Marvell Technology Inc

Record Revenue and Strong Growth: Marvell reported record revenue of $1.895 billion for the first quarter of fiscal 2026, which represents a 63% year-over-year growth and a 4% sequential increase. The strong performance was primarily driven by demand in the data center end market, which saw a revenue increase of 76% year-over-year.

AI-Driven Demand and Custom Silicon Growth: AI represents the majority of data center revenue, with projections indicating that this trend is set to continue. Marvell's custom silicon business is expected to grow significantly, with forecasts indicating second-quarter revenue of $2 billion, a 57% year-over-year growth. This growth is attributed to robust demand for AI infrastructure and custom HPXUs.

Significant Stock Repurchase Program: Marvell has dramatically increased its stock buybacks, repurchasing $340 million in Q1 FY2026, up from $200 million in the previous quarter. This move reflects management’s confidence in the company’s long-term prospects and aims to return value to shareholders.