Ac t i o n | 16 Feb 2026 20:54:33 ET │ 18 pages NVIDIA Corp (NVDA.O) Preview – Investors Looking Past Earnings to GTC 2026 CITI'S TAKE NVIDIA reports Jan-Q earnings on 2/25. We model Jan-Q sales of $67B above Street $65.6B and expect Apr-Q guide of $73B vs Street $71.6B. We expect continued strong ramp of B300 with Rubin launch to drive a 34% H/H acceleration in CY2H26 sales vs 27% in CY1H26. We believe most investors are looking past the earnings to annual GTC conference in mid- March for NVIDIA to talk ab ...

Ac t i o n | Google TPU sales to grow 4x or ~$65B by FY27 — We model FY26/27 AI revenues of $63B/$102B driven by better-than-expected TPU ramps. We believe AVGO's five announced customers are Google, Meta, Bytedance, Anthropic and Fujitsu based on supply chain discussions, while its two additional engagements are with OpenAI and Apple. Gross margin dilution from Anthropic rack shipments — Given Anthropic's estimated ~$10B rack sales in 2H26 and ~$11B in 1H27 (per AVGO), which we assume ~55% gross margins, w ...

Core Insights - The article provides a comprehensive comparison of Intel against its competitors in the Semiconductors & Semiconductor Equipment industry, focusing on financial metrics, market position, and growth prospects [1] Company Overview - Intel is a leading digital chipmaker specializing in microprocessors for personal computers and data centers, holding a significant market share in both sectors [2] - The company aims to revitalize its chip manufacturing business and develop advanced products [2] Financial Metrics - Intel's Price to Earnings (P/E) ratio is 782.67, significantly higher than the industry average, indicating potential overvaluation [3] - The Price to Book (P/B) ratio of 2.11 is below the industry average, suggesting possible undervaluation based on book value [3] - Intel's Price to Sales (P/S) ratio of 3.87 is also lower than the industry average, indicating potential undervaluation based on sales performance [3] - The Return on Equity (ROE) stands at 3.98%, which is below the industry average, indicating inefficiency in profit generation [3] - The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is $7.85 billion, above the industry average, highlighting strong profitability [3] - Gross profit is $5.22 billion, which is below the industry average, indicating challenges in revenue generation after production costs [3] Revenue Growth - Intel's revenue growth of 2.78% is significantly lower than the industry average of 34.81%, indicating potential sales performance issues [4] Debt-to-Equity Ratio - Intel has a lower debt-to-equity ratio of 0.44 compared to its top four peers, suggesting a more favorable balance between debt and equity financing [10] Summary of Key Takeaways - Intel's high P/E ratio indicates potential overvaluation, while its low P/B and P/S ratios suggest possible undervaluation [8] - The company shows lower profitability in terms of ROE compared to peers, but strong operational earnings as indicated by high EBITDA [8] - Challenges in generating profits and expanding revenue are highlighted by low gross profit and revenue growth [8]

Core Insights - The article provides a comprehensive evaluation of Intel in the Semiconductors & Semiconductor Equipment industry, comparing its performance against major competitors to identify investment opportunities and risks [1] Company Overview - Intel is a leading digital chipmaker focused on microprocessors for personal computers and data centers, holding a significant market share in both PC and server markets [2] - The company aims to revitalize its chip manufacturing business, Intel Foundry, while developing advanced products within its Intel Products segment [2] Financial Metrics - Intel's current Price to Earnings (P/E) ratio is 759.17, which is 10.44 times higher than the industry average, indicating a premium pricing in the market [5] - The Price to Book (P/B) ratio stands at 2.04, significantly lower than the industry average, suggesting potential undervaluation [5] - The Price to Sales (P/S) ratio of 3.75 is also below the industry average, indicating that the stock may be undervalued based on sales performance [5] - Intel's Return on Equity (ROE) is 3.98%, which is 1.69% below the industry average, indicating inefficiencies in profit generation [5] - The company's EBITDA is $7.85 billion, which is 0.2 times below the industry average, suggesting lower profitability [5] - Gross profit is reported at $5.22 billion, indicating a performance that is 0.15 times below the industry average [5] - Revenue growth for Intel is at 2.78%, significantly lower than the industry average of 34.59%, indicating a slowdown in sales expansion [5] Debt to Equity Ratio - Intel has a debt-to-equity (D/E) ratio of 0.44, which is lower than its top four peers, indicating a stronger financial position and a favorable balance between debt and equity [8] Comparative Performance - In comparison to its peers, Intel's high P/E ratio suggests potential overvaluation, while its low P/B and P/S ratios indicate undervaluation relative to competitors [9] - Intel lags behind its peers in ROE, EBITDA, gross profit, and revenue growth, signaling weaker financial performance and growth prospects within the sector [9]

Summary of Marvell Technology Inc. Conference Call Company Overview - **Company**: Marvell Technology Inc. (MRVL.O) - **Market Cap**: US$71,317 million [2] Key Industry Insights 1. **AI Market Positioning** - Marvell is strategically positioned to benefit from the growing AI market, which is impacting various ecosystems including compute, optical, and networking. The company is engaged with major hyperscalers and is addressing their concerns about capacity and supplier flexibility, with discussions extending into 2027 and beyond [4][10]. 2. **Custom Sales Growth** - Custom sales are projected to grow to US$1.8 billion in CY26, representing a 20% year-over-year increase from approximately US$1.5 billion in the current year. This is expected to double to US$3.6 billion in CY27. The relationship with existing XPU customers is strengthening, particularly with the acquisition of Celestial AI, which is anticipated to enhance future growth [5]. 3. **Supply Chain Management** - Marvell is currently booked out through the next year and is effectively managing supply challenges in optical and advanced packaging. The company has secured HBM/CoWoS capacity with support from TSMC, its main foundry partner [6]. 4. **Networking Market Dynamics** - Marvell maintains a strong position in the DSP market through customized features and direct relationships with hyperscalers. The competition in the 1.6T market is expected to increase compared to the 800G market. Innovium's switching sales have shown significant growth, doubling to US$200 million last year and projected to reach US$500 million next year [7]. 5. **Celestial AI Acquisition** - The acquisition of Celestial AI is expected to open an US$18 billion total addressable market (TAM) for Marvell by 2030, with US$10 billion for optics and US$8 billion for switches. This acquisition is viewed as a significant opportunity, potentially more impactful than the Inphi acquisition in 2020 [8]. Financial Projections - **Target Price**: US$114.00, representing a potential upside of 35.6% from the current price of US$84.09 [2][11]. - **Expected Total Return**: 35.9%, including a dividend yield of 0.3% [2]. Risks and Considerations - **Downside Risks**: - Weakness in storage - Networking growth not materializing - Market share losses in storage and networking [12]. - **Upside Risks**: - Higher acquisition synergies - Faster share gains in storage and networking [12]. Conclusion - Marvell Technology Inc. is positioned for significant growth driven by the AI market and custom sales, with strategic acquisitions enhancing its market presence. The company is managing supply chain challenges effectively and is optimistic about its future in the networking space. Investors are encouraged to view current share price weakness as a potential buying opportunity [10].

Marvell Technology Inc (MRVL.O) Investor Meeting Summary Company Overview - Marvell Technology Inc is a fabless semiconductor provider specializing in high-performance application-specific standard products, focusing on complex system-on-a-chip (SoC) solutions targeting data centers, carrier infrastructure, enterprise networking, and automotive markets [8][40] Financial Performance - **Current Stock Price**: US$92.47 - **Target Price**: US$114.00, indicating an expected share price return of 23.3% and a total return of 23.5% [2][7] - **Market Capitalization**: US$78.424 billion [2] - **Fiscal Year End**: January 31 [7] Earnings Per Share (EPS) Projections - **2025A**: $1.58 - **2026E**: $2.84 - **2027E**: $3.56 - **2028E**: $4.99 [4] Revenue Projections - **2024**: $5.508 billion - **2025**: $5.767 billion - **2026E**: $8.177 billion - **2027E**: $10 billion - **2028E**: $13.139 billion - Expected year-over-year sales growth of approximately 20% in FY27 and 30% in FY28 driven by AI data center demand [25][26] Gross Margin - Non-GAAP gross margin is projected to be 60.3% in FY24, decreasing to 57.5% by FY28 [26] Strategic Developments - **Acquisition of Celestial AI**: Announced on December 2, 2025, valued at approximately $3.25 billion, expected to close in Q1 CY2026. This acquisition aims to enhance Marvell's technology readiness and customer relationships with hyperscalers [17][28] - **AI Data Center Opportunity**: Marvell is positioned to benefit from accelerating sales growth in AI data centers, with a significant opportunity pipeline valued at $75 billion [25][28] Investment Thesis - The investment rating for Marvell is "Buy," with a target price based on a 26x P/E on CY27E EPS, reflecting growing confidence in data center sales [9][41] - Risks include potential weaknesses in storage and networking growth, while upside risks involve higher acquisition synergies and faster market share gains [43] Key Questions for Management - Integration plans for Celestial AI's technology and customer deployment milestones - Updates on the $75 billion opportunity pipeline and specific segments progressing to design wins [28] Management Team - **Matt Murphy**: CEO, responsible for leading Marvell's growth strategy and technology development [29] - **Willem Meintjes**: CFO, overseeing financial planning and strategy [33] - **Steve Vermillion**: SVP of Finance, with extensive experience in the semiconductor industry [36] - **Ashish Saran**: SVP of Investor Relations, serving as a liaison to the investor community [38] Conclusion Marvell Technology Inc is strategically positioned for growth in the semiconductor market, particularly in AI data centers, with a strong financial outlook and significant acquisition plans that could enhance its competitive edge in the industry.

Core Insights - The article emphasizes the importance of using data to understand corporate revenue distribution and the sensitivity of companies to tariffs, providing a comprehensive view of regional income and potential risks associated with trade policies [3][5]. Group 1: Regional Classification Data - Bloomberg is launching a regional classification fundamental data product to empower investors by providing a detailed view of company revenue by region, utilizing both reported and forecasted data [3]. - The product aims to create a multi-level standardized structure covering various regions and specific countries, offering insights into company revenue distribution [3][5]. Group 2: Sensitivity Scoring - A sensitivity scoring system has been developed to assess companies' exposure to tariff risks based on their revenue distribution across different countries and industries [5][6]. - The top ten companies with the highest tariff sensitivity scores from the Bloomberg U.S. Large Cap Index (B500) have been identified, which helps investors evaluate the potential impact of tariffs on their portfolios [6]. Group 3: Index Comparison - A bottom-up approach is used to compare the sensitivity scores of different indices, revealing that the European index (EMEAP) is most sensitive to current macroeconomic conditions [7][9]. - The analysis provides valuable insights for investors to enhance their risk management capabilities by understanding how different regions and industries are affected by new tariff policies [7]. Group 4: Cost Risk Analysis - The article highlights the importance of considering cost risks alongside revenue risks, particularly in industries like automotive, where tariffs on imported components can significantly impact profit margins [9][10]. - By combining sensitivity scores with supply chain data, investors can gain a deeper understanding of how global trade dynamics affect companies, identifying potential risks and opportunities [9][10]. Group 5: Industry Focus - Automotive - The automotive industry is used as a case study to illustrate how financial data can be leveraged to construct risk/opportunity maps based on profit margins and tariff sensitivity [12][14]. - The analysis of companies like Renault shows that indirect cost risks from suppliers can significantly affect production costs, even if the company itself is not directly impacted by tariff policies [12][15].

Group 1: Marvell Technology Inc (MRVL) - Marvell Technology Inc reported better-than-expected fourth-quarter earnings and revenue but provided a lackluster fiscal first-quarter guidance [1] - MRVL's stock is currently up 17.8% at $74.11, aiming to recover from a 33.8% year-to-date deficit, but is experiencing its largest single-day percentage loss since January [2] - The stock is trading at its lowest level since October, breaking below the 200-day moving average, with 11 firms, including Morgan Stanley, reducing their price targets [2] Group 2: Texas Instruments Inc (TXN) - Texas Instruments Inc is down 3.5%, trading at $188.76, and is on track for a weekly loss while still maintaining a 10.6% year-over-year gain [3] - The stock is experiencing a pullback from a February peak above $205, which was the highest mark since November, and is currently testing its 20-day moving average [3] Group 3: Micron Technology Inc (MU) - Micron Technology Inc is down 4.6%, trading at $90, and is set for its third consecutive weekly loss [5] - The stock has a 30.7% deficit over the past nine months but has a support level at $87.50 that has previously contained pullbacks this year [5]

Core Viewpoint - Marvell Technology Inc (NASDAQ:MRVL) is experiencing a short-term bounce despite recent losses, with potential for recovery towards its all-time high of $127.48 [1] Group 1: Stock Performance - MRVL stock is currently trading at $88.13, up 2.7% [1] - The stock was on track for its seventh loss in nine days prior to the recent bounce [1] - Year over year, MRVL is up 11% [3] Group 2: Technical Indicators - The stock has pulled back to its 260-day moving average, being within 0.75 of the trendline's average true range for the first time in at least eight of the past ten trading days [2] - MRVL has flashed a historically bullish signal, with five similar signals over the past three years leading to higher prices 80% of the time, averaging an 11.6% gain one month later [3] - The 14-day relative strength index (RSI) of 22.5 indicates that the stock is in "oversold" territory, suggesting a potential short-term bounce [3]