$MRVL Conference Call Highlights: 1️⃣ The upward revision of revenue expectations is primarily driven by the data center business, which is projected to grow by approximately 50% this fiscal year. Specifically, the interconnect business is expected to grow by over 70% year-over-year, significantly higher than the previous forecast of 50%. 2️⃣ Interconnect business growth will continue to outpace cloud CapEx, primarily benefiting from strong demand for 1.6T from scale-out networks and greater contributions from scale-up and scale-across networks. 3️⃣ Collaboration with NVIDIA: - Optical Collaboration: Expanding from DSP, TIA, and drivers to silicon photonics technology - NVLink Fusion Integration: Supporting Marvell in developing custom chips that seamlessly interconnect with NVIDIA - AI RAN: Integrating AI with wireless infrastructure 4️⃣ Key Strategies: Increased AI investment Locked-in capacity (approximately $1 billion in upfront payments) Continued share buybacks 5️⃣ Custom business is the next growth driver: 2027 growth >20% 2028 growth >100% Expected revenue >$10 billion in FY2029 The earnings report for $MRVL further confirms the growth in network demand and the certainty of demand for optics. Interconnect + optics is the fastest-growing and most frequently highlighted segment in Data Center. This corroborates yesterday's earnings report for $SMTC. What's unique is the growth of XPUs; currently, they're only a part of the Data Center ecosystem. However, if they accelerate as management expects (>100% year-on-year growth) and reach $10 billion by FY29, they could become the next growth engine. Additional research data: - In the 1.6T optical module market, Marvell holds approximately 60% market share in DSP, TIA, and driver chips. - In the 800G market, Marvell holds approximately 70% market share in DSP, TIA, and driver chips (primarily because Broadcom prioritizes resources in the 1.6T DSP market, leading to a relatively conservative approach in 800G).