Marvell is a 2030 stock: the market sold it 32% off its high because the payoff starts in 2029. Data center is 79% of revenue and growing 46%. Management raised its fiscal 2028 target to $18B, said custom silicon more than doubles next year, and in August signed a Google TPU agreement with up to $120B of revenue potential over six years. x.com 

The market may still be underestimating Marvell as it becomes a key supplier of custom silicon and connectivity for the AI build-out. At its Investor Day, Marvell put its addressable market at about $400 billion by 2030, targeted about $20B of FY28 revenue and said revenue could reach $70-90B by FY31. Last quarter revenue rose 37% to $2.74B on AI and data-center demand, and Nvidia's Jensen Huang reportedly called Marvell the next trillion-dollar company. x.com  x.com 

Marvell's strong quarter was already priced in, so a sell-the-news decline is likelier. Q2 revenue rose 37% to $2.739B, data center revenue 46%, and Q3 guidance of $3.15B beat estimates; management sees custom silicon revenue more than doubling in FY28 and a path to about $18B of FY28 revenue. But the Google partnership and AI growth were largely traded ahead, and the stock never broke its rising channel's top. Long term, it is still a good company to add to at better prices before the midterms. … Show more

Marvell expects its revenue to grow tenfold in five years to $80B, driven by custom chips it builds for hyperscalers. Those companies design their own chips to reduce reliance on Nvidia and cut the long-term cost of off-the-shelf parts. The custom segment had no revenue two years ago and is expected to bring in $30B by 2031. x.com 

The Lumentum merger makes Marvell's path toward a $1 trillion valuation look clearer if it executes well. Jensen Huang had called Marvell the next $1 trillion company. Lumentum's demand is sold for the next two to three years, though whether that gives Marvell an edge remains an open question. Marvell looks like a long-term opportunity, but the route to building a position is still unclear. x.com 

Marvell risks paying a peak-scarcity price for Lumentum if optical supply catches up by 2028-30. The proposed ~$99B deal values Lumentum at roughly 20x guided annualized revenue and 58x estimated after-tax operating income, while Lumentum, Coherent and Chinese suppliers are adding laser capacity. The DSP-and-laser combination has strategic logic, but durable scarcity economics and Nvidia's response remain uncertain. x.com 

Marvell looks interesting at less than 30x calendar-2027 EPS against expected 60-70% annual EPS growth, but overpaying for Lumentum could drive its shares lower. Marvell could pay up to $110B, roughly a 30% premium; the stock-versus-debt mix is unclear, and Lumentum holders might own a third of the combined company. If the deal falls apart, Marvell could rise 10-12%. x.com 

Google's warrant for almost 59 million Marvell shares, tied to what could be $120 billion of custom chip revenue, is marvelous news for Marvell. Per the quoted report, the expanded partnership covers AI inference accelerators, storage, network and memory interface controllers and near-memory compute for Google's TPU ecosystem. x.com 

Marvell's ambitious long-range outlook is encouraging about hyperscaler and AI-lab spending plans, but hitting it depends on AI revenue and token consumption soaring through decade's end. Even if its FY28 estimates rise again, Marvell trades at a healthy premium to Nvidia and Broadcom, especially on a GAAP basis, and those two are growing fast too. x.com 

Marvell's custom AI silicon business is scaling very fast after Google struck a deal with it for custom chips covering AI, networking and memory, including an equity stake in Marvell. Stifel says the deal could generate up to $120B of revenue over about seven years, far above Marvell's current annual run rate. x.com  x.com