MRVL changes
Pick any two versions below to diff them.
- Price
- $224.69 → $261.94(+16.6%)
- Discount category
- Below intrinsic value → Close to intrinsic value
- Thesis
- added: The market still prices Marvell's custom chip business removed: serves a small number of large cloud companies that design their own AI chips instead of buying from Nvidia. Growth in this business has been lumpy, since revenue added: as unpredictable and unproven. Revenue depends on a small number of big customer programs starting removed: and ramping up. removed: Management has raised its revenue outlook twice added: Growth in removed: a row, and added: this business has swung sharply before, which makes investors cautious about counting on the pace management now guides. For the gap to close, Marvell's newest programs, expanded removed: a deal with a major cloud removed: customer added: customer, must ramp up on schedule from fiscal 2029 onward. Marvell's new 2-nanometer optical interconnect products, shown at an industry conference in September 2026, must also convert into real design wins, not just investor excitement. Custom silicon revenue must keep more than doubling each year, as management has guided for fiscal 2028 and fiscal 2029. The next checkpoint is Marvell's Investor Day on October 6, 2026. Management is expected to removed: include added: lay out this custom-silicon roadmap in more removed: custom chip programs. added: detail there. If these programs ramp up as removed: planned, added: planned over the next three to five quarters, Marvell's growth can catch up to removed: what its higher-growth peers already show, added: faster-growing peers, and the removed: discount added: gap can close. added: If a large customer moves work in-house or to a rival like Broadcom, the gap could persist.
- Recent events
- added: Sep 22, 2026: At the ECOC 2026 optical-networking conference in Spain, Marvell showed new 2-nanometer optical interconnect products. These include 800G and 1.6T pluggable parts and a large co-packaged optics platform built for AI data centers. The stock rose as much as 6% on the news. Aug 27, 2026: Marvell reported Q2 fiscal 2027 results. Revenue reached a company record of $2.74 billion. Management raised the fiscal 2027 revenue outlook to about $12 billion, and the fiscal 2028 outlook to about $18 billion. Aug 27, 2026: Marvell expanded its custom chip agreement with a major cloud customer to include more programs, with revenue expected from fiscal 2029 onward.