Marvell Technology Inc

Strong execution + accelerating growth (record quarter) - Q2 FY27 revenue: $2.739B, +13% sequential and +37% YoY (record). - Non-GAAP EPS: $0.94, above guidance midpoint. - Data Center remains dominant: $2.17B revenue, 79% of total, +18% sequential and +46% YoY; acceleration from Q1 (Q1 was +11% sequential / +27% YoY).

Upward revisions to outlook—especially Data Center; major 2H ramp - Q3 FY27 revenue forecast: $3.15B midpoint → +15% sequential and >50% YoY. - FY27 revenue outlook raised: now ~$12B, ~+45% YoY (up from ~$11.5B prior quarter). - FY27 Data Center growth outlook raised: now ~60% YoY (up from prior ~50%). - Communications segment outlook (lumpiness/near-term softness): Q3 expected decline low-to-mid teens % sequentially and YoY, then sequential recovery in Q4—i.e., not smooth quarter-to-quarter.

FY28 guidance meaningfully higher with faster growth rate - FY28 revenue outlook raised: to ~$18B, up +$1.5B vs $16.5B prior outlook. - FY28 growth: now ~+50% YoY, faster than the prior outlook (previously ~+45%). - FY28 Data Center growth: >60% YoY, broad across interconnect, switching, and custom (with custom >doubling per management). - Opportunity narrative: AI cluster scaling drives networking demand “broadening” beyond initial front-end DCI scale-out into scale-across and scale-up.