Core Insights - Marvell Technology, Inc. reported record net revenue of $1.895 billion for the first quarter of fiscal 2026, representing a 63% year-over-year increase [2][3][10] - The company attributes this growth to strong demand for AI in the data center market, driven by custom silicon programs and robust shipments of electro-optics products [3][10] - Marvell is forecasting continued strong growth into the second quarter, with expected net revenue of $2.000 billion, plus or minus 5% [11][30] Financial Performance - GAAP net income for the first quarter was $177.9 million, or $0.20 per diluted share, while non-GAAP net income was $540.0 million, or $0.62 per diluted share [2][10][27] - Cash flow from operations for the quarter was $332.9 million [2][25] - The gross margin for the first quarter was 50.3% (GAAP) and 59.8% (non-GAAP) [10][26] Market Outlook - Marvell will host a Custom AI Investor Event on June 17, 2025, to showcase advancements in its technology platform and discuss market opportunities for custom silicon [4][5] - The company is positioned to benefit from the ongoing transformation towards custom AI infrastructure [3][4] Revenue Breakdown - For the first quarter, revenue by end market included $1.440 billion from data centers (76% of total revenue), $177.5 million from enterprise networking (9%), $138.4 million from carrier infrastructure (7%), $63.1 million from consumer (3%), and $75.7 million from automotive/industrial (5%) [32][33] - Year-over-year growth rates for these markets were 76% for data centers, 16% for enterprise networking, and 93% for carrier infrastructure [33] Future Guidance - The company expects GAAP gross margin for the second quarter to be around 50.5%, with non-GAAP gross margin expected to be approximately 59.5% [11][30] - GAAP diluted net income per share is projected to be $0.21, plus or minus $0.05, for the second quarter [11][30]

Core Insights - Marvell Technology, Inc. has introduced an innovative multi-die packaging solution that significantly reduces the total cost of ownership (TCO) for custom AI accelerator silicon, enabling designs that are 2.8 times larger than traditional single-die implementations [1][7] - The new packaging technology addresses challenges in the AI era, such as power management and supply chain complexities, allowing hyperscalers to accelerate time-to-market and enhance supply chain flexibility [2][4] Company Developments - The multi-die packaging platform is part of Marvell's comprehensive IP portfolio for custom AI compute platforms and has been qualified with a major hyperscaler, now entering production ramp [1][7] - Marvell's approach integrates advanced features such as a modular RDL interposer, which reduces design costs and increases chiplet yields by allowing individual die replacements [5][10] Industry Context - The chiplet processor market is projected to grow by 31% annually, reaching $145 billion by 2030, highlighting the importance of advanced packaging technologies in the evolution of chiplet architectures [4] - Collaboration with leading companies in the semiconductor industry, such as ASE and Amkor Technology, emphasizes the critical role of advanced packaging in enhancing performance and efficiency for AI and accelerated compute devices [9][10] Technical Innovations - The Marvell RDL interposer design allows for shorter die-to-die interconnects and supports the integration of passive devices to minimize signal noise, enhancing the overall performance of AI designs [6][5] - The platform supports the integration of HBM3 and HBM3E memory, with plans for future HBM4 designs, showcasing Marvell's commitment to advancing memory technologies in AI infrastructure [8][11]

Core Viewpoint - Marvell Technology, Inc. is expected to report strong growth in its first-quarter fiscal 2026 results, primarily driven by its AI-driven data center business, which has seen significant adoption and revenue growth in recent quarters [1][2]. Data Center Growth - The data center segment is a key growth driver for Marvell Technology, with record revenues of $1.37 billion in the fourth quarter of fiscal 2025, reflecting a 78.5% year-over-year increase and 24% sequential growth [3]. - For the first quarter, data center revenues are anticipated to grow in mid-single digits sequentially, with estimates suggesting revenues will reach $1.395 billion, indicating a robust 71% year-over-year growth [4]. Custom AI Silicon - Marvell Technology is experiencing strong demand for its custom AI silicon, which has allowed the company to deepen collaborations with hyperscale customers [5][6]. - The company has ramped up its 100-billion-transistor AI accelerators, enhancing its competitive edge in the AI data center market [6]. Electro-Optics and Networking - Marvell's electro-optics and high-speed networking segments are also expected to significantly contribute to first-quarter revenues, with strong order momentum for its 800-gig PAM and 400ZR interconnect solutions [7]. - The company has begun shipments of its 1.6T PAM DSP technology, which improves bandwidth efficiency and energy savings, further supporting its growth in the data center interconnect market [8]. Consumer and Industrial Market Weakness - Marvell's industrial business is facing challenges with lumpy order patterns, and revenues in this segment are expected to decline in high-single digits sequentially [9]. - The consumer end market is projected to see a revenue decline of approximately 35% sequentially due to gaming seasonality [9]. Financial Estimates - The Zacks Consensus Estimate for Marvell Technology's fiscal first-quarter revenues is $1.88 billion, indicating a year-over-year rise of 68.6% and a sequential growth of 3.5% [10]. - The consensus estimate for first-quarter earnings is 61 cents per share, reflecting a year-over-year growth of 154.7% and a sequential rise of 1.7% [10].

Group 1 - Marvell Technology, Inc. (NASDAQ: MRVL) is expected to report Q1 '26 earnings on May 29, 2025, with a positive outlook from analysts [1] - The company is anticipated to benefit from significant capital investments guided by hyperscalers for the year 2025 [1] Group 2 - The article highlights the importance of considering the entire investment ecosystem rather than evaluating a company in isolation [1]

Core Viewpoint - Marvell Technology is expected to report improved earnings and sales compared to the previous year, but historical trends indicate a tendency for negative one-day returns following earnings announcements [2][3]. Financial Performance - Current consensus estimates project Marvell Technology to report earnings of $0.61 per share on sales of $1.88 billion, a significant increase from the previous year's earnings of $0.24 per share on sales of $1.16 billion [2]. - The company has a market capitalization of $55 billion and generated $5.8 billion in revenue over the last twelve months, but reported operational losses of -$366 million and a net income of -$885 million [3]. Historical Earnings Trends - Marvell Technology has experienced negative one-day returns following earnings announcements in 62% of instances, with a median decline of -5.9% and a maximum drop of -19.8% [2][7]. - Over the last five years, there have been 16 earnings data points recorded, with 6 positive and 10 negative one-day returns, resulting in positive returns approximately 38% of the time [7]. Trading Strategies - Traders may consider adjusting their positions prior to earnings releases based on historical odds, or analyze correlations between immediate and medium-term returns post-announcement to inform their strategies [6]. - A relatively less risky strategy involves understanding the correlation between short-term and medium-term returns post-earnings to execute appropriate trades [5][6].

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 ...