32.5 亿收购引爆赛道！Marvell 押注光互联能逆袭英伟达吗？

Core Viewpoint - Marvell Technology announced the acquisition of semiconductor startup Celestial AI for $3.25 billion in cash and stock, potentially rising to $5.5 billion if revenue milestones are met, with a positive earnings report boosting its stock by approximately 13% in after-hours trading [1][2]. Group 1: Acquisition Details - Celestial AI will receive $1 billion in cash and $2.25 billion worth of 27.2 million shares of Marvell common stock, with a revenue milestone of $2 billion by the end of fiscal 2029 triggering the maximum payout [2]. - The acquisition is a strategic move for Marvell to enhance its position in the AI sector, particularly in light of the increasing demand for high-speed, energy-efficient chips driven by the generative AI trend [2]. Group 2: Financial Performance - Marvell's Q3 revenue reached $2.07 billion, a year-over-year increase of 36.8%, aligning with market expectations [3]. - The company forecasts Q4 revenue of approximately $2.2 billion, slightly above LSEG's expectation of $2.18 billion, and anticipates total revenue of around $10 billion for the next fiscal year [3]. Group 3: Future Outlook - Marvell expects a 25% growth in data center revenue and a 20% increase in custom chip business revenue, with no significant fluctuations anticipated in quarterly revenue [3]. - The technology from Celestial AI is expected to be integrated into "large XPU" systems and contribute significantly to revenue starting in the second half of fiscal 2028, with projected annualized revenue of $500 million in Q4 of fiscal 2028 and doubling to $1 billion by Q4 of fiscal 2029 [3].