Abstract of MRVL (Buy) Earnings Preview, QCOM (Hold) Initiation MRVL (Buy) Earnings Preview 🚀 •Maintain Buy & $280 TP •F2Q27E: Expect +12% QoQ revenue, ~59% non-GAAP GM (vs. Street 58.8%) •F3Q27E: +13% QoQ revenue (vs. consensus +11%), GM 58.9% (vs. 58.3%) •Likely raise to FY27 guidance; upside seen to FY28 revenue & FY29 custom ASIC target •FY27E/28E/FY29E EPS: $4.2 / $7.6 / $14 •FY29 ASIC revenue: $15bn+ (guidance $10bn+), powered by Google CXL/DPU, one ver of Trainium 4 & Maia 300 QCOM (Hold) 💤 •Initiated Hold: DC business partially priced in since Investor Day •Mgmt targets $5bn/$15bn DC revenue in FY27/FY29; we model $4.7bn/$8.8bn in FY27/28 •AI250 competitiveness vs. GPU limited by high LPDDR5 pricing & inferior scale-up •CPU ramp (2028) still far away •Custom Silicon can leverage its high wafer allocation •Handset remains a drag; Android recovery overly optimistic amid high wafer inventory & weak sell-through •Smartphone share pressure continues from competitors’ effort to gain OPPO/vivo Ultra models •FY26E/27E EPS: $10.7 / $11.3 → TP $203 (18x) #MRVL# #QCOM# #Semiconductors#

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UBS - $MRVL has the leading market share in CXL products Following our latest CPU work, we believe the CXL opportunity is inflecting with players like MRVL and ALAB positioned to benefit as we move towards the end of the decade. Cache-coherent, low-latency, high-bandwidth interconnect built on PCIe is expanding the market, and CXL is becoming a critical enabling technology. We believe MRVL has the leading market share in CXL products to date but we do see ALAB and maybe AVGO becoming larger players as the market expands, with the CXL-related ASIC attach market reaching $7–10B by 2030E given applications evolving from single-CPU memory expansion toward rack-wide and multi-rack CXL fabrics connecting CPUs and XPUs. We expect CXL revenue to reach ~$1B in C2027E for MRVL, largely driven by XPU-attach within racks, with incremental support from agentic CPU demand. CXL revenues span three categories: interconnect (legacy expander use cases), XPU-attach (newer custom hyperscaler designs, where MRVL has five programs with two major US hyperscalers including for MRVL’s Google TPU (we think)), and switching (CXL switches). The company has indicated that the bulk of the ~$1B target for CXL revenues is tied to XPU- attach sockets rather than CPU-attach, and agentic tailwinds to the CPU adoption are incremental to existing XPU-focused programs.

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A month ago, I gave you: $NBIS — $142.19 → $265.10（+86.42%） $ARM — $201.80 → $396.34（+96.37%） $MU — $514.63 → $1,020.76（+98.36%） $AMD — $344.28 → $507.29（+47.33%） $MRVL — $160.15 → $278.67（+73.98%） $WDC — $404.88 → $681.08（+68.23%） Next alert dropping soon! If you are not following us with notifications turned on, you might miss our next alerts.

币安将于 2026 年 7 月 22 日 21:30 UTC+8 上线 AXT（AXTIB）、CoreWeave（CRWVB）、GraniteShares 2X Long INTC ETF（INTWB）、South Korea Bull 3X ETF（KORUB）、Direxion MU Bull 2X ETF（MUUB）、GraniteShares 2X Long MRVL ETF（MVLLB）、Oracle（ORCLB）、Quantinuum（QNTB）、Tradr 2X Long SNDK ETF（SNXXB）和 ProShares UltraPro QQQ（TQQQB）十个 bStocks 交易对，并启用现货算法交易机器人服务。

JENSEN HUANG, CEO OF NVIDIA, IS TELLING YOU WHERE THE AI MONEY IS FLOWING. NVIDIA HAS DEPLOYED OVER $45 BILLION INTO JUST 8 COMPANIES. HERE'S WHERE THE MOST IMPORTANT COMPANY IN AI IS PLACING ITS BETS: • OPENAI — $30 BILLION • CORNING (GLW) — $3.2 BILLION • IREN — $2.1 BILLION • MARVELL (MRVL) — $2 BILLION • LUMENTUM (LITE) — $2 BILLION • COHERENT (COHR) — $2 BILLION • COREWEAVE (CRWV) — $2 BILLION • NEBIUS (NBIS) — $2 BILLION FOLLOW THE CAPITAL.