Investment Rating - The report maintains a "Buy" rating for Marvell Technology (MRVL US) with a target price of $80.90 [6][7]. Core Insights - Marvell's Q4 FY25 revenue reached $1.817 billion, with a Non-GAAP net profit of $530 million, aligning with Bloomberg consensus estimates [2]. - The company expects Q1 FY26 revenue to be approximately $1.875 billion, with a Non-GAAP EPS of $0.61, also in line with market expectations [2]. - Data center revenue is projected to grow in the mid-high single digits quarter-over-quarter, with AI-related revenue expected to increase by over 10% [2][3]. - ASIC projects contribute about 25% of data center revenue, with ongoing collaborations with major cloud providers [3]. - The demand for optical products remains strong, particularly for 800G PAM and 400ZR DCI products, which are expected to dominate shipments in 2025 [4]. Summary by Sections Financial Performance - Q4 FY25 revenue was $1.817 billion, with a year-over-year increase of 24% and a quarter-over-quarter increase of 78% in data center revenue [2]. - The company projects FY26 revenue of $8.384 billion, reflecting a 45.38% year-over-year growth [5][11]. Business Segments - The ASIC business is expected to grow significantly, with contributions from collaborations with major cloud providers [3]. - The optical product segment is anticipated to maintain stable growth, driven by data center network upgrades [4]. Valuation Metrics - The adjusted net profit for FY26 is forecasted at $2.532 billion, with an adjusted EPS of $2.93 [5][11]. - The report assigns a 27.6x adjusted PE for FY26, slightly above the comparable company average of 27.1x [5].