Semiconductors
Marvell: Tons of AI Potential Obscured by Underperforming Segments
Despite closing Marvell, the stock remains on the list of our top 10 ideas. There is abundant AI potential buried by other segments that are in a steep, cyclical trough. As we look on the horizon, CY2025 has the makings of a solid comeback for this often-overlooked AI stock. Data center revenue in the current quarter was $816.4 million, up 87% YoY and up 7% QoQ. This is on the heels of another historic data center quarter of $765.3 million, up 54% YoY and up 38% QoQ. The data center outperformance comes from electro-optics and interconnect products, whereas custom silicon saw “initial shipments” in the quarter. Looking to next quarter, management expects data center to grow in the mid-single digits “as our custom AI silicon continues ramping.”
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