From yesterday’s $MRVL Investor Day: Marvell just gave us a pretty wild look at what they think this business can become. FY2031 revenue target: $70–90B. For comparison, Marvell did just $8.2B in FY2026. And the revenue is supposed to come from: Custom silicon: ~$30B Interconnect: ~$37.5B So Marvell is basically saying that moving data around AI clusters could become an even larger business for them than building the custom accelerators themselves. And custom is hardly small either. They now see custom chip revenue reaching $12B by FY2029, up from the previous $10B target. I’ve written a lot about Broadcom because I think the custom silicon opportunity is still underestimated. But yesterday’s Investor Day was another reminder that this market is getting large enough for more than one winner. If Marvell gets anywhere close to $30B in custom silicon and $37.5B in interconnect, the company we are looking at in 2031 will barely resemble the Marvell of a few years ago. But 5 years out. Alot will and can happen in that time.

Everyone that aspire to become succesful should (seriously) read this: Being on X requires serious mental strength, that the average person not necessarily have acquired yet. Its so easy to get caught up in 5x leverage and thinking retirement is just around the corner. Sadly, most end up burning their hard earned money away. I cannot emphasize how BIG a part mindset is to long-term succes in investing. If you can't controle your dopamine, you're basically fk....... You need to be able to delay gratification and resist immediately reward - until you KNOW in your core what youre doing. When I started investing, I made one promise to myself: Make this a long-term career and hobby for yourself. So, I came up with a learning plan for myself: Use the first year on studying the basic rules of long-term investing, learn to read market, macro and basic fundamentals. Use the second year on becoming better at writing thesis, studying companies to its core, sectors e.g. Use the third year on studying and fine-tune technical analysis and swing trading. Use the fourth year on putting everything together. The game requires patience. Each day YOU are invested in the game, you get to learn more and become better. Don't get caught up in quick fixes. Most of the ACTUAL succesful people you've seen on here have been in this game the past +10 years or acquired the skills to navigate themselves and market. Each of them have one thing in common: they learned, the adapted, they survived and they did not chase. Here's a few GOAT's that imo lives up to that mindset: @babyfolio @Sandeman52 @TheBigBerbowski @ChairmansLedger @Brownmoose @moninvestor @jrouldz @jpinsights @Kaizen_Investor @outliercapx @JonahLupton -BP Not financial adivce.

"However, Broadcom's procurement volume has increased substantially compared with the past and is now roughly on par with NVIDIA's, which has strengthened its bargaining power." Broadcom’s volumes in 2027 will be massive. Many Taiwanese sources say TPU volumes will exceed NVIDIA’s in 2027.

The most important line from the $AVGO call was not the quarter. AI revenue: $58B this year. $115B guided next year. $230B the year after. Management is guiding 4x in two years, and the stock still trades around 19x forward. That gap is the trade.

I see a lot of posts about power these days and how much we’re going to need, but much less about the optimisation everybody is working on. After our conversations with APR Technologies, ZutaCore, and Accelsius with different cooling solutions, I think the cooling efficiency of next-generation AI data centres will improve significantly. The ZutaCore/Munters comparison gives a sense of the potential: modelled annual cooling energy roughly 74% below its specified single-phase chilled-water baseline, with partial PUE falling from 1.115 to 1.03. Just to be clear, this is cooling-energy savings, not a 74% reduction in the facility’s total electricity consumption. But it would still be a huge step. The figures are modelled for a particular design and climate, with a reference-design proof of concept planned for Q1 2027. From our liquid-cooling sector research, we see how much time, energy and engineering effort is being committed to solving thermal issues. Accelsius reported B200 server benchmarks in which its two-phase system matched the single-phase baseline’s thermal performance with facility water at 54°C rather than 45°C. Warmer water gives operators more opportunity to reject heat without running energy-intensive chillers. Accelsius benchmark Part of APR’s approach is local coolant control. Management described directing coolant towards hotspots to reduce pumping energy and improve heat transfer at the chip interface. These designs target energy savings, thermal control and, depending on the system, opportunities to reduce cooling infrastructure and CAPEX. If you look at the route to market, there are interesting options for how these technologies could scale. In our call with APR, management said that even when large companies send their best engineers, they still need to teach them how to use and integrate the technology at a really deep level. Management stressed the need to get involved early in the hardware design, helping with simulations, coolant selection and materials. To me, that gives these niche players significant strategic value as partners to server manufacturers and chip designers. There’s a real specialist edge here that’s what we’ve gathered from multiple calls. So I see specialists teaming up with larger partners as a likely route, alongside potential M&A. Time to market is still something we’re researching. We have follow-up calls planned with these companies, but also with a few major players to look at it from their side. The combination of commercial scale and getting more compute out of the electricity a site can access is really interesting in these times. Lowering cooling overhead can leave more power available for running the servers. In my view, this sector is still very undercovered by analysts and people on X. $NVDA $NBIS $IREN $VRT

I’ve added to my $CRDO because I think the next two quarters will make the H2 opportunity much harder to ignore. Why? Credo’s outlook for more than 85% revenue growth this fiscal year implies revenue above roughly $2.47B. Q1 delivered $479M, and Q2 guidance is $525–535M. Using the Q2 midpoint, that gives us about $1.01B in the first half. To reach 85% growth, Credo then needs roughly $1.46B in H2. About 45% more revenue than H1. That acceleration is already embedded in management’s outlook. For a sense of the quarterly progression, approximately $655M in Q3 and $806M in Q4 would get them there. These are my illustrative numbers, not quarterly guidance from Credo. And if we hang on to the Q4 figure. We’re looking at a business that just reported $479M in quarterly revenue, with an annual outlook that could support an exit quarter above $800M. That’s why I struggle with putting so much weight on whether Q1 beat expectations by enough. My investment case has been built around the larger revenue ramp still ahead, and management raised its full-year growth outlook after reporting Q1. The profitability is another reason I’m bullish. Q1 non-GAAP gross margin was 68%, with Q2 guided to 67–69%. At that level, an additional $100M in quarterly revenue produces roughly $68M in gross profit before operating expenses, assuming the margin holds. So I’m thinking about what earnings could look like as those larger revenue quarters arrive. There is considerably more earning power in an $800M quarter than a $479M quarter, even without assuming any gross margin expansion. Customer timing is the main execution risk I’m watching given how much revenue sits in H2. But my expectation is that the ramp happens, and I see room for Credo to exceed the full-year outlook. I’ve added because I want to own more of the business before those quarters arrive. By then, we’ll be debating what comes after an entirely different revenue base.