Core Insights - Coherent Corp. has announced the sampling of its new high-power 400 mW continuous-wave lasers aimed at next-generation co-packaged optics and silicon photonics applications [1][3]. Product Specifications - The new lasers deliver stable output power exceeding 400 mW at 55°C, with spectral linewidths below 200 kHz and relative intensity noise (RIN) below -145 dB/Hz [2]. - These lasers are built on Coherent's Buried-Heterostructure Distributed-Feedback laser (BH DFB) platform, showcasing the company's capability in producing high-performance devices [2]. Market Position and Future Plans - The introduction of the 400 mW CW lasers addresses significant challenges in optical interconnects, providing stable high output power and low noise [3]. - Coherent plans to expand its production capacity more than fivefold with a new 6-inch InP fab in Sherman, Texas, to meet the growing global demand for InP lasers [3]. Availability - Engineering samples of the new lasers are currently available to select customers, with volume production and general availability anticipated in Q3 2026 [3]. Company Overview - Coherent is recognized as a global leader in photonics, providing technology solutions for data centers, communications, and industrial markets [5][6]. - Founded in 1971, the company operates in over 20 countries and offers a comprehensive technology stack and resilient supply chain [6].

Financial Data and Key Metrics Changes - Marvell reported record revenue of $1.817 billion for Q4 2025, growing 20% sequentially and 27% year-over-year [6][38] - For the full fiscal year 2025, total revenue reached $5.767 billion, with data center revenue growing 88% year-over-year [8][35] - Non-GAAP earnings per share for Q4 was $0.60, reflecting a 40% sequential growth [7][40] - GAAP gross margin for Q4 was 50.5%, while non-GAAP gross margin was 60.1% [38] Business Line Data and Key Metrics Changes - Data center revenue for Q4 was $1.37 billion, growing 78% year-over-year and 24% sequentially [10] - Enterprise networking revenue was $171 million, and carrier infrastructure revenue totaled $106 million, collectively growing 18% sequentially [25] - Consumer end market revenue declined 8% sequentially to $89 million, with expectations of a 35% decline in Q1 2026 [26] - Automotive and industrial revenue was $86 million, growing 3% sequentially, with expectations of a decline in Q1 2026 [27] Market Data and Key Metrics Changes - Data center accounted for 75% of consolidated revenue in Q4 2025 [31] - The company anticipates continued strong demand in the cloud and AI segments, driving sequential double-digit revenue growth [24] - The consumer market is expected to stabilize around $300 million annually over the next several years [26] Company Strategy and Development Direction - Marvell is focusing investments on data center markets to capitalize on AI opportunities, restructuring its organizational structure to enhance this focus [31][32] - The company is engaged in custom silicon programs, with significant momentum in AI and cloud infrastructure [20][21] - Marvell aims to achieve long-term non-GAAP operating margin targets of 38% to 40% while driving strong cash flow [50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about robust year-over-year revenue growth in fiscal 2026, forecasting over 60% growth in Q1 2026 [9][10] - The company noted strong investment and infrastructure acceleration from hyperscalers, indicating a positive outlook for the AI super cycle [33] - Management highlighted the importance of high-speed networking and AI data centers, aligning with Marvell's strengths [13][14] Other Important Information - Marvell achieved a record $1.68 billion in operating cash flow and returned $933 million to shareholders through dividends and buybacks [9][37] - The company received an upgrade to its investment-grade credit rating from Fitch, reflecting strong operating momentum and improved leverage metrics [44] Q&A Session Summary Question: Concerns about competition for sockets - Management acknowledged the competitive landscape but emphasized confidence in the ramp of their current lead XPU program and future growth [53][56] Question: Breakdown of AI and non-AI revenue - Management clarified that AI now constitutes more than half of data center revenue, with strong growth expected [60][64] Question: Stickiness of custom ASIC customers - Management indicated that custom engagements with major hyperscalers are complex and sticky, with high barriers to entry [82][89] Question: Inventory growth and future guidance - Management explained that inventory growth supports ongoing custom programs and strong optics demand, with a flat quarter-over-quarter inventory on a day basis [127][132] Question: Risks of spending deceleration - Management expressed confidence in the visibility of growth, citing strong demand and new programs in the custom area [136][142]