Key Takeaways MRVL is deploying modular RDL interposer tech to build larger, high-efficiency AI accelerator solutions. The design supports HBM3/3E integration, enables die replacement, and enhances power and latency performance. MRVL sees a $94B data center chip market by 2028, with custom compute offerings witnessing a 53% CAGR.Marvell Technology (MRVL) uses advanced CMOS technologies at 5nm and 3nm nodes and is now shifting toward 2nm and below, which include innovations like gate-all-around transistors ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自雅虎财经 。 毛利率下降并非Marvell股票目前面临的唯一挑战。该公司还面临着来自博通AVGO和AMD在定制硅 片解决方案领域的巨大竞争压力。 博通先进的 3.5D XDSiP 封装平台专为提升定制 AI XPU 的性能和效率而设计。博通的半导体部门 （包括其定制硅片解决方案）在 2025 财年第一季度同比增长 11%。 AMD的定制硅片解决方案和AI加速器（例如 Instinct Accelerators）为众多数据中心提供支持。 AMD的可重构Alveo Adaptable Accelerator Cards 用于加速数据中心的计算密集型应用程序。 Ma r v e ll的价格表现、估值和估值 今年迄今为止，Marvell 的股价已下跌 32.2%，而电子半导体行业则增长了 13.3%。 Marvell的营收正在增长，这得益于其定制 AI 芯片在超大规模数据中心运营商中广受欢迎。然而， Marvell Technology 的毛利率在过去几个季度波动较大，且长期呈下降趋势。 Marvell强劲的营收增长得益于其定制 AI XPU、电光解决方案 ...

Core Insights - Marvell Technology (MRVL) is experiencing significant revenue growth driven by custom AI silicon chips, particularly among hyperscalers, despite facing inconsistent gross margins and a long-term declining trend [1][4]. Revenue Growth - The robust top-line growth is attributed to the strong demand for custom AI XPUs, electro-optics solutions, and custom high bandwidth memory chips, which enhance performance and bandwidth for custom AI servers [2][9]. - Marvell's revenues are rising due to the increasing demand for these custom AI solutions [9]. Gross Margin Trends - Marvell's non-GAAP gross margin has declined by 260 basis points year-over-year and 30 basis points sequentially to 59.8% in Q1 of fiscal 2026, with projections for Q2 of fiscal 2026 indicating a range of 59% to 60%, lower than the previous year's 61.9% [4]. - The higher manufacturing costs associated with AI silicon are contributing to the continued decline in gross margin [3][9]. Competitive Landscape - Marvell faces significant competitive pressure from Broadcom (AVGO) and Advanced Micro Devices (AMD) in the custom silicon solutions market [5][9]. - Broadcom's semiconductor segment, which includes custom silicon solutions, grew by 11% year-over-year in Q1 of fiscal 2025, highlighting the competitive environment [6]. - AMD's custom silicon solutions and AI accelerators are widely used in data centers, further intensifying competition [7]. Stock Performance and Valuation - Marvell's shares have decreased by 32.2% year-to-date, contrasting with the Electronics - Semiconductors industry's growth of 13.3% [8]. - The company trades at a forward price-to-sales ratio of 7.23X, which is lower than the industry average of 8.63X [10]. Earnings Estimates - The Zacks Consensus Estimate for Marvell's fiscal 2026 and 2027 earnings suggests year-over-year growth of 77.7% and 27.73%, respectively, with upward revisions in estimates over the past 30 days [11].