of 67 cents per share, matching the Zacks Consensus Estimate, and reflecting a 123.3% year-over-year increase [1][10] - Revenues for the quarter were $2.01 billion, slightly missing the Zacks Consensus Estimate by 0.23%, but showing a 57.6% year-over-year growth [2][10] - The company has consistently beaten earnings estimates over the past four quarters, with an average surprise of 3.6% [1] Revenue Breakdown - Data center revenues reached $1.49 billion, up 69.2% year over year and 3.5% sequentially, accounting for 74.3% of total revenues [4][10] - Enterprise networking revenues increased by 28.2% year over year and 9.1% sequentially to $193.6 million, representing 9.7% of total revenues [5] - Carrier infrastructure revenues rose 71% year over year to $130 million but declined 6% sequentially, making up 6% of total revenues [6] - Automotive/Industrial revenues remained flat at $76 million, constituting 4% of total revenues [7] - Consumer revenues increased by 30% year over year and 84% sequentially to $116 million, representing 6% of total revenues [8] Operating Performance - Non-GAAP gross profit was $1.19 billion, a 62.9% increase year over year, with a non-GAAP gross margin of 59.4%, down 250 basis points year over year [9] - Non-GAAP operating expenses totaled $492.6 million, up from $455.8 million in the previous year, with a non-GAAP operating margin of 34.8%, expanding 870 basis points year over year [9][11] Future Guidance - For the third quarter, Marvell expects revenues to be around $2.06 billion (+/- 5%), indicating a projected year-over-year improvement of 57.96% [12] - The company anticipates non-GAAP earnings per share for the fiscal third quarter to be 74 cents (+/- 5 cents), reflecting a strong year-over-year improvement of 123.33% [13]

来源：视频滚动新闻 美股周五早盘，半导体厂商迈威尔科技(Marvell Technology,MRVL)股价重挫16.3%，此前该公司最新发 布的季度财报及业绩指引令华尔街大失所望，这让投资者对这家芯片制造商在人工智能(AI)支出热潮中 的前景感到担忧。 ...

Group 1 - The semiconductor sector experienced significant declines, with major companies like Micron Technology dropping over 17% [1] - NVIDIA's two-times leveraged ETF fell by 7.4%, indicating a broader market reaction to semiconductor stocks [1] - Other notable declines included Advanced Micro Devices (AMD) down 3.3%, and TSMC ADR down 2.9%, reflecting a negative sentiment across the industry [1] Group 2 - The overall semiconductor ETF decreased by 2.9%, suggesting a bearish trend in the semiconductor market [1] - Companies such as Supermicro and Arm Holdings also faced declines of 4.9% and 3.1% respectively, highlighting widespread weakness [1] - The performance of related companies like Amphenol and Nova also showed declines, with drops of 3.3% and 4.2% respectively [1]

Core Viewpoint - The semiconductor sector in the US stock market experienced a significant decline, with the Philadelphia Semiconductor Index dropping by 2.5% at the beginning of trading [1] Company Performance - Marvell Technology saw a sharp decline of over 16% [1] - Other companies such as Lam Research, Broadcom, and AMD experienced declines of over 3% [1] - Major players like NVIDIA, ARM, Applied Materials, and TSMC fell by more than 2% [1] - ASML and Micron Technology also reported declines of over 1% [1]