Marvell Technology (MRVL)

Outperform Recap: Q4 FY26

FY26 Revenue $8.2B (+42%); FY27 Outlook Raised to ~$11B (+30%); FY28 ~$15B (~+40%) with EPS >$5; Data Center +40% FY27 / +~50% FY28; Celestial AI + XConn Acquisitions Closed; Q4 Exits at $3B+ Run Rate — Maintaining Outperform

Outperform Recap: Q3 FY26

Record Revenue $2.075B (+37% YoY), Celestial AI Acquisition for Photonic Fabric Scale-Up Announced, FY27 Revenue Outlook Raised to $10B (Data Center +25%), FY28 Data Center +40%, AEC + Retimer Revenue More Than Doubles, $1B ASR Executed — Upgrading to Outperform

Hold Recap: Q2 FY26

Record Revenue $2.006B (+58% YoY), Non-GAAP EPS $0.67 (+123%), AI Day Delivered $94B 2028 TAM + 18 Custom Design Wins + 20% Market Share Goal, Custom Lumpy in Q3 (Q4 Stronger), Auto Ethernet Sale Closed for $2.5B — Maintaining Hold

Hold Recap: Q1 FY26

Record Revenue $1.895B (+63% YoY), Data Center +76%, Non-GAAP EPS $0.62 (+158%), 3nm Wafer + Advanced Packaging Capacity Secured for Custom XPU Follow-On, NVLink Fusion Partnership, Auto Ethernet Sale to Infineon for $2.5B Cash — Initiating at Hold