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.