Group 1 - Nvidia (NVDA.US) experienced a sharp decline of over 3%, trading at $174.4 [1] - The semiconductor sector followed suit with AMD (AMD.US) dropping over 3.4%, Broadcom (AVGO.US) down over 4%, Micron (MU.US) falling over 2%, TSMC (TSM.US) decreasing over 3%, and Marvell Technology (MRVL.US) plummeting over 16% due to Q3 revenue guidance falling short of market expectations [1]

每经AI快讯，8月29日，迈威尔科技（MRVL）开盘迅速走低，跌超17%。此前，公司第三季度收入指 引低于市场预期。 ...

Market Overview - US stock indices opened lower, with the Dow Jones down 0.13%, S&P 500 down 0.20%, and Nasdaq down 0.37% [1] - Nasdaq China Golden Dragon Index saw an initial increase of 1.37% [2] Company Highlights - Alibaba's US stock rose over 10%, with executives stating that over the past four quarters, the company has invested more than 100 billion yuan in AI infrastructure and product development [4] - Marvell Technology (MRVL) opened significantly lower, dropping over 17% after providing third-quarter revenue guidance below market expectations [5] - Dell's stock price fell by 11% as its third-quarter profit forecast did not meet expectations [6] - Nvidia's stock saw a decline of 3%, despite reporting a 56% year-over-year revenue growth to $46.7 billion, driven by its AI data center business [7] - Nvidia's net profit for the quarter reached $26.422 billion, a 59% increase year-over-year, exceeding market expectations [9] - Nvidia anticipates third-quarter revenue of $54 billion, with a stock buyback plan of $60 billion approved by its board [9] - Other high-performing stocks included Ambarella, which surged nearly 30%, IREN up over 26%, Affirm Holdings up over 22%, and Autodesk up over 10% [9]

Core Viewpoint - Marvell Technology (MRVL.US) experienced a significant drop of over 16% in its stock price, closing at $64.65, due to disappointing earnings guidance that fell short of investor expectations [1] Financial Performance - For Q2, Marvell reported a revenue increase of 58% year-over-year, reaching $2.01 billion, which only met analyst expectations [1] - The data center business revenue grew by 69% year-over-year to $1.49 billion, slightly below the analyst average expectation of $1.51 billion [1] - Adjusted earnings per share were $0.67, also aligning with analyst expectations [1] Earnings Guidance - The company provided a Q3 revenue guidance midpoint of $2.06 billion, which is below the analyst average expectation of $2.11 billion [1] - Analyst Kinngai Chan from Summit Insights indicated that the weak Q3 guidance suggests a decline in Marvell's custom ASIC business, which surprised investors [1]

但更令投资者失望的是迈威尔科技给出的业绩指引。该公司给出的第三季度营收指引中值为20.6亿美 元，不及分析师平均预期的21.1亿美元。Summit Insights分析师Kinngai Chan表示，迈威尔科技对第三季 度的疲弱业绩指引意味着其定制ASIC业务将出现下滑，这令投资者感到意外。 智通财经APP获悉，周五，迈威尔科技(MRVL.US)开盘大跌超16%，报64.65美元。消息面上，该公司公 布的业绩指引不及预期令投资者感到失望。财报显示，Q2营收同比增长58%至20.1亿美元，仅符合分析 师预期。其中，数据中心业务营收同比增长69%至14.9亿美元，不及分析师平均预期的15.1亿美元。调 整后每股收益为0.67美元，同样仅符合分析师预期。在如今人工智能(AI)热潮驱动的市场中，仅仅"符合 预期"已然无法令投资者感到满意。 ...

Core Viewpoint - Marvell Technology's latest quarterly earnings report and guidance have disappointed Wall Street, raising concerns about the company's prospects in the AI spending boom [1] Group 1: Analyst Ratings and Price Targets - Bank of America analyst Vivek Arya downgraded Marvell's rating from "Buy" to "Neutral" and reduced the price target from $90 to $78 due to rising uncertainties regarding AI growth prospects [1] - Needham analyst N. Quinn Bolton also lowered the price target, expressing a lack of optimism about the company's future, particularly concerning next-generation chip business with Amazon and Microsoft [1] Group 2: Growth Projections and Market Concerns - Arya noted two main uncertainties: delays in the Maia project with Microsoft, potentially pushing timelines from FY2027 to FY2028, and Marvell's share in Amazon's next-generation 3nm chip project [1] - The expected year-over-year growth rate for Marvell's data center business in calendar year 2026 has been revised down from 23%-25% to mid-teens levels [1] - Bolton indicated that while custom chip business is expected to grow in the second half of FY2026 compared to the first half, a significant decline of approximately 15% is anticipated in Q3 FY2026, followed by a strong rebound in Q4 [2]

Group 1 - U.S. stock futures are lower, with Dow futures falling over 100 points [1] - Marvell Technology, Inc. reported quarterly earnings of 67 cents per share, beating the analyst estimate of 66 cents, but quarterly revenue of $2.006 billion missed the Street estimate of $2.009 billion [1] - Marvell's third-quarter sales guidance has a midpoint below estimates, leading to a sharp decline in its shares by 14.7% to $65.87 in pre-market trading [2] Group 2 - Other stocks experiencing declines in pre-market trading include TryHard Holdings Limited, which fell 10.3% to $5.38 after a 50% increase the previous day [4] - Dell Technologies Inc. reported stronger-than-expected second-quarter earnings and expects third-quarter revenue between $26.5 billion and $27.5 billion, exceeding estimates of $26.05 billion, but anticipates adjusted earnings of $2.45 per share, below the $2.55 estimate [4] - NatWest Group plc and Lloyds Banking Group plc also saw declines of 5.5% to $13.81 and 4.4% to $4.27, respectively, in pre-market trading [4]

Investment Rating - The report provides a positive outlook for the company, indicating an "Outperform" rating based on expected growth in revenue and market share [34]. Core Insights - The company reported Q2 FY2026 revenue of $2.006 billion, a 6% increase quarter-over-quarter and a 58% increase year-over-year, with a non-GAAP operating margin of 34.8% [10][11]. - The automotive Ethernet business was divested for $2.5 billion in cash, completed ahead of schedule, which is seen as an attractive valuation [2][11]. - Data center revenue reached $1.49 billion in Q2, accounting for 74% of total revenue, driven primarily by AI and cloud businesses [12][13]. - The company aims to increase its data center market share from 13% of a $33 billion total addressable market (TAM) in 2024 to 20% of a $94 billion TAM by 2028 [13][14]. - The custom silicon product portfolio is expected to generate significant revenue, with a projected lifetime revenue potential of $75 billion from design orders [14][15]. - Q3 FY2026 revenue guidance is set at $2.06 billion, reflecting a 36% year-over-year increase, with non-GAAP gross margins expected between 59.5% and 60% [24][25]. Financial Performance Overview - Q2 FY2026 core financial data shows a substantial year-over-year revenue increase of 58%, with operating cash flow rising to $462 million from $333 million in the previous quarter [10][11]. - The company has repurchased $540 million worth of shares in the first half of the fiscal year, with $2 billion remaining in repurchase authorization [11]. Data Center Market Performance - Data center revenue grew 69% year-over-year in Q2, with AI and cloud businesses contributing over 90% of this revenue [12][15]. - The company expects data center revenue to grow approximately 30% year-over-year in Q3, although overall revenue is expected to remain flat quarter-over-quarter [15]. Non-Data Center Market Performance - The enterprise networking and carrier infrastructure segment saw a 43% year-over-year revenue increase in Q2, with an expected annualized revenue run rate of $1.7 billion in Q3 [16]. - The consumer market reported Q2 revenue of $116 million, a 30% year-over-year increase, but is expected to see a slight decline in Q3 due to seasonal impacts [17]. - The automotive and industrial markets are projected to decline in Q3 due to the divestiture of the automotive Ethernet business [18]. Product Technology Progress and Market Opportunities - Strong demand for optical interconnect products, particularly 800G PAMDSP, is noted, with next-generation products beginning to ship [20][22]. - The company is positioning itself in AI infrastructure, with expectations for long-term growth driven by advancements in switches and interconnects [23].

Core Viewpoint - Marvell Technology's disappointing earnings guidance led to a significant drop in its stock price, highlighting investor dissatisfaction with merely meeting expectations in a high-demand AI market [1] Financial Performance - Marvell reported Q2 revenue of $2.01 billion, a 58% year-over-year increase, which met analyst expectations [1] - Data center revenue grew 69% year-over-year to $1.49 billion, slightly below the analyst average expectation of $1.51 billion [1] - Adjusted earnings per share were $0.67, also in line with analyst expectations [1] Earnings Guidance - The company provided a Q3 revenue guidance midpoint of $2.06 billion, falling short of the analyst average expectation of $2.11 billion [1] - CEO Matthew Murphy indicated that Q3 data center revenue would remain flat sequentially but is expected to strengthen significantly in Q4 [1] Market Expectations - Despite strong demand for custom AI chips and optical products, the market had higher expectations for Marvell's performance [1] - Analyst Kinngai Chan noted that the weak guidance for Q3 suggests a decline in custom ASIC business, which was unexpected given the anticipated acceleration in growth due to design orders from large clients [2] Client Impact - Delays in Microsoft's self-developed AI chips until 2028 or later could negatively impact Marvell, as it was set to design components for these chips [2] - Amazon's AWS is reportedly losing market share to competitors like Microsoft Azure and Alphabet's Google Cloud, which may also affect Marvell's business [2] Future Outlook - Analyst Tore Svanberg believes Marvell remains well-positioned in the ASIC sector but may require 12-18 months for the business to diversify and achieve sustained outperformance and upward guidance revisions [2]

Core Viewpoint - Marvell Technology (MRVL.US) reported a record revenue of $2.01 billion for Q2, a 58% year-over-year increase, but this only met Wall Street analysts' expectations, leading to an approximate 11.3% drop in after-hours trading to $68.52 [1] Financial Performance - Q2 revenue reached a record $2.01 billion, reflecting a 58% year-over-year growth [1] - Adjusted earnings per share were $0.67, aligning with analysts' expectations [1] Guidance and Market Reaction - The company provided a Q3 revenue guidance midpoint of approximately $2.06 billion, slightly below analysts' expectations of $2.11 billion [1] - The lack of an "upside" signal in performance guidance contributed to the negative market reaction [1] Business Outlook - CEO Matt Murphy indicated that growth in the custom chip business is expected to be "non-linear," suggesting a flat performance in Q3 but a significant improvement in Q4 [1]