Morgan Stanley on $MRVL (EW, PT $246): Solid quarter, but no near-term surprises, as the qtr & outlook were in line with prior commentary. Expectations were higher cuz of the Google relationship announced a few days ago, but that customer was contemplated in prior guidance. We are generally quite positive on the shift in messaging from MRVL and the long-term growth opportunity. Eighteen months ago, it felt that the growth dynamic was significantly tied to big monolithic custom ASIC opportunities. While we like the optionality of that market, competing directly with NVIDIA is hard and doesn’t always pan out. We still think there are some headwinds from the Trainium relationship in these numbers. But the focus on a broad range of 'XPU attach' businesses, as well as optical connectivity, and more recently scale-up, which is a totally greenfield opportunity, brings much higher visibility. That said, MRVL trades differently from other AI names. They tend to give very bullish long-term forecasts, then execute to those forecasts, versus other companies that tend to trade more on beats and raises. That puts significant focus on the analyst day." Analyst: Joseph Moore