"For the second quarter of fiscal 2027, Marvell delivered record revenue of $2.739 billion, reflecting 13% sequential and 37% year-over-year growth. Revenue and non-GAAP earnings per share of $0.94 both exceeded the midpoint of guidance. As a result, we now expect overall Marvell revenue in fiscal 2027 to grow approximately 45% year-over-year to roughly $12 billion, up from our prior outlook of approximately $11.5 billion just one quarter ago. Putting it all together, we now expect fiscal 2028 revenue of approximately $18 billion, up $1.5 billion from the $16.5 billion outlook we provided just one quarter ago."

CEO · Matt Murphy

"The increase in our revenue outlook continues to be driven by our data center business, which we now expect to grow by approximately 60% this fiscal year, up from our prior expectation of approximately 50%. Importantly, this growth remains broad-based. Interconnect continues to lead the way, while our custom business is expected to ramp significantly in the second half."

CEO · Matt Murphy

"As a result, we now expect Marvell's data center revenue to grow more than 60% year- over- year in fiscal 2028, driven by strong growth across all of our key data center businesses. This includes custom more than doubling, as we indicated last quarter. We look forward to providing a deeper dive into the specific drivers of our longer-term growth at our Investor Day in New York City on October 6, but the key takeaway for today is clear. The strength of our data center business continues to exceed our prior expectations."

CEO · Matt Murphy

"The most recent example of this momentum is the 8-K we filed last week, disclosing an expanded commercial agreement and associated warrant with a key hyperscaler, one of the largest adopters of custom silicon. The warrant agreement encompasses custom programs already in execution that were awarded to Marvell over the past several years, new design wins, and future potential programs. The warrant structure reflects the scale and long-term potential of the relationship and further aligns common interests as our work together expands. It spans a broad range of custom silicon programs, including those that attach to the TPU ecosystem, such as AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near memory compute."

CEO · Matt Murphy

"With respect to CXL, this investment we made organically over the years has really evolved, and it's turning out to be a home run for a couple of reasons. We're seeing this technology now getting deployed at multiple hyperscalers with varying architectures, by the way, in extremely high volumes. One is just the demands of inferencing require it. The other is what we're seeing is as a result of the scarcity that's out there in memory, customers are modifying and adjusting their plans to actually use more of this type of technology. This is continuing to have strong upward bias."

CEO · Matt Murphy

"While the transition in scale-up networks from copper to optics is expected to take several years, with both technologies coexisting, customers are aggressively planning scale-up optics deployments starting as early as next year. In addition to our ongoing success in CPO, we are also seeing a strong adoption of our NPO solutions at multiple customers. As a result, our fiscal 2028 revenue outlook for scale-up optics has increased meaningfully compared to prior expectations, positioning Marvell to be one of the largest enabler of NPO in AI infrastructure."

CEO · Matt Murphy

"Connectivity continues to be a critical enabler of AI performance, driven by robust demand for both our interconnect and switching products. Thus far, the largest driver of growth for these businesses has been for scale-out applications. On the optical DSP side, 800 G demand remains strong, while our 1.6 T business is ramping rapidly, a trend we expect to accelerate further in FY 2028. Within scale-out switching, our business remains on track to more than double this year, driven by a strong ramp in our 51.2 T products across a broadening array of customers."

CEO · Matt Murphy

"As a result, we expect significant operating leverage, with non-GAAP operating margin likely to enter our 38%-40% long-term target range in Q4 of this fiscal year. Looking ahead to fiscal 2028, we currently expect non-GAAP operating expenses to grow at roughly half the rate of revenue growth in percentage terms. This reflects continued investment against an expanding opportunity set, while yielding continued operating leverage to achieve the upper end of our target non-GAAP operating margin of 38%-40% as we progress through the year."

CFO · Dan Durn

"Looking ahead to fiscal 2028, aggregate demand continues to accelerate, and our operations team is doing an outstanding job securing additional supply despite pervasive industry-wide constraints. As a result, we now expect Marvell's data center revenue to grow more than 60% year- over- year in fiscal 2028, driven by strong growth across all of our key data center businesses. Importantly, even as our revenue base becomes significantly larger, our growth rate is accelerating."

CEO · Matt Murphy

"You are right, we did define what we call the XPU attach category a couple of years back. Actually, we gave quite a detailed view of that in our June 2025 custom silicon event. I think all of our projections to date have been under called, meaning that that opportunity continues to get more and more significant. It is just massive for Marvell and game-changing at the sort of peak performance of what could be achieved now over the next six and a half years."

CEO · Matt Murphy