Corporate Overview March 5, 2026 Forward-looking statements Except for statements of historical fact, this presentation contains forward-looking statements (within the meaning of the federal securities laws) including statements related to future revenue, future earnings, and the success of our product releases, and the benefits and timing of the acquisition of Celestial AI that involve risks and uncertainties. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "est ...

Group 1 - Marvell Technology, Inc. is gaining attention as an AI stock, with analyst support from Stifel, which reiterated a Buy rating and set a price target of $114.00 [1] - The company has completed the acquisition of XConn Technologies, aimed at enhancing its UALink capabilities in the long term [2] - Following the acquisition, Stifel updated its revenue model, expecting initial contributions to start in fiscal Q3 2027, with an annualized run rate of $50 million by Q4 [3] Group 2 - The acquisition will lead to an estimated increase in FY27 non-GAAP operating expenses by $25 million annually and a decrease in Other Income by approximately $12 million due to reduced interest income from a $325 million cash outlay [4] - The projected diluted weighted-average shares outstanding will increase by approximately 2.7 million shares due to equity issued for the acquisition, resulting in an adjustment of FY27E NG EPS estimate from $3.41 to $3.37, while maintaining FY28E NG EPS at $4.90 [5] - FY29E revenue estimate has been adjusted from $17.58 billion to $17.73 billion, with NG EPS estimate unchanged at $6.68, indicating potential upside if the integration of XConn is successful [5]

Core Viewpoint - Marvell Technology, Inc. has completed the acquisition of XConn Technologies, enhancing its capabilities in data infrastructure semiconductor solutions [1] Group 1: Acquisition Details - The acquisition of XConn Technologies focuses on advanced PCIe and CXL switching silicon [1] - This move expands Marvell's switching portfolio with new PCIe and CXL products [1] Group 2: Strategic Implications - The acquisition strengthens Marvell's capabilities in scale-up connectivity, which is crucial for next-generation AI and cloud data center architectures [1]

Core Viewpoint - Marvell Technology, Inc. is viewed as a strong investment opportunity for high returns in 2026, supported by recent analyst ratings and a strategic acquisition [1][2]. Group 1: Analyst Ratings - Wells Fargo analyst Aaron Rakers reiterated a Buy rating on Marvell Technology with a price target of $135 [1]. - J.P. Morgan analyst Harlur Sur also maintained a Buy rating without specifying a price target [1]. Group 2: Acquisition Details - Marvell announced the acquisition of XConn Technologies for approximately $540 million, structured as 60% cash and 40% stock [2]. - XConn specializes in advanced PCIe and CXL switching silicon, which is expected to enhance Marvell's capabilities in high-performance data center connectivity [2][3]. Group 3: Strategic Importance - The acquisition is anticipated to strengthen Marvell's position in accelerated infrastructure, particularly as AI systems demand efficient connections between accelerators [3]. - Marvell's UALink standard allows multiple accelerators to function as a unified system, providing high bandwidth and low latency, addressing the limitations of traditional setups [3]. Group 4: Company Overview - Marvell Technology, along with its subsidiaries, provides semiconductor solutions for data infrastructure across data centers and network edges [4].

Core Viewpoint - Marvell Technology, Inc. is actively pursuing growth in the AI sector through strategic acquisitions, specifically the planned acquisition of XConn for $540 million, which is expected to enhance its AI data center connectivity solutions [1][2][4]. Group 1: Acquisition Details - Marvell announced its intent to acquire XConn, a provider of PCIe and CXL switching silicon and UALink technology, for approximately $540 million [2]. - The acquisition is aimed at strengthening Marvell's switching portfolio and enhancing its Ultra Accelerator Link (UALink) scale-up switch team [2][4]. - Marvell's Chairman and CEO, Matt Murphy, emphasized that this combination will create a compelling switching platform for accelerated infrastructure, advancing the company's connectivity strategy for next-generation AI and cloud data centers [3]. Group 2: Analyst Insights - Raymond James analyst Simon Leopold reiterated a Strong Buy rating on Marvell with a price target of $125.00, indicating confidence in the company's growth potential following the acquisition announcement [1]. - The firm views the acquisition favorably, noting that XConn's technology can enhance Marvell's market reach and complement its xPU/ASIC offerings [4]. - Despite the acquisition, Raymond James is not adjusting its estimates for Marvell at this time, as XConn is described as an early-stage company [4].