Marvell Technology (MRVL) 2026 Evercore Global TMT Conference summary

Financial performance and growth outlook

• Revenue guidance was raised to $11.5 billion for the current year and $16.5 billion for the outer year, reflecting strong demand and effective supply chain management.

• Interconnect business is growing at over 70% this year, with scale-out and scale-across segments both contributing significantly.

• Custom ASIC/XPU business is expected to grow over 20% this year, doubling the following year, driven by diversified programs and strong XPU attach opportunities.

• XPU attach revenue is projected to reach $3 billion by 2028, with CXL and custom NICs as major contributors.

• Data center business grew at mid-40% last year and is expected to accelerate to 50% growth this year, despite tight supply conditions.

Technology leadership and product innovation

• Investments in connectivity and optics, including PAM4 DSPs and coherent technology, have positioned the company as a leader in data center interconnects.

• Celestial AI and other scale-up optics technologies are entering production, with revenue expected to ramp from $500 million quarterly to $1 billion the following year.

• The company offers a broad portfolio across XPUs, switches, and photonics, enabling end-to-end solutions for hyperscalers.

• Multiple modulator and optical technologies are being developed, including MRM, MZM, EAM, Micro-VCSEL, and Micro-LED.

• Acquisitions like Inphi and Polariton have expanded capabilities in analog components and next-generation modulators.

Strategic partnerships and market positioning

• Deepening collaboration with NVIDIA spans optics, networking IP, and AI-RAN infrastructure, enabling fungible data center architectures.

• The company acts as a bridge between merchant and custom infrastructures for hyperscalers, expanding total addressable market.

• Long-term investments and early assembly of technology pieces have created a defensible roadmap and strong customer engagement.

• Recent wins in custom design and increased traction reflect the value of proprietary networking IP.

• The shift toward optics and higher bandwidth is expected to be a major differentiator over the next 5-10 years.