Marvell Technology(US:MRVL) Zhi Tong Cai Jing·2025-08-29 12:34Core 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]