Marvell Technology Conference Summary Company Overview - **Company**: Marvell Technology (NasdaqGS:MRVL) - **Date**: January 06, 2026 - **Key Speakers**: Matt Murphy (CEO and Chairman), Ashish Saran (SVP of Investor Relations) Industry Insights - **Sector**: Semiconductor, specifically focusing on data center infrastructure and AI-driven technologies - **Market Trends**: - Strong growth in cloud data center capital expenditures (CapEx) expected to continue, with top hyperscalers and cloud service providers (CSPs) projected to grow CapEx by 50-55% in 2026, down from 65% in 2025 [6][7] - Marvell's data center business has tripled since 2023, driven by demand for AI and accelerated compute solutions [12] Core Company Insights - **Growth Projections**: - Marvell anticipates over 40% year-over-year growth for the current fiscal year, with a potential 20% growth in custom business and 15% in other segments [13][14][15] - The company expects data center revenue to double in 2027 compared to 2026, with a conservative estimate of 40% growth in data center revenue [20] - **Order Backlog and Visibility**: - Marvell has a strong order backlog, with visibility extending into 2027, indicating robust demand for its products [7][10] - The company has secured purchase orders for all of 2026, supporting its growth outlook [66] Product and Technology Developments - **Custom ASICs**: - Marvell is the second-largest custom ASIC supplier globally, with a focus on AI-based compute workloads [60] - The company has over 20 XPU and XPU-attached custom chip programs in its pipeline, indicating strong engagement with major hyperscalers [65] - **Networking Solutions**: - Marvell is expanding its scale-up networking capabilities through acquisitions (e.g., Celestial and Xconn Technologies) and organic investments [23][29] - The company is positioned to offer a complete solution in scale-up networking, integrating both copper and optical technologies [31] - **Optical and Ethernet Switching**: - Marvell's Teralynx switching platform is expected to drive significant revenue growth, with projections of $500 million in switching revenue this year [50][52] - The company is ramping its 51.2T Teralynx 10 switching platform, which is competitive with Broadcom's offerings [50] Supply Chain Management - **Strategic Partnerships**: - Marvell has restructured its supply chain to focus on long-term strategic partnerships, mitigating risks associated with supply constraints [75][76] - The company has invested in substrate supply and backend processes to ensure adequate supply through 2030 and beyond [75] Key Takeaways - Marvell is well-positioned to capitalize on the growing demand for data center infrastructure driven by AI and accelerated compute technologies - The company’s proactive approach to supply chain management and strategic acquisitions enhances its competitive edge in the semiconductor market - Continued investment in R&D and a robust product pipeline are expected to support Marvell's growth trajectory in the coming years [12][60][76]

Core Insights - Hewlett Packard Enterprise Company (HPE) is a global edge-to-cloud company with a market cap of $31.5 billion, providing solutions for data capture, analysis, and action across various segments [1][2] Company Overview - HPE operates in multiple segments including Compute, HPC & AI, Storage, Intelligent Edge, Financial Services, Corporate Investments, and Other [1] - The company serves customers in over 170 countries, reflecting its substantial size and influence in the technology sector [2] Stock Performance - HPE reached an all-time high of $26.44 on October 8 and is currently trading 6.3% below that peak, with a 3.7% increase in stock prices over the past three months [3] - Year-to-date, HPE stock has increased by 16% and gained 7.2% over the past 52 weeks, while the Nasdaq Composite has seen higher returns of 22.1% and 19.5% respectively [4] - HPE stock has maintained a position above its 200-day moving average since late June and has mostly traded above its 50-day moving average since early May, indicating a bullish trend [4] Financial Performance - Following the release of impressive Q4 results, HPE's stock prices gained 1.9%. The company reported a 14.4% increase in revenues to $9.7 billion and a 26.1% year-over-year increase in non-GAAP earnings from operations to $1.2 billion, exceeding consensus estimates [5] - Despite strong performance, HPE has underperformed compared to Cisco Systems, which saw a 34.3% increase year-to-date and 34.9% returns over the past year [6]

Core Insights - The company emphasizes the complexity of managing a supply chain and acknowledges that no single entity can control the entire ecosystem, highlighting the importance of partnerships [1][2] - The company has made significant progress in diversifying its client base, reducing reliance on any single client from 85% to a maximum of 35% of revenue, down from 50% in the previous quarter [9][10] - The company is actively working to mitigate supply chain delays by building its own data centers and diversifying its data center providers, ensuring that no single provider accounts for more than 20% of its power delivery [10][13] Supply Chain Management - The company recognizes the challenges posed by supply chain issues and is continuously developing procedures to address potential future delays [8] - A self-build organization has been established to enhance the company's ability to deliver data centers, allowing for better problem-solving during construction [13] - The company is focused on scaling operations, which will reduce the relative impact of delays at any single site on overall performance [14] Government and Regulatory Engagement - The company advocates for government involvement in expediting permitting processes and infrastructure development to alleviate supply chain headaches [16] - There is a belief that government can play a significant role in facilitating infrastructure connections to the grid, which is crucial for the industry [16] Client Contracts and Opportunities - A notable contract with Nvidia allows the company to deliver compute resources while retaining the flexibility to repurpose capacity for new startups and companies in need [19] - This contract is seen as a strategic opportunity to support emerging companies and enhance the overall ecosystem [19][20] - The company is experiencing overwhelming demand for infrastructure, particularly in the AI sector, which exceeds the market's capacity to deliver [22][23]

Core Insights - Celestica's shares increased by 14.9% for the week, driven by a strong third-quarter earnings report featuring double-digit revenue growth and faster adjusted earnings growth [1][3] Financial Performance - Celestica's revenue grew by 28% year over year in Q3, surpassing analyst expectations, while adjusted earnings per share rose by 52% to $1.58 [3] - The company raised its full-year outlook, projecting revenue of approximately $12.2 billion and adjusted EPS of $5.90 for 2025, with expectations of revenue reaching $16 billion and adjusted EPS of $8.20 for 2026 [4] Market Position and Outlook - The CEO highlighted Celestica's role in the AI infrastructure market, indicating strong demand for its storage, compute, and networking solutions [5] - The 2026 outlook is supported by robust demand from major customers, with potential revenue growth of 31% if guidance is met, and indications of continued demand into 2027 [6] Valuation Considerations - Despite strong performance, Celestica's stock valuation appears stretched, trading at approximately 42 times forward earnings based on the 2026 outlook [7] - The company is exposed to risks associated with the AI infrastructure boom, which could lead to rapid changes in its fortunes [7] Summary - Celestica reported strong results and forecasts impressive growth through 2026, benefiting from increasing demand for AI infrastructure, although its stock valuation is considered high [8]

Group 1 - An investor group including BlackRock, Nvidia, XAI, and Microsoft has agreed to buy Align data centers for approximately $40 billion, marking the largest data center transaction on record [1] - Aligned operates and has planned capacity of over 5 gigawatts across 50 data centers, with the transaction expected to close in the first half of 2026 [1] - The current compute buildout is described as being ten times larger than the Manhattan Project, which was a $4 billion government-funded initiative, indicating significant private investment in the sector [1] Group 2 - The ongoing AI super cycle is expected to create substantial investment opportunities, with the NASDAQ up 35% since May 2nd, suggesting a need to adjust investment strategies accordingly [2] - Companies like Nvidia are anticipated to continue compounding growth due to the increasing demand for compute resources, which is seen as critical for economic and national security [2][3] - Microsoft and SoftBank are identified as key players benefiting from the AI race, with potential for significant returns as the compute infrastructure expands [4][5]

Group 1 - Oracle is looking to raise $15 billion through corporate bond sales, potentially including a 40-year bond [1] - The company recently signed a significant deal with OpenAI to provide $300 billion worth of compute resources [2] - Oracle is also in discussions with Meta regarding a $20 billion compute deal [2] Group 2 - Safra Catz is transitioning from CEO to executive vice chair of Oracle's board after 11 years, with Clay Magouyrk and Mike Sicilia appointed as co-CEOs [3]

Summary of Data Center Industry Analysis Industry Overview - The data center capacity in the US is experiencing rapid growth, with data centers now accounting for 8% of total US power demand, contributing 1 percentage point to the overall 2.5% power demand growth trend [8][57][66] - The growth of data centers is driven by factors such as electrification, industrial onshoring, and electric vehicles (EVs) [8] Key Insights on Data Center Location - **Geographical Concentration**: 72% of total US data center capacity is located in the top 1% of counties, indicating a high level of geographical concentration [2][14][16] - **Location Drivers**: Historically, data centers have chosen locations primarily to reduce time-to-client, but power availability is becoming increasingly important [28][40] - **Texas as a Leader**: Texas is identified as one of the most competitive states for data center capacity additions, alongside Georgia and California [48][53] Power Market Implications - **Tightening Power Markets**: Major power markets such as CAISO (California), MISO (Mid-Continent), and PJM (Mid-Atlantic) are expected to become critically tight due to data center growth [4][57][58] - **Projected Demand Growth**: US power demand is projected to increase by 2.9% year-over-year, with data centers significantly contributing to this growth [8][60] Future Trends - **Shift in Location Priorities**: There is a potential shift towards prioritizing power availability over time-to-client for future data center locations, influenced by recent power bottlenecks in Virginia [40][42] - **AI Impact**: The evolution of AI may further reduce the importance of time-to-client as AI training tasks do not require rapid connectivity [44][50] Competitive Landscape - **State Competitiveness Scores**: Texas, Georgia, and California are consistently ranked as top states for attracting data centers due to their existing capacity, demand in data-intensive sectors, and robust power infrastructure [48][53] - **Emerging Markets**: New data center markets are emerging in counties with high power availability but lower data-intensive GDP compared to established markets [41][42] Conclusion - The data center industry is poised for significant growth, with power availability becoming a critical factor in location decisions. States like Texas and Georgia are well-positioned to capitalize on this trend, while existing power markets may face challenges due to tightening capacity. The ongoing evolution of technology, particularly AI, will also shape future dynamics in the industry.

Core Insights - Akamai Technologies reported revenue of $1.04 billion for the quarter ended June 2025, reflecting a year-over-year increase of 6.5% [1] - Earnings per share (EPS) for the quarter was $1.73, up from $1.58 in the same quarter last year, representing an EPS surprise of +11.61% against the consensus estimate of $1.55 [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.02 billion by +2.17% [1] Revenue Breakdown - Security revenue was $551.91 million, slightly below the average estimate of $553.57 million, with a year-over-year increase of +10.7% [4] - Compute revenue reached $171.46 million, compared to the average estimate of $173.75 million, marking a year-over-year increase of +13.2% [4] - Delivery revenue was reported at $320.13 million, exceeding the estimated $295.2 million, but showing a year-over-year decline of -2.8% [4] Stock Performance - Over the past month, shares of Akamai Technologies have returned -7.6%, contrasting with the Zacks S&P 500 composite's +1.2% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

SOLIDUS AI TECH INKS 3-YEAR COMPUTE DEAL WITH GLOBAL CLIENT@AITECHio has secured a 3-year agreement with an undisclosed global company that will fully utilize compute from its data center infrastructure.- The deal ensures zero idle time across Solidus Ai Tech’s servers, guaranteeing consistent recurring revenue throughout the contract period.- Beyond income, the agreement affirms real-world demand for Solidus’ infrastructure — serving as a revenue-generating use case that validates its business model.- With ...

Core Insights - Akamai Technologies reported revenue of $1.02 billion for the quarter ended March 2025, reflecting a year-over-year increase of 2.9% [1] - The company's EPS for the quarter was $1.70, up from $1.64 in the same quarter last year, exceeding the consensus estimate of $1.58 by 7.59% [1] Revenue Breakdown - International revenue was $486.40 million, slightly below the average estimate of $489.92 million, with a year-over-year change of +2.5% [4] - United States revenue reached $528.74 million, surpassing the average estimate of $523.19 million, marking a year-over-year increase of +3.2% [4] - Security revenue was reported at $530.70 million, below the average estimate of $538.25 million, with a year-over-year growth of +8.2% [4] - Compute revenue stood at $165.46 million, slightly below the estimated $168.06 million, showing a significant year-over-year increase of +14.5% [4] - Delivery revenue was $318.99 million, which was lower than the estimated $302.31 million, reflecting a year-over-year decline of -9.3% [4] Stock Performance - Over the past month, shares of Akamai Technologies have returned +8.5%, compared to the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]