Marvell (MRVL) F2Q Results • Stock -7.8% AH on high expectations; Investors await Investor Day in Oct. • F2Q largely inline: $2.74bn rev (+13% QoQ / +37% YoY) • Non-GAAP EPS $0.94 (slight beat) • F3Q guide solid: $3.15bn (+15% QoQ / +50% YoY) • Raised FY27E rev to ~$12bn, FY28E to ~$18bn • Custom AI ASIC: management guiding >100% growth in FY28 • We see path to $16bn+ by FY29 (vs their ~$10bn) • Google multi-year deal covers accelerators, NICs, CXL, near-memory • Another big hyperscaler XPU project progressing well • Connectivity is the real engine behind the $18bn target • 800G still strong, 1.6T DSPs ramping • 51.2T switches expected to double this year • AI clusters need ~10× more bandwidth → big tailwind for 1.6T coherent • Celestial AI deal boosts optical / CPO / NPO capabilities (a big advantage to compete AWS T4) – Buy | TP $290 on 20x FY29E #MRVL# #ASIC# #aws#

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#

ASIC Warp-Up 📈Stock Picks: maintains a positive view on MRVL, MTK, and Intel following recent earnings, supply chain checks and our recent notes. 👊Nvidia vs. ASIC: Nvidia's CoWoS share at TSM will remain stable in 2027; Nvidia Vera Rubin outperforms competitors in performance/TCO/supply chain. * TPU Dynamics: On June 14 report, we lowered Broadcom's Sunfish volume for 2026/27 due to packaging re-design and set 460k CoWoS (ASIC) in 2027; MTK Humufish (which leads in N2 vs Whalefish) potential launch in 4Q27 suggesting the window for Broadcom’s CoWoS back to TPU could be only in 1H26. Expect Humufish tape-out in around Nov-2026 with a not too high passing rate. * Google Custom Silicon: MRVL expects meaningful contributions from Google CXL and DPU (~$3bn each by 2028), with an MPU start on TSMC N2 yielding $3bn+ in CY28 revenue. * AWS Trainium: Reit MRVL T3 of $1bn/$2bn in CY26/27 and likely >$3bn from T4 in CY28 with a much higher ASP and better NPO scale-up. * Intel Backend Packaging: Reit Intel's FY27/FY28 back-end revenue forecast of $1.1bn/$7bn, supported by AWS T3 EMIB-T and Google Humufish/Triggerfish volumes through 2H27-2028. We expect more wins for U.S. fabless including MSFT, QCOM, MRVL, with products across ASIC, CPU and CPO. ABF substrate to greatly benefit from EMIB. #NVDA# #ASIC# #MRVL# #Mediatek# #SMTC# #INTC# #ABF#

$GFS + $MRVL just gave us a very clean read-through I haven't spent much time discussing GFS, but I think it's definitely time to revisit it and see if theres a good investment opportunity Read this: Yesterday MRVL expanded a multi-year agreement to add significant SiGe capacity at GFS fab. SiGe, silicon germanium, is used in the high-speed analog electronics around optical links. Think drivers and TIAs. GF says the added capacity will support: > Pluggable optical transceivers > Near-packaged optics (NPO) > Co-packaged optics (CPO) GF recently said photonics doubled last year and is expected to double again this year, with strong pluggable demand extending through 2027. Worth a look!

He's baaaaack: "Somebody" just spent $100MM premium on 2 week AI Stock Calls for the Oct2 expiration: INTC Oct2nd 115c bot up to 3.65 20k $7.3MM MRVL Oct2nd 250c bot 11.00 3500x $3.85MM SNDK Oct2nd 1600c bot up to 97.60 4200x $41MM MU oct 2nd 1000c bot up to 44.00 10k $44MM