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 is networking its way into every hyperscaler through warrant deals, now giving Alphabet options to buy $12.2B of the company. The Google deal covers processors, storage and networking technologies used with TPUs and could translate into about $120 billion of revenue through 2033. Marvell also has separate warrants with Amazon tied to photonic fabric purchases after its Celestial acquisition, recalling Jensen Huang's call that Marvell could be the next $1T+ company. 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's custom-silicon deal with Google locks in a major customer and could be worth up to $120 billion of revenue. Signed July 29, it covers AI inference accelerators, storage, network and memory interface controllers and near-memory compute tied to Google's TPU ecosystem. Google gets warrants for up to 58.97 million shares at $206.58, most vesting one tranche per $500 million of discretionary purchases, so the full amount is a very high milestone, not guaranteed revenue. x.com 

Marvell's neutrality lets it win custom silicon across all major US hyperscalers, but those wins should be sized net of the equity they hand back. Its Google deal on TPU-ecosystem chips took share from Broadcom, while Amazon's new custom silicon pact with Qualcomm shows neutrality cuts both ways. Google's warrant over 58.97M shares vests per $500M of purchases, so each $9.9 Google spends earns $1 of Marvell equity. Vesting starting in fiscal Q3 2027 would show the structure works. 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 

A potential Lumentum acquisition could let Marvell pair custom AI chips with the optical infrastructure connecting them. Following Celestial AI, it could become one of the few companies offering both, moving toward an AI-focused version of Broadcom; financing a deal this large remains a major concern. x.com 

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 

Marvell is a loser from the AI-lab slowdown, because it can't earn premium margins if Nvidia and Broadcom also see a pause. Lab leaders including Elon Musk, Dario Amodei and Sam Altman have pivoted to warning that AI could kill you, which, with AI already polling badly, will make it much harder for AI to attract investment. x.com 

Broader adoption of custom AI silicon could benefit Broadcom and Marvell. OpenAI reportedly plans to expand its use of Google's TPUs beyond Nvidia GPUs, and Google TPUs are coming to Oracle Cloud in 2027. Both are potential tailwinds for custom-chip suppliers. x.com