JP Insights(@jpinsights):The more I go through the $MRVL Q2 call, the more I think the market is focusing on the wrong part of the story. Google is obviously huge, but the bigger change in my thesis is that several things I treated as optionality in July are now starting to show up in actual customer deployments and revenue guidance. Connectivity looks much bigger than I expected, scale-up is broadening beyond one Celestial program, CXL/XPU-attached is becoming more tangible, and we are finally starting to see the operating leverage I wanted before getting more comfortable with the equity story. I’ve now finished my full updated Marvell thesis. Just some more read-throughs. Publishing tomorrow evening.

2026.08.29 21:25

The more I go through the $MRVL Q2 call, the more I think the market is focusing on the wrong part of the story. Google is obviously huge, but the bigger change in my thesis is that several things I treated as optionality in July are now starting to show up in actual customer deployments and revenue guidance. Connectivity looks much bigger than I expected, scale-up is broadening beyond one Celestial program, CXL/XPU-attached is becoming more tangible, and we are finally starting to see the operating leverage I wanted before getting more comfortable with the equity story. I’ve now finished my full updated Marvell thesis. Just some more read-throughs. Publishing tomorrow evening.

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