业绩和指引“未超预期”，“ASIC巨头”迈威尔科技未达“AI高预期”，股价再度重挫

Core Viewpoint - The recent earnings report from Marvell Technology did not exceed Wall Street's high expectations, leading to a significant drop in its stock price after hours trading, despite reporting record revenue and strong year-over-year growth [1][3]. Financial Performance - Marvell Technology reported Q2 revenue of $2.01 billion, a 58% year-over-year increase, but only met Wall Street expectations [1]. - The adjusted earnings per share were $0.67, also in line with analyst forecasts [1]. - The guidance for Q3 revenue was set at approximately $2.06 billion, slightly below the analyst expectation of $2.11 billion [1]. Strategic Focus - The CEO, Matt Murphy, indicated that the company is focusing on AI opportunities by reallocating investments from other markets to data centers, which currently contribute 75% of total revenue [3]. - Marvell completed the divestiture of its automotive Ethernet business to enhance flexibility in stock buybacks and capital allocation [3]. - The company plans to report non-data center end markets as a single segment starting in Q3 [3]. Market Expectations and Analyst Insights - Analysts noted that the market's reaction was driven by previously high expectations for AI stocks, which left little room for error [4]. - Despite short-term supply challenges, analysts believe Marvell's optical solutions for data centers are stronger and more sustainable than previously thought [4]. - The collaboration with Amazon AWS regarding the next-generation AI training chip, Trainium 3, is expected to continue, with analysts anticipating steady growth in Marvell's ASIC business [4].