#Marvell# As Al inference scales, memory access has become as critical a constraint as compute performance. Marvell is demonstrating Photonic Fabric technology at Booth 704 at Al Infra Summit 2026, showing how optical connectivity creates a shared memory tier across multiple racks. The platform enables low-latency memory sharing across up to 16 hosts spanning multiple racks at distances up to 30 meters, offloading warm KV cache blocks to support large context length, high concurrency, and long-horizon agentic inferencing. Integration options include both server-level and XPU package-level deployment.

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#