Core Viewpoint - Many previously high-performing stocks have experienced significant declines due to various factors, particularly affecting the technology and consumer discretionary sectors in 2025 [1][2]. Group 1: Marvell Technology - Marvell Technology is compared to Broadcom due to its involvement in custom semiconductors, which cater to specific customer needs [3]. - The 12-month stock price forecast for Marvell is $103.22, indicating a potential upside of 58.48% from the current price of $65.13 [4]. - Marvell shares reached an all-time high on January 23, 2025, with a total return of approximately 243% from the beginning of 2023 until that point [4]. - Following the DeepSeek revelations, Marvell shares dropped over 19% in one day and are currently down about 52% from their 52-week high [5][6]. - The forward P/E ratio for Marvell has decreased from nearly 49x to just under 22x, now lower than Broadcom's 33x [6]. - There is potential for Marvell to outperform Broadcom in the future [7]. Group 2: Reddit - Reddit, a communications stock, has seen a decline of over 55% after an impressive post-IPO run, where it rose over 340% since its IPO in May 2024 [8][10]. - The 12-month stock price forecast for Reddit is $140.45, suggesting a 35.58% upside from the current price of $103.60 [10]. - The stock began to decline after reporting slower-than-expected user growth in Q4 2024, compounded by concerns over changes in Google's search algorithm [11]. - Analysts see significant upside potential for Reddit shares, with an average target of around $150, indicating about 49% upside [12]. Group 3: CAVA Group - CAVA Group has experienced a decline of nearly 52% from its all-time high of over $173, which it reached shortly after going public in June 2023 [13][14]. - The 12-month stock price forecast for CAVA is $123.00, indicating a potential upside of 47.80% from the current price of $83.22 [14]. - Analysts raised their price targets for CAVA following its Q2 results reported on May 15, with the average target sitting just under $118, implying a 41% upside [15].

Core Viewpoint - JP Morgan analyst Harlan Sur maintains an Overweight rating on Marvell Technology, Inc. with a price forecast of $130, citing strong market leadership in optical connectivity and solid growth outlook in AI/Networking [1] Group 1: Earnings Expectations - Marvell is set to report earnings, with expectations of continued volume ramp from Amazon's Trainium 2 ASIC and Google's Axion ARM CPU programs, alongside strong demand for 800G products and initial ramp of 1.6T optical DSPs [2] - The analyst anticipates April quarter results of $1.875 billion (up 3% Q/Q) and July quarter guidance of over $2.00 billion (up 7% Q/Q), driven by data center growth and cyclical improvements [3] Group 2: AI and Optical Business - Marvell's AI ASIC MAIA Gen 2-3nm program is on track for ramp-up in 2026, with solid orders and shipments for 800G PAM4 optical DSPs and increasing ramp of 1.6T DSPs expected in the second half of the year [4] - The company is projected to drive $4 billion in AI revenues this year (ASICs + networking), representing over 2x year-over-year growth, with a strong growth profile extending into 2026 [5] Group 3: Automotive and Custom Data Center - The divestiture of the automotive business, expected to close in 2025, will create a revenue headwind of $225-$250 million in fiscal year 2026 but is expected to enhance Marvell's earnings power by $0.05-$0.10 [6] - The custom data center and AI ASIC pipeline is continuing to expand, indicating ongoing growth potential [6] Group 4: Stock Performance - Marvell's stock was trading higher by 5.69% to $64.15 at the last check [6]

Group 1: Marvell Technology Group Ltd. (MRVL) - Marvell Technology has seen its stock price drop 50% from January peaks ahead of its Q1 FY26 earnings release due to disappointing revenue forecasts and broader semiconductor sector weakness [2][3] - The company's valuation needed a reset after trading as high as 83X forward earnings last year, and it is currently trading at a 30% discount to its 10-year median [3][6] - Marvell's data center revenue surged 78% in Q4, driven by the AI spending boom, and it is projected to grow revenue by 44% this year and 18% next year [4][6] - Despite the recent downturn, Wall Street remains bullish on Marvell, with 25 of 31 brokerage recommendations rated as "Strong Buys" [7] Group 2: Veeva Systems (VEEV) - Veeva Systems, a cloud-based software company for the pharmaceutical and life sciences industries, has averaged 25% revenue growth over the last decade and its stock has surged 760% [9][12] - The company trades 30% below its 2021 peaks, with concerns about slowing growth and valuation impacting its stock price [12][20] - Veeva's revenue grew by 16% in fiscal 2025, driven by a 20% increase in subscription services, and it is projected to grow revenue by 11% this year and 12% next year [16][18] - The company has $5.1 billion in cash and equivalents, with minimal debt, allowing it to pursue growth opportunities and acquisitions [21]

Core Viewpoint - Marvell Technology, Inc. is expected to report strong fiscal first-quarter results for 2026, with significant revenue and earnings growth driven by its data center and AI-related products [1][2][5]. Revenue Expectations - The company anticipates revenues of $1.875 billion for the first quarter, reflecting a year-over-year growth of 61.6% [1]. - The Zacks Consensus Estimate for revenues is set at $1.88 billion [1]. - Data center revenues are projected to reach $1.395 billion, indicating a sequential growth of 2.1% [5]. Earnings Projections - Marvell expects non-GAAP earnings of 61 cents per share, which represents a 154.2% increase year over year [2]. - The consensus estimate for earnings has remained stable over the past 60 days [2]. Segment Performance - The data center division is the primary growth driver, benefiting from increased demand for electro-optics products and AI silicon [5][6]. - Networking and Carrier segments are rebounding, with projected sequential revenue increases of 8.1% and 9%, reaching $114.4 million and $186.9 million, respectively [7][8]. - Automotive and Industrial divisions are also contributing positively, with estimated revenues of $88.9 million, reflecting a 3.7% sequential improvement [9]. Market Challenges - The consumer end market remains a weak spot due to seasonality in gaming and macroeconomic uncertainties [10]. - Marvell generates approximately 43% of its fiscal 2025 total revenues from the Chinese market, raising concerns amid geopolitical tensions [19][20]. Investment Considerations - Marvell's custom silicon business is positioned as a key player in the data center market, particularly for AI applications [15]. - Collaborations with industry leaders like NVIDIA and Juniper Networks enhance Marvell's capabilities in high-speed networking technology [16][18]. - Despite challenges, the recent U.S.-China agreement to reduce tariffs may provide short-term relief for Marvell's business [20]. Stock Performance and Valuation - MRVL shares have declined by 20.9% over the past year, underperforming the industry growth of 14.1% [11]. - The stock trades at a forward price-to-sales multiple of 5.99X, which is lower than the industry average of 7.54X, indicating a potential investment opportunity [12]. Conclusion - The upcoming quarterly results are anticipated to mark the beginning of a multi-year growth trajectory for Marvell, driven by AI innovation, despite ongoing trade tensions [21].

2.周一（26日）：美团公布财报。 3.周二（27日）：将公布中国4月规模以上工业企业利润同比数据；拼多多、小米集团、快手发布财 报。 4.周五（30日）：上金所、上期所、郑商所、大商所无夜盘交易；台股休市一日。 钛媒体App 5月25日消息，下周市场大事预告： 1.下周央行公开市场将有9460亿元逆回购到期，其中下周一至下周五分别到期1350亿元、3570亿元、 1570亿元、1545亿元、1425亿元。 14.5月27日，中国国家统计局将公布规模以上工业企业利润。此前数据显示，4月份，规模以上工业增 加值同比实际增长6.1%（增加值增速均为扣除价格因素的实际增长率）。从环比看，4月份，规模以上 工业增加值比上月增长0.22%。1-4月份，规模以上工业增加值同比增长6.4%。 15.5月31日，中国国家统计局将公布5月采购经理指数（PMI）运行情况。此前数据显示，4月份，制造 业采购经理指数为49.0%，比上月下降1.5个百分点；非制造业商务活动指数为50.4%，比上月下降0.4个 百分点，仍高于临界点；综合PMI产出指数为50.2%，比上月下降1.2个百分点，继续高于临界点。 5.周六（31日）：将公布中 ...

Core Viewpoint - Marvell Technology (MRVL) is expected to report significant year-over-year growth in both earnings and revenues in its upcoming quarterly report, with earnings per share projected at $0.61 and revenues at $1.88 billion, reflecting increases of 154.2% and 61.6% respectively [1] Revenue Estimates by End Market - Analysts predict that 'Net Revenue by end market- Data center' will reach $1.43 billion, indicating a year-over-year change of +74.8% [4] - The 'Net Revenue by end market- Carrier infrastructure' is estimated to be $116.43 million, showing a year-over-year increase of +62.2% [4] - For 'Net Revenue by end market- Automotive/industrial', the average prediction is $79.83 million, suggesting a change of +2.9% year over year [4] - The 'Net Revenue by end market- Consumer' is expected to arrive at $65.70 million, reflecting a year-over-year change of +56.4% [5] - Analysts estimate 'Net Revenue by end market- Enterprise networking' to reach $187.55 million, indicating a change of +22.5% from the year-ago quarter [5] Stock Performance - Marvell shares have experienced a +7.9% change in the past month, compared to the Zacks S&P 500 composite's +10.7% move, suggesting that MRVL is expected to closely follow overall market performance in the near term [6]

Group 1: Company Performance and Comparisons - Rivian Automotive, Inc. (RIVN) is viewed more favorably than Lucid Group, Inc. (LCID), with Lucid reporting first-quarter revenue of $235.05 million, missing analyst estimates of $250 million [1] - Marvell Technology, Inc. (MRVL) is considered a good buy, especially after announcing a collaboration with Nvidia Corp (NVDA) to offer NVLink Fusion technology [2] - Pony AI Inc. (PONY) reported first-quarter sales growth of 11.6% year-over-year to $13.98 million, exceeding analyst consensus estimates of 90.11 million Chinese yuan [2] Group 2: Mergers and Acquisitions - Pan American Silver Corp. (PAAS) is recognized as the best silver mine, and it has announced a definitive deal to acquire MAG Silver Corp. (MAG) shares [3] Group 3: Earnings Guidance and Market Sentiment - Doximity, Inc. (DOCS) provided a fiscal first-quarter revenue guidance of $139 million to $140 million, below estimates of $143.34 million, leading to a negative outlook [3] - Micron Technology, Inc. (MU) is perceived as having a "toppy" market position, with analysts expecting quarterly earnings of $1.59 per share on revenue of $8.83 billion [4] Group 4: Stock Price Movements - Lucid shares fell 6.4% to $2.77, Marvell shares declined 2.1% to $60.11, Pony.ai shares dropped 3.3% to $17.29, Doximity shares decreased 4.3% to $50.75, and Micron shares slipped 2.3% to $95.84 [7] - Pan American Silver shares rose 1.3% to $24.10 [7]

Summary of Conference Call Notes Industry Overview - The conference call focuses on the ASIC (Application-Specific Integrated Circuit) market dynamics, particularly involving major players like AWS, Google, Microsoft, and META, with projections extending into 2026 and beyond [1][2][5]. Key Company Insights AWS - AWS has resolved issues with Trainium 3 and continues to secure orders from downstream suppliers. The development of Trainium 4 has commenced, with expectations for a contract signing soon [2][5]. - The specifications for AWS's TPU chips are significantly higher than competitors, with TPU v6p and TPU v7p expected to have ASPs of US$8,000 and higher, respectively [2]. Google - Google is progressing steadily with its TPU series, with TPU v6p featuring advanced specifications including multiple compute and I/O dies. The company is anticipated to become a top customer for GUC due to its rapid ramp-up in CPU development [2][10]. - The revenue from Google's 3nm server CPU is expected to contribute to GUC's revenue sooner than previously anticipated, moving from Q4 2025 to Q3 2025 [10]. Microsoft - Microsoft is working on its Maia v2 ASIC, with a target of ramping 500,000 chips in 2026. However, the project has faced delays, pushing the tape-out timeline from Q1 2025 to Q2 2025 [3][4]. - The allocation of chips has shifted, with expectations of 40-60k chips for MSFT/GUC and 400k chips for Marvell in 2026 [3]. META - META is transitioning from MTIA v2 to MTIA v3, with expectations of ramping 100-200k chips for MTIA v2 and 200-300k chips for MTIA v3 in 2026 [2]. Non-CSPs - Companies like Apple, OpenAI, and xAI are entering the ASIC server market, with many expected to tape out in 2H25 and ramp in 2H26. These companies are likely to collaborate with Broadcom for high-end ASIC specifications [7][8][9]. Financial Projections - GUC's FY25 revenue is expected to exceed previous forecasts, driven by contributions from Google and crypto projects. However, concerns remain about FY26 growth without crypto revenue, with a projected 50% YoY growth in MP revenue [10][11]. - The revenue contribution from various ASIC projects in 2026 includes significant figures such as US$16,756 million from TPU v6p and US$2,616 million from Trainium 3 [18]. Additional Insights - The competitive landscape for ASIC design services is intensifying, with Broadcom and MediaTek entering the fray alongside existing players like Marvell and GUC [4][15]. - The potential impact of geopolitical factors on HBM2E clients was discussed, highlighting the resilience of Faraday in the face of possible restrictions [14]. Conclusion - The ASIC market is poised for significant growth, driven by advancements in technology and increasing demand from both CSPs and non-CSPs. Key players are adapting their strategies to navigate challenges and capitalize on emerging opportunities in the sector [1][5][7].

Marvell Technology (NASDAQ: MRVL ) is down over 40% year to date, and I think it could be an incredible opportunity for tech, AI, or growth investors. The stock is down nearly 50% from its all-time highs set at the start of this year, andMy name is Jake Blumenthal, I serve as a Wealth Management Advisor & Portfolio Analyst at Meridian Wealth Management, a registered investment advisory. I use a combination of financial, technical, and macroeconomic analysis to best support my clients, form my opinions, and ...

Core Insights - Marvell Technology is collaborating with NVIDIA to integrate NVIDIA NVLink Fusion technology with Marvell's custom cloud platform silicon, enhancing flexibility for AI infrastructure development [1][5] - The partnership aims to provide hyperscalers with accelerated custom scale-up solutions for AI model training and inference, leveraging existing architecture investments in NVLink [3][4] Company Strategy - Marvell's custom platform strategy focuses on delivering innovative semiconductor designs and solutions, including advanced packaging, silicon photonics, and high-bandwidth memory, to improve infrastructure performance and efficiency [2] - The collaboration with NVIDIA allows Marvell to offer scalable AI infrastructure that meets the demands of advanced AI models, emphasizing the importance of bandwidth, performance, and reliability [5] Technology Integration - NVLink Fusion technology enables cloud providers to scale AI capabilities by integrating proprietary XPUs into NVIDIA's rack-scale systems, achieving up to 1.8TB/s of bidirectional bandwidth [4] - The integration of custom silicon with NVIDIA's end-to-end networking platform is positioned as a key enabler for hyperscalers to expand their AI factories [5]