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#

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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.

$MRVL FY2028 revenue target keeps moving higher: Sep 2025: $13B Dec 2025: $15B May 2026: $16.5B Aug 2026: $18B That's a 38% increase in less than a year. And we're only halfway through FY2027. FY2027 revenue guidance is now $12B. With Q3 guided at $3.15B, Marvell needs just $3.69B in Q4 to hit the $12B target. Then comes FY2028: $18B. That means the next 6 quarters represent $24.84B of revenue. Using Marvell's current 31.6% non-GAAP net margin, that's $7.85B of non-GAAP earnings. At $216.62, MRVL is trading at roughly 24.2x earnings generated over the next 6 quarters. The interesting question isn't whether management misjudged demand. It's whether AI infrastructure demand is evolving faster than long-term models can keep up with. $18B is today's FY2028 target. Will it still be $18B after the next update?