Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Marvell Technology’s AI Accelerator: Amazon’s Backing and a 75% Growth Target?
Marvell Technology delivered a standout Q3 FY25, with revenue rising 7% YoY to $1.516 billion (+19% sequentially), driven by surging demand for custom AI silicon and optical interconnect solutions, particularly from hyperscaler customers like AWS. Data center revenue surged 98% YoY, now comprising 73% of total sales, solidifying Marvell’s leadership in AI-driven infrastructure. The accelerating adoption of Marvell’s $100 billion-transistor custom AI chips and advanced optical DSP solutions highlights its differentiated execution, while the multiyear AWS partnership validates its AI-first strategy and offers long-term revenue visibility. Profitability is improving, with non-GAAP EPS of $0.43 growing 43% sequentially, though gross margins (60.5%) reflect a higher mix of custom silicon—a tradeoff offset by scale-driven operating leverage. Looking forward, management’s Q4 guidance of $1.8 billion (+26% YoY) underscores robust AI momentum, while leadership in 1.6T DSPs and next-gen optical interconnect solutions positions Marvell for sustained growth in FY26. While enterprise networking and carrier markets remain uneven, a broader recovery could provide incremental upside. Risks tied to customer concentration and gross margin pressures exist, but Marvell’s strategic positioning in AI accelerators and interconnects offers a compelling long-term growth thesis. Can Marvell sustain its data center dominance and achieve its ambitious 75% AI revenue growth target, or will execution challenges and competitive pressures temper its trajectory?
