Core Insights - The article discusses the author's investment portfolio and insights into various stocks, aiming to provide a contrasting view for other investors [1]. Company and Industry Summary - The author holds long positions in MRVL, NVDA, and AVGO, indicating a positive outlook on these companies [2]. - The analysis emphasizes the importance of conducting personal research and due diligence before making investment decisions, highlighting the inherent risks in trading [3].

Core Insights - Marvell Technology showcased its advanced custom chips and industry-first 2nm SRAM at the "Custom AI Investor Day" event, highlighting significant partnerships with Amazon and Microsoft [1] Group 1: Company Developments - Marvell Technology's custom chips are designed to meet the growing demand for AI applications, indicating a strong market position [1] - The introduction of 2nm SRAM technology positions Marvell as a leader in semiconductor innovation [1] Group 2: Industry Impact - The partnerships with major players like Amazon and Microsoft suggest that Marvell is well-integrated into the AI ecosystem, potentially driving future revenue growth [1]

Core Insights - Marvell Technology has experienced a significant stock price surge, driven by a strong market reaction to its AI strategy announcements and increased trading volume [1][2][6] Group 1: Company Developments - Marvell's recent event highlighted its AI strategy, confirming two new large-scale design wins for custom silicon chips, specifically Application-Specific Integrated Circuits (ASICs) [2][3] - The company now has a total of 13 custom programs in its pipeline, positioning itself as a core development partner for major technology firms [4] - Management indicated that these new contracts represent multi-billion-dollar revenue opportunities, with substantial revenue expected to begin in the 2026-2027 timeframe [5] Group 2: Market Reaction - On June 18, Marvell's trading volume surged to 55.28 million shares, significantly higher than the average daily volume of around 15 million shares, indicating strong institutional buying [7][8] - The stock opened at $74.53, up from a previous close of $69.99, reflecting a gap-up phenomenon typical of institutional investment activity [8][9] Group 3: Analyst Sentiment - Following the announcements, analysts raised their price targets for Marvell, with a consensus target of $96.33, indicating a potential upside of 31.05% [10][11] - Bank of America and B. Riley Financial both increased their price targets to $90.00 and $115.00 respectively, reflecting a more optimistic outlook on Marvell's growth potential [11][12] - The broad consensus among analysts reinforces a stronger growth narrative for Marvell, enhancing investor confidence [12][13]

Core Insights - Marvell Technology (MRVL) is enhancing its position in AI infrastructure by expanding its custom chip capabilities, integrating new components to improve performance and scalability across large-scale systems [1][6] Financial Performance - In Q1 FY26, Marvell reported record Data Center revenues of $1.44 billion, representing a 76% increase year over year, driven by the rapid scaling of custom AI silicon [2][10] - Marvell's forward price-to-sales ratio is 7.36X, which is lower than the industry average of 8.15X [13] Strategic Developments - Marvell partnered with NVIDIA in May 2025 to offer NVLink Fusion technology, enhancing the flexibility of its custom cloud platform silicon for next-generation AI infrastructure [3] - The introduction of a new multi-die packaging solution based on proprietary interposer technology aims to improve die-to-die interconnect efficiency, reduce power consumption, and lower product costs [4] - Marvell launched the Ultra Accelerator Link (UALink) scale-up solution, providing an open-standards-based interconnect platform that enhances compute utilization and reduces latency [5] Competitive Landscape - Advanced Micro Devices (AMD) is advancing its AI solutions through the acquisition of ZT Systems, which will reduce deployment time for hyperscalers [7] - Broadcom (AVGO) reported a 170% year-over-year increase in AI networking revenues, now comprising 40% of its total AI semiconductor revenues, and introduced the Tomahawk 6 switch to enhance AI cluster performance [8] Market Outlook - The Zacks Consensus Estimate for Marvell's fiscal 2026 and fiscal 2027 earnings indicates year-over-year growth of 77.71% and 27.73%, respectively, with recent upward revisions in earnings estimates [16]

Core Insights - Marvell Technology (MRVL) is currently in Phase 7 of its 18-phase Adhishthana Cycle, with a potential significant breakout anticipated in Phase 9 [1][10] - The stock has shown an 83.33% alignment with the Adhishthana Principles, indicating a strong cyclical structure [2] - The current phase involves an eight-bar corrective structure, with three red bars completed, and five more expected by March 31, 2026 [4] Current Structure and Alignment - MRVL is in Phase 7, characterized by the Fall of Artah and Artharthi pattern, indicating ongoing corrective movements [4] - The stock is forming a Cakra, a rounded cyclical base, with critical stages approaching as it nears the completion of this formation [5] - The Nirvana Level is identified at $42.77, acting as a valuation magnet that could influence future price movements [5][11] Weekly Chart Insight - On the weekly chart, MRVL is in Phase 17, which typically shows no action, and the Guna Triads indicate a lack of bullish momentum [9] - The absence of strength on the weekly chart supports the monthly setup, suggesting that the major breakout will occur in Phase 9 starting September 1, 2028 [10] Where Things Stand Now - The stock is near its Nirvana level of $42.77, which historically provides strong accumulation opportunities [11] - A potential rally up to the $110 mark is anticipated, followed by a short-term correction, which would be a healthy development for completing the Cakra [11] Investor Takeaway - Existing holders are advised to remain patient as a major breakout is expected in Phase 9 [13] - Potential buyers should monitor levels near the Nirvana zone for accumulation, as short-term corrections are part of a broader buildup [13]

Group 1: Core Investment Strategy - The strategy of investing in great companies that are aligned with growing trends and trading at attractive valuations is highlighted as a proven method for long-term gains [1] - Artificial intelligence (AI) is identified as a significant secular and disruptive trend that can contribute trillions to the global economy, benefiting companies like Marvell Technology and Micron Technology [2] Group 2: Marvell Technology - Marvell Technology experienced a turnaround with a revenue growth of 63% year-over-year in Q1 of fiscal 2026, reaching $1.89 billion, compared to a 5% growth in fiscal 2025 [6][5] - The company reported a GAAP net income of $0.20 per share in Q1 of fiscal 2026, a significant improvement from a loss of $0.25 per share in the same period last year [6] - AI demand has driven a 76% increase in data center revenue to $1.44 billion, with expectations for continued momentum in the coming years [6][8] - Marvell's addressable market for AI is projected to grow from $21 billion in 2023 to $75 billion by 2028, with the company aiming to capture over 20% of this market [9][10] - The stock trades at 22 times earnings, presenting a discount compared to the Nasdaq-100 index's earnings multiple of 31, indicating a strong long-term opportunity [13] Group 3: Micron Technology - Micron Technology specializes in compute and storage memory chips, with recent growth driven by the deployment of its products in AI data centers [14] - The high-bandwidth memory (HBM) produced by Micron is crucial for AI accelerators, with the HBM market expected to grow to $86 billion by 2030, reflecting a CAGR of 68% [17] - Micron's revenue increased by 59% in the first half of the current fiscal year, with a GAAP profit of $3.08 per share, a turnaround from a loss of $0.40 per share in the previous year [19] - Consensus estimates predict a 439% increase in adjusted earnings to $7 per share this year, followed by a 58% increase next year, with the stock trading at just 11 times forward earnings [20]

Investment Rating - The investment rating for Marvell Technology (MRVL US) is maintained at "Buy" with a target price of $85.20 [7][8]. Core Insights - Marvell has significantly raised its forecast for the global accelerated computing chip market to $349 billion by 2028, an increase of 103%, driven by major cloud computing companies and emerging AI compute builders increasing their data center CAPEX [2]. - The company also revised its forecast for the AI custom chip market to $55.4 billion by 2028, reflecting a 29% increase, with custom chips expected to account for 25% of the AI computing chip market [2]. - Marvell aims to maintain a 20% market share in the data center potential market, which is projected to grow to $94 billion by 2028, up 26% from previous estimates [3]. Summary by Sections Market Potential - The global accelerated computing chip market is expected to reach $349 billion by 2028, with XPU and XPU supporting chips projected to be $221 billion [2]. - The AI custom chip market is anticipated to grow to $55.4 billion by 2028, with a notable increase in the market for custom XPU supporting chips, expected to rise from $6 million in 2023 to $146 million by 2028 [2]. Competitive Advantage - Marvell has established a differentiated advantage in core IP technologies such as Serdes, custom SRAM, and custom HBM, enhancing its competitive position in custom chips and data center interconnect chips [3]. - The company has secured 18 AI custom chip projects, including five XPU projects, indicating strong engagement with major clients for next-generation projects [3]. Financial Projections - Adjusted net profit forecasts for Marvell are $2.53 billion for FY2026, $3.23 billion for FY2027, and $4.02 billion for FY2028, reflecting a robust growth trajectory [4]. - The target price of $85.20 suggests a potential upside from the current closing price of $74.95, indicating a favorable investment opportunity [8].

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Ashish Saran SVP, Investor Relations Forward-looking statements Except for statements of historical fact, this presentation contains forward-looking statements (within the meaning of the federal securities laws) including, but not limited to, statements related to market trends and to the company's business and operations, business opportunities, growth strategy and expectations, and financial targets and plans, that involve risks and uncertainties. Words such as "anticipates," "expects," "intends," "plans, ...