MRVL 全部观点

The next company I actually want to take a closer look at is Marvell. Now, Marvell just recently reported earnings, and I thought earnings were great. The stock is down roughly 10%.

Market cap of 190 billion. Year-to-date, the stock is up 142% but from its 52-week high, the stock is down nearly 30%.

Marvell just delivered what I thought to be an excellent quarterly result. The results were so good in fact that the company revised upwards its outlook for the rest of this year and for 2028.

In fact, for the full fiscal year 2027, Marvell now expects revenue to grow approximately 45% to 12 billion. That was up from the previous $11.5 billion estimate. Furthermore, they increased their 2028 revenue outlook to approximately 18 billion and that was up from 16.5 billion just a few months ago.

All right. So, Marvel. Uh next up on Marvel's chart, they did report earnings after the bell, and you can see they did decline pretty nicely, down 9.72% today.

But, if you notice, price has really come into a pause right in this range of consolidation that took place all on top of this yellow trend line that you see here on the chart.

You can see this dated all the way back here to March of 2024. All I did was connect this other previous high pivot in December of 2024, and then I drew that trend line amongst and and all out on my chart.

You have Marll in a draw down. Both of those companies have just been reporting some of the greatest news and contracts and earnings any of us will ever see, but that was already priced in six months prior.

Marll is coming on very strong. Broadcom is coming on very strong. He's comp Let's take Marll. Marll is building custom AS6 for customer. Amazon's their biggest customer. So Amazon's building tranium chips which are application specific integrated circuits.

They do not have as broad of a use as a GPU. They're not as powerful. They're not clustered the same way. you know, you take a take a take a cluster of 10,000 chips and and put them in.

It's not the way that's being done. But Amazon its tranium line of chips, Alphabet's making chips, Microsoft is making chips, Meta, Apple is making its own chips. They're they're utilizing application specific integrated circuits.

And that custom chip making for the hyperscalers is coming out of Marll. This doesn't mean Amazon's not buying GPUs. doesn't mean uh Gemini is running without GPUs, but it is new competition for the buildout of compute.

Why would they want to use AS6? Well, if they build them themselves, they can customize them for exactly the uses within their data centers that they see as being important. Okay, so that's what Marll is doing.

Marvell is also reporting tomorrow, expecting a very juicy return.

another one that's earning on Thursday is Marvel. But speaking of the choke points and bottlenecks, memory is a big one and Marvel VP is pushing for DDR4 type of memory for recycling for use in their CXL memory because they are experiencing the worst DRAM shortage ever.

And they're focusing on all sorts of creative ways to fix that bottleneck as well.

But these ASIC producers, so think Marll and think Broadcom. Uh Broadcom has better margins than Marll, but uh Marll has a better balance sheet than Broadcom. Marll is also a $200 11 billion company.

It's up about 5.6%. I've got exposure to Marll. I don't have exposure to Broadcom, but I really like Broad. Like I'm really tempted by it right now. $1.7 trillion company.

Another set of companies to consider looking at is going to be Broadcom and Marvell. And in fact, Marvell also reports this week, later in the week. These companies are more nuanced because Broadcom and Marvell benefit from AI spending, but it also represents one of Nvidia's biggest long-term threats.

Why? Custom silicon. Google, Meta, OpenAI, other hyperscalers, these companies increasingly want AI accelerators designed specifically for their own workloads. Broadcom and Marvell help enable those chips.

So, if Nvidia says overall AI infrastructure spending continues exploding, that's great for both Broadcom and Marvell. But if Jensen starts discussing competitive pressures from custom accelerators, that's another important positive signal for both of these companies.

This is why I own exposure to both sides of the equation. I own Nvidia, AMD, and then Broadcom and Marvell, but position sizing is different for all of them. Nvidia benefits from general-purpose accelerated computing.

Broadcom and Marvell benefits as hyperscalers increasingly design specialized silicon. I don't need to perfectly predict which architecture wins.

This comes as Marvell Technologies. We're not talking about the comic books. We are talking about the custom semiconductor maker, often playing a backseat to the likes of Broadcom, even AMD.

Well, Marvell is jumping to the top of the list of Google as they signed a chip deal including issuing warrants to the company. We've seen this over at AMD. They had issue a huge chunk of the company to open AI and Meta.

Marvell doing the same with Google. This gives Google obviously a huge incentive to deal with Marvell because they essentially are allowed the right to buy shares of Marvell at just $206 per share.

I think don't quote me on this, but I think it was about 6% of the company. So if Marvell stock continues to rise and currently it's at 237, well Google of course would exercise those rights cuz they're getting the stock at a tremendous discount.

Also obviously incentivizes them to buy from Marvell to juice their revenue, to juice the stock price, and just make those warrants worth even more. You do have to factor that in as a shareholder as those rights essentially dilute you as a shareholder and in some ways can be a very expensive way to sell GPUs in the hottest chip market that we've ever seen.