Mar. 21 at 10:42 AM
$MRVL – The silent backbone of AI connectivity and custom silicon
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While everyone watches Nvidia, Marvell quietly dominates two critical layers of the AI stack:
🔹 Electro‑optics (PAM4 DSPs) – converts electrical to optical for fiber optics. >70% market share in high‑speed DSPs. Every AI cluster needs them.
🔹 Data Center Interconnect (DCI) – connects data centers across metros. Essential for distributed AI training.
Current stats (Mar 21 close):
• Price:
$84.63 (+2.1% on the week)
• P/S: ~8.1x (below 5‑yr avg of 9.4x)
• Data center revenue: 68% of total (+42% YoY)
• FY26 guidance:
$8.0–8.2B revenue, 24% YoY growth
The moat:
PAM4 DSPs require deep mixed‑signal expertise and years of qualification. Competitors (Broadcom, Credo) exist, but Marvell is the entrenched leader.
The thesis:
AI scales not just in GPUs, but in the optical interconnects and custom silicon that make clusters work.
$MRVL captures both.
