Core Viewpoint - Marvell Technology, Inc. has experienced significant stock volatility, losing 17.3% over the past year, which is a stark contrast to the 11.5% growth in the Zacks Electronics - Semiconductors industry [1][4]. Market Performance - The decline in Marvell's stock price is attributed to broader market weaknesses, including a sell-off in tech stocks due to rising trade tensions, particularly concerning the U.S. government's actions towards China [4][5]. - Approximately 43% of Marvell's total revenues for fiscal 2025 are generated from the Chinese market, making geopolitical tensions a significant concern for the company [4][5]. Growth Opportunities - Marvell is benefiting from the increasing demand for custom silicon in AI workloads, with AI-based revenues exceeding the $1.5 billion target in fiscal 2025 and expectations to surpass $2.5 billion in fiscal 2026 [6][10]. - The company is positioned as a leader in high-performance computing, supported by collaborations with major hyperscalers, which are expected to drive revenue growth from custom XPU solutions in fiscal 2027 and beyond [7][10]. Technological Advancements - Marvell is capitalizing on the shift towards enhanced networking and interconnect products in data centers, introducing high-speed optical interconnects that reduce power usage by 20% [8][9]. - The transition from copper to optical connectivity in AI infrastructure presents a substantial growth opportunity, with Marvell's Co-Packaged Optics technology and 2nm silicon IP development reinforcing its market position [9]. Financial Outlook - The Zacks Consensus Estimate for Marvell's 2026 revenues is projected at $8.3 billion, indicating a year-over-year growth of 43.8%, with earnings expected to reach $2.76 per share, reflecting a 75.8% increase [10]. - Marvell has consistently beaten the Zacks Consensus Estimate in the past four quarters, with an average surprise of 4.3% [10]. Strategic Collaborations - Marvell has established partnerships with industry leaders like NVIDIA, Juniper Networks, and Coherent Corp. to develop high-speed networking technology tailored for AI workloads [11][12][13]. - These collaborations aim to integrate Marvell's optical interconnect solutions with NVIDIA's AI technology and create networking solutions that support AI, cloud, and 5G applications [12][13]. Valuation - The recent drop in stock price has resulted in a forward 12-month price-to-sales (P/S) multiple of 5.59X, significantly lower than its one-year median of 10.16X and the industry average of 6.81X, making it an attractive investment option [14]. Conclusion - Despite facing near-term challenges, Marvell's strong fundamentals and position in the data center and high-speed networking market suggest that the stock remains a viable hold for investors [17][18].

With AI workloads and cloud infrastructure scaling rapidly in 2025, Astera Labs (ALAB) and Marvell Technology (MRVL) have emerged as key enablers of high-performance data connectivity. Both companies are delivering advanced semiconductor solutions designed to overcome critical data, memory and network bottlenecks in hyperscale environments. Two-Month Price Comparison Image Source: Zacks Investment Research Astera Labs, a newer entrant, delivers a purpose-built platform for AI infrastructure that integrates ...

作者 | Deep Value Investing 编译 | 华尔街大事件 Marvell(NASDAQ：MRVL ) 公布的25 财年业绩和 26 财年第一季度业绩指引略高于分析师预 期，但盈利后股价下跌逾 18%。 分析师认为抛售有三个主要原因： 由于分析师担心超大规模企业可能会放缓对人工智能基础设施的支出，因此人们担心数据中心 收入增长会放缓。 直接竞争对手（可能是 Broadcom）可能会占据一席之地（即与超大规模企业签订合同）并获 得 Marvell 的市场份额。 由于新政府的关税政策引发通胀担忧，标准普尔 500 指数出现普遍抛售。总体而言，这只股票 的多头仓位可能不值得冒这个风险。 2025 财年第四季度总收入达到18.2 亿美元，环比增长 20%，同比增长 27%。数据中心再次成 为主要驱动力，贡献了总收入的 75%。 不过，管理层预计下一季度的收入增长率将达到中个位数，与过去两个季度的两位数相比有所 放缓。不过，这符合分析师的预期。 与此同时，我们正在与该客户就该款 XPU 的后续产品进行充分合作，并计划在完成 采样和认证周期后立即开始生产。 | MARVELL TECHNOLOGY FQ4 ...