Marvell Technology (MRVL) Citi’s 2026 Global TMT Conference summary

Strategic evolution and AI positioning

• Pivoted from consumer focus to data center and AI, growing data center revenue from $2.2B in 2023 to a projected $15–16B next year, driven by early and sustained investment in data infrastructure technologies.

• Built a diversified product suite through M&A, organic investment, and a focus on networking, optics, and custom silicon, establishing a best-in-class financial model for multi-year growth.

• Positioned as a leader in AI infrastructure, with deep partnerships and a reputation for reliability and execution in advanced node silicon.

Networking and optics innovation

• Developed a comprehensive scale-up networking portfolio, including Teralynx switching and investments in ESUN, UALink, and NVLink, leveraging proprietary SerDes technology.

• Integrated NPO and CPO solutions through acquisitions and internal R&D, with significant near-term revenue expected from NPO modules and analog components.

• Anticipates simultaneous market adoption of NPO, CPO, and copper, creating new TAM and competitive differentiation through end-to-end solutions.

• Maintains leadership in DCI and pluggable optics, with strong positioning for the 1.6T transition and scale-across architectures, supporting outsized growth plans.

Custom silicon and XPU-attach strategy

• Expanded custom ASIC business from a single-customer focus to 20+ design wins across all major hyperscalers, with a diversified pipeline and significant IP content.

• Announced a major XPU-attach partnership with Google, structured for substantial long-term revenue, and expects custom sales to double next year.

• Custom business is managed for operating margin parity with the overall company, offsetting lower gross margins through customer-funded development and disciplined portfolio management.