迈威尔科技财报超预期，数据中心业务增长强劲

Core Viewpoint - Marvell Technology (MRVL) reported a 38% year-over-year increase in data center revenue to $1.52 billion, accounting for 73% of total revenue, with management expecting over 25% growth in the next fiscal year, exceeding market expectations [1][2]. Financial Performance - For the third quarter of fiscal year 2026, data center revenue reached $1.52 billion, a 38% increase year-over-year, representing 73% of total revenue [2]. - Management provided guidance for the fourth quarter of fiscal year 2026, projecting revenue of $2.2 billion (with a 5% variance) and a non-GAAP earnings per share of $0.79, aligning with market expectations [2]. Project Advancements - The company announced the acquisition of AI startup Celestial AI for approximately $3.25 billion to enhance its competitive position in AI data center optical interconnects, with expected revenue contributions starting in the second half of fiscal year 2028 and a target of $1 billion annualized revenue by fiscal year 2029 [3]. - Additionally, the company acquired XCONN Technology for $540 million to strengthen its connectivity technology portfolio, with integration progress being a future focus [3]. Future Development - Management set an organic total revenue target of around $10 billion for the next fiscal year, with custom ASIC business expected to grow approximately 20% and data center business projected to have a compound annual growth rate of nearly 50% by fiscal year 2028 [4]. - New drivers, including Celestial AI, are expected to contribute to revenue growth starting in fiscal year 2028 [4]. Stock Performance - On February 3, 2026, Marvell Technology's stock price fell by 3.97% to $75.54, with a trading volume of $1.651 billion, an increase of 45.07% from the previous day [5]. - Benchmark reiterated a "hold" rating on the stock, with investors advised to monitor the competitive landscape of AI chips and customer order developments, such as Amazon's Trainium chip market share [5].