Core Viewpoint - Marvell Technology (MRVL.US) anticipates revenue of approximately $10 billion for the next fiscal year, supported by an organic growth plan, with expectations for sequential growth each quarter and stronger growth in the second half of the year [1][2] Revenue Projections - The custom ASIC business is expected to grow by about 20% in the next fiscal year, with projections to double by fiscal year 2028 compared to fiscal year 2027 [1][2] - The interconnect business is projected to continue growing at a rate that exceeds capital expenditures [1][2] - Other segments of the data center business, including storage and switching, are expected to grow by 10% in fiscal year 2028, leading to an overall data center business growth rate of nearly 40% in that year [1][2] - The compound annual growth rate (CAGR) for the data center business since 2023 is approximately 50% [1][2] Long-term Growth Drivers - Assuming communication and other businesses grow at GDP rates, Marvell's total revenue growth rate for fiscal year 2028 is estimated to be around 30% [1][2] - Growth drivers such as Celestial AI are expected to start contributing from fiscal year 2028 and further accelerate in fiscal year 2029 and beyond [1][2] AI and Product Development - Marvell has secured orders for next-generation 3nm and 2nm XPU products, with a strong product pipeline and visibility [3] - Revenue targets for Celestial AI, including $500 million and $1 billion, are based on the overall business, with initial revenue expected from PF small chips [3][4] - The collaboration with a leading customer is crucial for driving initial growth, with significant interest in the photonics transition within data centers [4] Custom Business Insights - The custom business is projected to have a solid growth base of 20%, with strong order reserves and expected acceleration in the second half of the year [5] - Long-term guidance is provided due to the multi-year cycle of AI infrastructure development, enhancing confidence in achieving future revenue targets [5] Strategic Partnerships - The extension of a warrant agreement with Amazon for 1 million shares related to photonic architecture indicates a strong partnership, with significant potential for collaboration [6] - The optical business is driven by AI and AI accelerators, with growth expected to exceed capital expenditures [6] System-Level Solutions - Marvell aims to provide comprehensive rack-level solutions, integrating various optical interconnect technologies, while maintaining a vision for system-level capabilities [7] - Current forecasts do not include system-level revenue, but the strategy emphasizes a holistic approach rather than isolated solutions [7]