中国基金报·2025-08-30 12:39Core Viewpoint - The AI chip sector is facing significant challenges, highlighted by the sharp decline in Marvell Technology's stock price due to disappointing earnings guidance and performance, raising concerns about growth prospects in the industry [2][4]. Financial Performance - Marvell Technology reported Q2 revenue of $2.01 billion, a 58% year-over-year increase, meeting analyst expectations. However, its data center business revenue of $1.49 billion grew 69%, falling short of the expected $1.51 billion [5]. - The company anticipates Q3 revenue of $2.06 billion, below the consensus estimate of $2.1 billion, indicating potential volatility in its custom chip business [5]. Analyst Sentiment - Analyst Vivek Arya from Bank of America downgraded Marvell's rating from "Buy" to "Neutral," citing rising uncertainties regarding the timeline for new projects and the company's share in Amazon's next-generation 3nm chip project. Consequently, the growth forecast for Marvell's data center business in 2026 was revised down from 23%-25% to mid-teens [4]. - The overall sentiment in the market reflects concerns over the high expectations and valuations of AI chip stocks, which leaves little room for error in financial reporting [6]. Market Trends - The semiconductor sector, including major players like Broadcom, AMD, and NVIDIA, experienced a significant downturn, with the Philadelphia Semiconductor Index dropping over 3% [5][6]. - Despite NVIDIA's strong Q2 performance with revenue of $46.7 billion, the market reacted negatively due to slower growth rates, raising fears of a potential slowdown in AI spending [7][8]. Future Outlook - NVIDIA's CEO Jensen Huang emphasized the ongoing demand for AI computing power, predicting substantial growth in the AI chip market over the next five years, driven by infrastructure investments and capital expenditures from major cloud service providers [9].