Semiconductors

Marvell Tech

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0925 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Last night, the official website of the National Press and Publication Administration released the latest batch of online game license lists. A total of 145 domestic games received licenses, and 11 imported games were approved. Key games include Tencent's 'Return to Loop', NetEase's 'Star Painting Friends Sunny Day', and miHoYo's 'Honkai: Spirit of Fate'. The number of licenses issued in a single batch continues to exceed 100, maintaining a 'normalized high-frequency issuance' pace, confirming the warming policy...

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News

JD Unveils New "Jingxi" Initiative; Xiaomi 17 Series Launches Tonight | Today's Important News Recap

Marvell

Conference Minutes

The following are the minutes of Marvell Technology's Marvell FY2026 Q2 earnings call. For an interpretation of the earnings report, please refer to &#34;Marvell Technology Marvell: Cloud Giants Spend More Generously, Why Didn't ASIC 'Leverage'?&#34; 1. $Marvell Tech(MRVL.US) Key Financial Information Review 1. Capital Deployment and Investment The company has completed the divestiture of its automotive Ethernet business, with the transaction yielding $2.5 billion in all-cash, providing the company with flexibility to continue its stock repurchase program and further invest in technological capabilities to strengthen its technology platform...

Marvell (Minutes): Still has not responded positively to Alchip's challenge

Financial Analysis

Marvell Technology reported its fiscal year 2026 second-quarter financial results (ending July 2025) in the early morning of August 29, Beijing time, after the U.S. stock market closed: 1. Revenue: This quarter's revenue was $2.01 billion, a quarter-on-quarter increase of 5.8%, meeting market expectations ($2.01 billion). The quarter-on-quarter increase of $110 million was mainly driven by growth in the data center and consumer businesses. The consumer business was driven by a recovery in demand in the gaming market, while growth in the data center business was primarily driven by AI business and electro-optical interconnect products. 2. Gross Margin: This quarter's gross margin was 50.4%...

Marvell Technology: Cloud Giants Spend Generously, Why Didn't ASIC Benefit?

Marvell Quick Interpretation: Although the company's overall revenue and gross margin for this quarter were basically in line with expectations, the revenue guidance for the next quarter is relatively weak.The most concerning aspect for the Marvell market is the performance of the data center business, especially the progress of custom ASICs.However, after delivering a performance below expectations this quarter, the company has provided guidance for the next quarter that is flat quarter-over-quarter, with the custom ASIC business expected to face a quarter-over-quarter decline, which to some extent confirms market concerns.Although several major cloud service providers have recently increased their capital expenditures, Marvell has not directly benefited at this stage.Regarding the company's custom ASIC business, the current main revenue comes from Amazon's Trainium2 and Google's Axion CPU products, which will be mass-produced in 2024, while the product for the third customer, Microsoft, will not be mass-produced until 2026.Without the drive of new products, the company's custom ASIC business is clearly under pressure at this stage, but a decline in the next quarter was unexpected.The company is currently in a new product vacuum period and faces competition from AI chips. Although the company provided a promising outlook on AI Day, it still needs to deliver tangible performance results.In the context of increased capital expenditures by major companies, the company's forecast of a decline will directly impact market confidence. For more specific information, please follow Dolphin Research's subsequent commentary and management communication content. $Marvell Tech(MRVL.US)

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0619 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. The Federal Reserve announced that it would keep the benchmark interest rate unchanged at 4.25%-4.50%, in line with market expectations. However, the dot plot indicates that the expectation for rate cuts within the year has been reduced from twice to once. Powell emphasized &#34;data dependency&#34; and mentioned that geopolitical conflicts and tariff policies exacerbate inflation uncertainty. The continuity of this policy leaves the market with ongoing uncertainty about future economic trends, and the Hong Kong stock market sentiment remains subdued due to the influence of Fed policy and geopolitical risks. 2. The Middle East situation continues to escalate...

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Why is the Hong Kong Stock Market Slumping? Labubu Unveils First Online Pre-Sale | Today's Important News Recap

Marvell Technology (MRVL.O) released its Q1 2026 fiscal year earnings (as of April 2025) after the U.S. market closed on May 30, Beijing time: Below are the Minutes of Marvell's Q1 2026 fiscal year earnings call. For a Quick Interpretation of the earnings, please refer to &#34;Marvell: AI Growth 'Stalls'...&#34;

Marvell (Minutes): AI Revenue Poised to Account for Half of Total Revenue​

Marvell Technology (MRVL.O) released its Q1 2026 fiscal year earnings (as of April 2025) after the U.S. market closed at 12:00 AM Beijing Time on May 30: 1. Overall Performance: Revenue reached $1.9 billion, up 4.3% quarter-over-quarter, largely in line with the expected $1.88 billion. The $80 million quarter-over-quarter revenue increase was primarily driven by data center and AI businesses. Adjusted gross margin was 59.2%, down 0.3 percentage points quarter-over-quarter. The company's gross margin shows a declining trend...

Marvell: AI Growth 'Stalls', Where is the Next 'Trump Card'?

Marvell 1QF26 Quick Interpretation: The company's revenue performance this quarter met expectations, with growth primarily driven by the data center business and a recovery in the operator infrastructure business. The gross margin appeared to exceed market expectations, but was significantly impacted by the amortization of acquired assets under GAAP. After adjusting for acquisition-related amortization, the adjusted gross margin was 59.2%, down 0.3 percentage points sequentially, which was also largely in line with expectations (for details, see Dolphin Research's follow-up content).The company's guidance for the next quarter is moderate. It expects revenue of $2 billion, up 5% sequentially, in line with market expectations. As current revenue growth is mainly driven by the data center business, the AI business does not show any unexpected improvement based on the growth rate for the next quarter.For Marvell, the focus is on the performance of its AI business and its operations in China:1) Most of the data center business revenue currently comes from AI, mainly including custom ASIC chips and optical module chips. This revenue is primarily benefiting from the mass production ramp-up of Amazon's Trainium 2 chips. Dolphin Research estimates the company's AI revenue this quarter at around $830 million, largely in line with previous expectations.2) Due to U.S.-China tensions, the market is also concerned about the company's business in China. China remains the company's largest revenue source, accounting for 40% of total revenue. The current financial report does not disclose specific details about the China region, so further attention will be paid to management's communications.$Marvell Tech(MRVL.US)

The market is most concerned about the AI segment of $Marvell Tech(MRVL.US)'s data center business. The significant improvement in the company's performance over the past year is mainly attributed to the incremental growth brought by AI. With the release of this financial report, the market is primarily worried about the growth potential of the AI business.This quarter's revenue was $1.366 billion, with AI business revenue reaching around $700 million, mainly driven by increased demand for customized ASIC products from clients like Amazon. The growth of the AI business this quarter was still quite good, but combined with the guidance for the next quarter, it is recommended that AI business growth will significantly slow down next quarter.As a major player in the ASIC market, Marvell Technology also faces two risks:1. For capital expenditures in 2025, major companies are generally showing a &#34;low first, high later&#34; trend, and Marvell's major ASIC client, Amazon, will shift its focus from Trainium 2 to Trainium 3;2. Marvell faces competition from Alchip in its customized AISC products for Amazon.The company has repeatedly stated that AI revenue for the fiscal year 2026 will exceed the previous guidance of $2.5 billion, but buyers have generally raised this expectation to around $3.5 billion, which could shake the market's confidence in the company's AI and ASIC businesses.

Marvell Technology (MRVL.O) released its Q4 fiscal year 2025 financial report (for the period ending January 2025) after U.S. stock market hours on March 6, Beijing time: Below are the minutes from Marvell's Q4 fiscal year 2025 earnings call. For the financial report interpretation, please refer to &#34;Marvell Technology: Pouring Cold Water on AI Again, ASIC Sounds the Alarm.&#34; 1. $Marvell Tech(MRVL.US) Key Financial Information Review 1. FY25 Financial Highlights: Q4 fiscal year 2025 revenue was $1.817 billion, a year-on-year increase of 27%...

Marvell'er Technology (Minutes): The growth rate of data centers has collapsed

Metis Global Partners LLC increased holdings in Marvell Technology, Inc. stock

Versor Investments LP and Other Institutional Investors Invest in Marvell Technology

SoftBank Once Considered Acquiring Marvell

Marvell Technology to Report Q3 FY2026 Financial Results on December 2

Zweig DiMenna Boosts Holdings in Marvell

Daymark Wealth Partners LLC Invests in Marvell Technology

Bay Colony Advisors Increases Holdings in Marvell and Announces Stock Repurchase

Waterfront Wealth Inc. Increases Holdings in Marvell Technology, Executives Purchase Stock

Weiss Ratings Reiterates Hold Rating for Marvell Technology, Announces Share Repurchase Plan

Barclays downgrades Marvell Technology rating, causing stock price drop

SilverOak Wealth Management LLC Increases Holdings in Marvell Technology Inc

De Silva Covers Tech Stocks, UBS Maintains Buy Rating on Marvell

Marvell Technology Launches New Connectivity Products to Meet Data Center AI Requirements

Oppenheimer Maintains Marvell Tech 'Outperform' Rating, Raises Price Target to $115

Thompson Investment Management Increases Stake in Marvell Technology

Weiss Ratings reiterates Marvell Technology 'Hold' rating

Marvell to Showcase Next-Generation Acceleration Infrastructure at OCP Global Summit 2025

SteelPeak Wealth LLC Reduced Its Holdings in Marvell to 168,684 Shares

Insiders of Marvell Technology Purchased Stocks After Announcing a $5 Billion Repurchase Plan

HB Wealth Management LLC Reduced Holdings in Marvell Technology in Q2

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Earning Release Date

财报预告

FY2026 Q3 Earning Release 2025.12.02 (EST) After-Market

Marvell Technology, Inc. (MRVL.US) Q2 Fiscal Year 2026 Earnings Conference Call

Marvell Technology, Inc. (MRVL.US) Fiscal Year 2026 First Quarter Earnings Conference Call

Marvell Technology, Inc. (MRVL.US) Fiscal Year 2025 Fourth Quarter and Full Year Earnings Conference Call