Summit Insights分析师Kinngai Chan表示，迈威尔科技对第三季度的疲弱业绩指引意味着其定制ASIC业 务将出现下滑，这令投资者感到意外。分析师表示："我们原本预期其定制ASIC业务的增长会加速，因 为该公司已经获得了多家超大规模客户的设计订单。但管理层却在谈论定制ASIC业务的'波动性'。" 迈威尔科技没有说明该业务表现疲软的原因，但Matthew Murphy表示，当大型云计算服务提供商建设 基础设施时，"波动性"是正常现象。 不过，Stifel分析师 Tore Svanberg表示，迈威尔科技在ASIC领域中仍处于有利地位，"但需要12-18个 月，这一业务才能实现更多元化，从而带来更持续的超预期表现和指引上调"。 智通财经APP获悉，ASIC(专用集成电路)巨头迈威尔科技(MRVL.US)公布的业绩指引不及预期令投资者 感到失望，导致该股股价周四盘后大跌超11%。迈威尔科技公布的财报显示，该公司Q2营收同比增长 58%至20.1亿美元，仅符合分析师预期。其中，数据中心业务营收同比增长69%至14.9亿美元，不及分 析师平均预期的15.1亿美元。调整后每股收益为0.67美元，同样仅符 ...

Core Viewpoint - The company reported record revenue of $2.01 billion for Q2, a 58% year-over-year increase, but only met expectations, leading to a significant drop in stock price after the announcement [1][3] - The Q3 revenue guidance of $2.06 billion was slightly below analyst expectations of $2.11 billion, disappointing investors [3][4] Financial Performance - Q2 revenue reached $2.01 billion, a 58% increase year-over-year, but aligned with Wall Street expectations [3] - Adjusted EPS was $0.67, also in line with analyst forecasts [3] - The company’s Q3 revenue guidance is $2.06 billion, which is lower than the expected $2.11 billion [3][4] Strategic Focus - The company has divested its automotive Ethernet business to focus more on AI opportunities and data center investments [4] - The data center segment currently contributes 75% of total revenue [4] Business Outlook - The growth of the custom chip business is expected to be "non-linear," with a potential strong performance in Q4 after a flat Q3 [5] - The company has updated its design achievements, with 18 multi-generation XPU and export add-on slots, and over 50 new potential opportunities, estimated to generate $75 billion in potential revenue over their lifecycle [5][6] Market Reaction - The market's negative reaction is attributed to the high expectations built around AI stocks, leading to a narrow margin for error [7][8] - Analysts believe the company remains an attractive player in the AI boom due to its ASIC chips for large-scale data centers and opportunities in network and cloud infrastructure [8] Competitive Position - Analysts from Morgan Stanley noted potential short-term supply issues but highlighted the strength and durability of the company's optical solutions for high-speed data transmission compared to its ASIC business [9] - The collaboration with Amazon AWS regarding the next-generation AI training chip, Trainium 3, is expected to continue, with the belief that the company can grow alongside Amazon through higher-margin "XPU attach" projects [9]

Core Viewpoint - The recent earnings report from Marvell Technology did not exceed Wall Street's high expectations, leading to a significant drop in its stock price after hours trading, despite reporting record revenue and strong year-over-year growth [1][3]. Financial Performance - Marvell Technology reported Q2 revenue of $2.01 billion, a 58% year-over-year increase, but only met Wall Street expectations [1]. - The adjusted earnings per share were $0.67, also in line with analyst forecasts [1]. - The guidance for Q3 revenue was set at approximately $2.06 billion, slightly below the analyst expectation of $2.11 billion [1]. Strategic Focus - The CEO, Matt Murphy, indicated that the company is focusing on AI opportunities by reallocating investments from other markets to data centers, which currently contribute 75% of total revenue [3]. - Marvell completed the divestiture of its automotive Ethernet business to enhance flexibility in stock buybacks and capital allocation [3]. - The company plans to report non-data center end markets as a single segment starting in Q3 [3]. Market Expectations and Analyst Insights - Analysts noted that the market's reaction was driven by previously high expectations for AI stocks, which left little room for error [4]. - Despite short-term supply challenges, analysts believe Marvell's optical solutions for data centers are stronger and more sustainable than previously thought [4]. - The collaboration with Amazon AWS regarding the next-generation AI training chip, Trainium 3, is expected to continue, with analysts anticipating steady growth in Marvell's ASIC business [4].