1.6T PAM DSP

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MRVL vs. MU: Which Semiconductor Stock Should You Consider Now?
ZACKS· 2025-09-18 16:11
Group 1: Core Insights - Marvell Technology (MRVL) and Micron Technology (MU) are both benefiting from the AI infrastructure boom, but they operate in different segments of the semiconductor market [1][2] - Marvell Technology focuses on custom silicon and data center connectivity, while Micron Technology specializes in memory technologies essential for AI models [1][2] Group 2: Marvell Technology (MRVL) - Marvell Technology is experiencing growth due to AI data centers and the increasing demand for custom silicon from hyperscalers [3][9] - The company’s advanced optical interconnects, such as the 1.6T PAM DSP, enhance data center performance by enabling faster data transfer with lower power consumption [4][5] - Marvell's revenue guidance for Q3 fiscal 2026 is $2.06 billion, indicating a 2.5% sequential growth, which is a slowdown compared to previous quarters [7] Group 3: Micron Technology (MU) - Micron Technology is capitalizing on the expanding AI-driven memory and storage markets, with strong demand for its high bandwidth memory (HBM) products [10][21] - The company has established long-term agreements with major players like NVIDIA, AMD, and Intel, which helps secure stable revenue streams [12][21] - Micron's revenue estimate for fiscal 2025 is $17.2 billion, reflecting a 48% year-over-year growth, with earnings expected to increase by 525% [14] Group 4: Stock Performance and Valuation - Year-to-date, MRVL shares have decreased by 35.7%, while MU shares have surged by 90.1% [16] - Micron is trading at a forward sales multiple of 3.59X, significantly above its median of 2.70X, whereas Marvell's forward sales multiple is 6.84X, lower than its median of 7.44X [17] Group 5: Investment Outlook - Micron Technology is viewed as a more favorable investment option due to its strong partnerships and stable revenue outlook, while Marvell Technology faces risks related to customer concentration and geopolitical factors [18][22]
MRVL vs. ALAB: Which AI-Connectivity Stock is a Better Buy?
ZACKS· 2025-08-13 16:41
Core Insights - Marvell Technology (MRVL) and Astera Labs (ALAB) are key players in the semiconductor industry, focusing on networking products and AI connectivity [1][2] - The ongoing AI boom is expected to drive growth in the semiconductor sector, raising questions about which stock presents a better investment opportunity [2] Marvell Technology (MRVL) - Marvell Technology is experiencing growth due to the increasing demand for custom silicon in AI workloads, particularly from AI-data centers and hyperscalers [3][6] - The company's advanced optical interconnects, such as the 1.6T PAM DSP, enhance data center performance while reducing power consumption, crucial for scaling AI infrastructure [4][6] - In its first-quarter fiscal 2026 earnings, Marvell reported significant traction in its electro-optics products for AI and cloud computing, with new co-packaged optics solutions offering improved interconnect densities and networking architecture [5][6] - The Zacks Consensus Estimate for Marvell's 2026 revenues is $8.2 billion, reflecting a year-over-year growth of 42.6%, with earnings estimated at $2.79 per share, indicating a 77.7% increase [7][8] Astera Labs (ALAB) - Astera Labs has positioned itself as a leader in next-generation data center connectivity, benefiting from the industry's shift towards open standards-based AI platforms [11][12] - The company has seen a 45.3% increase in its stock price year-to-date, contrasting with a 29.5% decline in MRVL shares [10][16] - Astera Labs is heavily investing in R&D, with a 66.4% year-over-year increase to $66.7 million, while maintaining bottom-line growth [13][14] - The consensus estimate for ALAB's 2025 earnings is $1.58 per share, suggesting an 88.5% year-over-year increase [14][15] Stock Performance and Valuation - Year-to-date, MRVL shares have decreased by 29.5%, while ALAB shares have increased by 45% [16] - MRVL is trading at a forward sales multiple of 7.44X, below its three-year median of 9.39X, whereas ALAB's forward sales multiple is 35.56X, above its one-year median of 19.77X [17] Conclusion - Both companies are benefiting from the AI proliferation, but ALAB shows stronger potential due to its focus on AI connectivity and strategic partnerships [18] - ALAB holds a Zacks Rank 1 (Strong Buy), indicating a stronger investment case compared to MRVL, which has a Zacks Rank 2 (Buy) [19]
Marvell Technology Plunges 17% in a Year: Hold or Fold the Stock?
ZACKS· 2025-05-08 14:35
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].
迈威尔科技(MRVL):指引符合预期,关注大客户ASIC项目合作进展
HTSC· 2025-03-12 05:19
证券研究报告 迈威尔科技 (MRVL US) 指引符合预期,关注大客户 ASIC 项 目合作进展 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 11 日│美国 | 半导体 | Marvell 于 3/6 发布 4QFY25 财报,业绩发布后首个交易日公司股价下跌 19.8%,我们认为主因:1)业绩/下季度营收指引仅符合市场预期,公司 预计下季度数据中心收入环增中高个位数,增速有所放缓,不及市场乐观 预期;2)市场担忧其与大客户下一代项目合作的持续性。维持"增持"。 1QFY26 营收指引符合预期,预计数据中心业务环增中高个位数 公司 4QFY25 实现营收 18.17 亿美元,Non-GAAP 净利润 5.3 亿美元,符 合彭博一致预期的 18.0/5.2 亿美元,其中,数据中心业务受益:1)ASIC 项目进一步放量,2)800G 光模块 DSP 等订单保持旺盛,营收再创历史 新高达 13.66 亿美元(yoy+78%,qoq+24%);运营商基础设施业务随下 游需求回暖环比有所改善。公司指引 1QFY26 营收 18.75 亿( ...
Marvell Stock Falls 20% on Dim Q1 Sales View: Should You Buy the Dip?
ZACKS· 2025-03-07 21:00
Core Viewpoint - Marvell Technology, Inc.'s shares dropped nearly 20% after its fourth-quarter fiscal 2025 earnings report due to disappointing first-quarter fiscal 2026 sales guidance, although the long-term investment case remains strong driven by leadership in custom AI silicon and data center solutions [1][10][16]. Financial Performance - Marvell reported fourth-quarter fiscal 2025 revenues of $1.82 billion, a 27% year-over-year increase and a 20% sequential increase, surpassing the Zacks Consensus Estimate by 0.7% [5]. - Non-GAAP earnings per share (EPS) for the quarter were 60 cents, exceeding consensus by 1.7%, reflecting a year-over-year increase of 30% and sequential growth of 40% [5]. - Data center revenues surged 78% year-over-year to $1.37 billion, accounting for 75% of total sales, driven by demand for custom AI silicon and related products [6]. Market Reaction - The market's negative reaction to Marvell's first-quarter sales guidance, which projected revenues of $1.875 billion (+/- 5%), led to a significant sell-off in Marvell's stock and affected other semiconductor stocks [10][16]. - Major semiconductor companies like Broadcom, NVIDIA, and AMD also experienced declines in their stock prices following Marvell's guidance [10]. Long-Term Growth Potential - Despite short-term challenges, Marvell's long-term growth trajectory is supported by increasing demand for custom silicon in AI workloads, with AI revenues exceeding the $1.5 billion target in fiscal 2025 and expectations to surpass $2.5 billion in fiscal 2026 [11][12]. - The transition from copper to optical connectivity in AI infrastructure presents significant opportunities for Marvell, particularly with its Co-Packaged Optics technology and advancements in silicon IP for cloud and AI workloads [14]. Valuation and Investment Opportunity - Following the earnings drop, Marvell's forward 12-month price-to-earnings (P/E) multiple is 25.98x, below its one-year median of 59.25x and the industry average of 27.12x, indicating a valuation discount that may attract investors [15]. - The current stock price decline is viewed as a prime buying opportunity for long-term investors, as Marvell's fundamentals in AI-driven data center infrastructure and high-speed networking remain robust [16][17].
Marvell Technology(MRVL) - 2025 Q4 - Earnings Call Transcript
2025-03-06 01:03
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]