盘后大涨近9%！“ASIC芯片巨头”Marvell营收同比37%，数据中心业务指引超预期！

Core Viewpoint - Marvell Technology's guidance for data center business growth exceeding 25% year-over-year for the next fiscal year significantly surpassed expectations, leading to a surge in stock price, indicating investor confidence in the long-term growth prospects of AI hardware rather than short-term performance [1][4]. Financial Performance - Marvell reported a third-quarter adjusted EPS of $0.76 and revenue of $2.08 billion, slightly above analyst expectations of $0.74 EPS and $2.07 billion revenue, with data center revenue growing 38% year-over-year to $1.52 billion, slightly exceeding Wall Street's forecast of $1.51 billion [6]. - The company provided a cautious outlook for the fourth quarter, expecting adjusted EPS of $0.79 and revenue of $2.2 billion, aligning closely with analyst predictions but failing to deliver a surprise [6]. Market Reaction - Initially, the stock price fell by 5% following the earnings report due to the conservative fourth-quarter outlook, but it rebounded sharply after CEO Matt Murphy's optimistic data center growth forecast, with post-market trading showing an increase of up to 14% [3][5]. - The strong guidance for data center revenue growth acted as a catalyst for restoring investor confidence in Marvell as a specialized custom chip manufacturer [4]. Acquisition Plans - Murphy indicated that the optimistic growth forecast does not account for the recently announced acquisition of AI startup Celestial AI for approximately $3.25 billion in cash and stock [7]. Market Dynamics - Despite a significant 83% increase in stock price in 2024, Marvell's stock has declined by 16% year-to-date, reflecting market skepticism regarding its ability to secure long-term orders amid intense competition [8]. - The market's divergence centers on the outlook for custom ASIC chips, with UBS analyst Timothy Arcuri noting that investors view the situation as a binary outcome—either securing orders or facing exit [8]. - Arcuri believes that most clients are diversifying their supply chains, which could benefit companies like Marvell, and currently rates Marvell as a "buy" with a target price of $110 [8].