Marvell Technology, Inc. (MRVL) is a fabless semiconductor company specializing in data infrastructure solutions that span from the data center core to the network edge. The company develops high-performance standard and semi-custom products, leveraging expertise in System-on-a-Chip (SoC) architectures, analog, mixed-signal, and digital signal processing. Marvell's products empower the data economy, supporting applications in data centers, enterprise networking, carrier infrastructure, consumer electronics, and automotive/industrial markets.
- Data Center - Provides semiconductor solutions for core data center operations, with a growing emphasis on AI-driven applications and custom silicon solutions.
- Enterprise Networking - Offers products designed to enhance enterprise-level networking infrastructure, enabling efficient and secure data transmission.
- Carrier Infrastructure - Supplies solutions for wired and wireless carrier networks, supporting global communication systems.
- Consumer - Develops semiconductor products for consumer electronics, including devices used in everyday applications.
- Automotive/Industrial - Delivers products tailored for automotive and industrial applications, focusing on reliability and performance in demanding environments.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Matthew J. Murphy ExecutiveBoard | Chairman, President, and CEO | None | Chairman, President, and CEO of Marvell since July 2016. Previously EVP at Maxim Integrated. Became Chairman in June 2023. | View Report → |
Chris Koopmans Executive | Chief Operations Officer (COO) | None | Joined Marvell in June 2016. Promoted to COO in March 2021. Previously EVP of Marketing and Business Operations. Co-founder of Bytemobile, later acquired by Citrix. | |
Mark Casper Executive | EVP and Chief Legal Officer | None | Joined Marvell in October 2021 as SVP and General Counsel. Promoted to Chief Legal Officer in April 2023. Previously General Counsel at Maxim Integrated. | |
Raghib Hussain Executive | President, Products and Technologies | Board Member at Cirrus Logic, Inc. | Joined Marvell in 2018. Promoted to President, Products and Technologies in April 2021. Previously EVP of Networking and Processors Group. Key contributor to product innovation. | |
Willem Meintjes Executive | Chief Financial Officer (CFO) | None | Joined Marvell in June 2016. Promoted to CFO in January 2023. Previously Chief Accounting Officer and Treasurer. Holds degrees in Accounting from the University of Johannesburg. | |
Brad W. Buss Board | Independent Director | Board Member at AECOM and QuantumScape Corporation | Independent Director since July 2018. Former CFO of SolarCity and Cypress Semiconductor. Extensive financial expertise. | |
Daniel Durn Board | Independent Director | CFO and EVP at Adobe Inc. | Independent Director since April 2024. Former CFO at Applied Materials and NXP Semiconductors. Brings financial and operational expertise. | |
Marachel L. Knight Board | Independent Director | None | Independent Director since July 2020. Former SVP at AT&T, overseeing strategic initiatives and capital portfolios. | |
Michael G. Strachan Board | Independent Director | None | Independent Director since May 2016. Former Vice Chairman at Ernst & Young LLP. Brings financial and governance expertise. | |
Rebecca House Board | Independent Director | SVP, Chief People and Legal Officer at Rockwell Automation; Board Member at FMI Funds, MIND Research Institute, and WARF | Independent Director since August 2022. Brings expertise in HR, legal, and corporate governance. | |
Richard P. Wallace Board | Independent Director | President and CEO of KLA Corporation | Independent Director since April 2024. CEO of KLA Corporation since 2006. Extensive semiconductor industry leadership experience. | |
Robert E. Switz Board | Independent Director | Chairman of the Board at Micron Technology, Inc. | Independent Director since May 2016. Former Lead Independent Director at Broadcom. Extensive corporate governance experience. | |
Sara Andrews Board | Independent Director | Member of CISO Coalition National Leadership Board | Independent Director since April 2022. Former CISO at Experian and PepsiCo. Brings cybersecurity expertise. | |
Tudor Brown Board | Independent Director | Board Member at Lenovo Group Limited and other private/public companies | Independent Director since December 2016. Founding member and former President of ARM Holdings. Fellow of the Royal Academy of Engineering. |
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With the significant ramp-up of your custom AI silicon programs impacting gross margins due to mix, how do you plan to maintain or improve gross margins and operating leverage as you further scale this business into next year?
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Given that you are significantly exceeding your full-year AI revenue target of $1.5 billion and expecting even stronger growth, can you quantify your projected AI revenues for fiscal '25 and '26, and what key factors will drive this growth?
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Your key customer has announced a next-generation 3-nanometer AI training ASIC; can you confirm if Marvell will be the ASIC vendor supporting this program, especially in light of increased competition and "competitive noise" around this 3-nanometer program?
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You recently announced a 3-nanometer 1.6T DSP shortly after launching your 5-nanometer product; what is driving this accelerated product roadmap, and how does this rapid cadence affect your R&D investment and market positioning?
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Regarding your expanded agreement with AWS, how significant are the contributions from products like AECs, PCIe retimers, and switching solutions, and which non-optical DSP businesses do you expect to drive the most growth outside your core optical DSP segment over the next 12 months?
Research analysts who have asked questions during Marvell Technology earnings calls.
Harlan Sur
JPMorgan Chase & Co.
5 questions for MRVL
Ross Seymore
Deutsche Bank
5 questions for MRVL
Vivek Arya
Bank of America Corporation
5 questions for MRVL
Harsh Kumar
Piper Sandler & Co.
4 questions for MRVL
Thomas O’Malley
Barclays Capital
4 questions for MRVL
Timothy Arcuri
UBS
4 questions for MRVL
Aaron Rakers
Wells Fargo
3 questions for MRVL
Quinn Bolton
Needham & Company, LLC
3 questions for MRVL
Tore Svanberg
Stifel Financial Corp.
3 questions for MRVL
Blayne Curtis
Jefferies Financial Group
2 questions for MRVL
Christopher Rolland
Susquehanna Financial Group
2 questions for MRVL
Mark Lipacis
Evercore ISI
2 questions for MRVL
Srinivas Pajjuri
Raymond James & Associates, Inc.
2 questions for MRVL
Toshiya Hari
Goldman Sachs Group, Inc.
2 questions for MRVL
Atif Malik
Citigroup Inc.
1 question for MRVL
Ben Reitzes
Melius Research LLC
1 question for MRVL
Chris Caso
Wolfe Research LLC
1 question for MRVL
Christopher Caso
Wolfe Research
1 question for MRVL
CJ Muse
Cantor Fitzgerald
1 question for MRVL
Jim Schneider
Goldman Sachs
1 question for MRVL
Joshua Buchalter
TD Cowen
1 question for MRVL
Karl Ackerman
BNP Paribas
1 question for MRVL
Matthew Ramsay
TD Cowen
1 question for MRVL
Srini Pajjuri
Raymond James Financial
1 question for MRVL
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes directly in the semiconductor markets, which are characterized by rapid technological change, evolving industry standards, and pricing pressures. The company expects competition to intensify as competitors strengthen their product offerings through in-house development or acquisitions. | |
Alchip Technologies | Listed as a direct competitor in the semiconductor industry, which is marked by rapid technological advancements and evolving standards. |
Alphawave Semi | Identified as a competitor in the semiconductor space, where the company faces challenges such as pricing pressures and the need for innovative product introductions. |
Astera Labs, Inc. | Competes in the semiconductor market, which demands high levels of performance and integration. |
A competitor in the semiconductor industry, which is characterized by intense competition and the need for continuous innovation. | |
Listed as a competitor in the semiconductor market, which involves rapid technological changes and evolving industry standards. | |
Competes in the semiconductor industry, facing challenges such as pricing pressures and the need for innovative product introductions. | |
A major competitor in the semiconductor space, where the company faces intense competition and the need to innovate continuously. | |
Global Unichip Corporation | Identified as a competitor in the semiconductor market, which is marked by rapid technological advancements and evolving standards. |
Competes in the semiconductor industry, which demands high levels of performance and integration. | |
MediaTek Inc. | Listed as a competitor in the semiconductor market, which involves rapid technological changes and evolving industry standards. |
A competitor in the semiconductor industry, which is characterized by intense competition and the need for continuous innovation. | |
Montage Technology | Competes in the semiconductor market, which demands high levels of performance and integration. |
A major competitor in the semiconductor space, where the company faces intense competition and the need to innovate continuously. | |
Listed as a competitor in the semiconductor market, which involves rapid technological changes and evolving industry standards. | |
Phison Electronics Corporation | Competes in the semiconductor industry, facing challenges such as pricing pressures and the need for innovative product introductions. |
A competitor in the semiconductor industry, which is characterized by intense competition and the need for continuous innovation. | |
Identified as a competitor in the semiconductor market, which is marked by rapid technological advancements and evolving standards. | |
Realtek Semiconductor Corporation | Competes in the semiconductor industry, which demands high levels of performance and integration. |
Listed as a competitor in the semiconductor market, which involves rapid technological changes and evolving industry standards. | |
A competitor in the semiconductor industry, which is characterized by intense competition and the need for continuous innovation. | |
Socionext Inc. | Competes in the semiconductor market, which demands high levels of performance and integration. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Distributor A | Major distributor | All | Accounted for 24% of total net revenue in fiscal 2024, or about $1,321.8 million (computed as 24% of $5,507.7 million). Historical share: 15% in fiscal 2022, 20% in fiscal 2023. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Multiple companies | 2023 | Marvell completed several acquisitions for a total of $103.2 million (with $73.6 million allocated to goodwill) to expand engineering resources, gain additional intellectual property, and support the expansion of its networking solutions. |
Innovium, Inc. | 2021 | Completed on October 5, 2021 via an all‑stock transaction valued at approximately $1.0 billion, the acquisition aimed to capture the fastest‐growing segment of the switch market with cloud‐optimized solutions, with key allocations to goodwill and intangible assets supporting its strategic fit. |
Inphi Corporation | 2021 | Completed on April 20, 2021 for $9.9 billion, this deal combined cash and stock considerations (including $66 per share in cash and stock issuance) and involved significant allocations to goodwill and intangible assets, strategically positioning Marvell in high‑growth markets such as cloud data centers and 5G. |
Recent press releases and 8-K filings for MRVL.
- Marvell Technology's data center business has grown 3x since calendar 2023, now comprising 75% of total revenues, with its AI franchise increasing greater than 6x over the same period.
- The company does not foresee a revenue hole next year from its lead customer's custom AI silicon program, instead anticipating growth and projecting continued expansion into 2027 and 2028 with new programs.
- Marvell's optics business, a $3 billion optical franchise and 50% of the data center business, is expected to grow double digits sequentially in fiscal Q3 and surpass the projected 18% CapEx growth for next year, driven by strong 800G and ramping 1.6T products.
- The switching business, stemming from the Inovium acquisition, is currently operating at twice its initial $150 million deal model and is forecast to reach half a billion dollars in the next year plus as its 51.2T platform ramps.
- Marvell Technology, Inc. (MRVL) announced a new $5 billion stock repurchase program, adding to the $2.0 billion remaining under its prior authorization as of August 2, 2025.
- The company has entered into a $1 billion accelerated share repurchase (ASR) agreement, in addition to $300 million already repurchased in the current quarter under its regular program.
- Under the ASR, Marvell will pre-pay $1 billion on September 25, 2025, and expects an initial delivery of approximately 10.7 million shares on the same day, with final settlement by the end of calendar year 2025.
- Marvell Technology's Board of Directors has authorized a new $5 billion stock repurchase program.
- This new authorization is in addition to approximately $2.0 billion remaining under its prior repurchase authorization as of August 2, 2025.
- The company has repurchased $300 million of common stock in the current quarter and entered into an accelerated share repurchase (ASR) agreement to repurchase $1 billion of its common stock.
- Marvell's Chairman and CEO, Matt Murphy, will participate in a fireside chat hosted by JP Morgan on September 24, 2025, at 10 AM Pacific Time.
- Marvell Technology is tracking ahead of its $1 billion plus custom revenue target for the current fiscal year, aiming for a 20% share of the $55 billion custom Total Addressable Market (TAM).
- The company guided to an operating margin of 36.2% for the quarter, approaching its 38-40% long-term target, with over 80% of its R&D spend now focused on the data center.
- Marvell's optics/DSP business anticipates double-digit growth in the next quarter, driven by strong demand signals for continued future growth.
- The enterprise networking and carrier infrastructure businesses have recovered, with strong bookings, and are projected to reach a $2 billion normalized revenue run rate.
- Marvell Technology, Inc. announced the industry's first 2nm 64 Gbps bi-directional die-to-die (D2D) interconnect on August 26, 2025, which is also available in 3nm.
- This new D2D interface IP offers more than 3x the bandwidth density of UCIe at equivalent speeds and reduces compute die area requirements to 15% compared to conventional implementations.
- It features advanced adaptive power management, which can reduce interface power consumption by up to 75% with normal workloads and up to 42% during peak traffic periods.
- The technology includes features like redundant lanes and automatic lane repair to enhance performance and reliability.
- Marvell Technology's LiquidSecurity hardware security modules (HSMs) have been selected by Microsoft for its new Azure Cloud HSM service, expanding their existing collaboration.
- The Azure Cloud HSM service provides customers with a dedicated, FIPS 140-3 Level 3 certified, cloud-based HSM cluster for managing cryptographic keys.
- The HSM-as-a-service market revenue is projected to grow at 8.5% per year through 2029.
- Marvell is recognized as a leader in cloud-optimized HSMs, with its LiquidSecurity2 card capable of managing 100,000 encryption key pairs and processing over one million operations per second.
- Marvell Technology, Inc. completed a public offering of $500 million aggregate principal amount of 4.750% Senior Notes due 2030 and $500 million aggregate principal amount of 5.450% Senior Notes due 2035 on June 30, 2025.
- The offering generated approximately $992.3 million in net proceeds after deducting the underwriters' discount.
- These proceeds are designated for repayment of existing debt, including term loans and senior notes due 2026, with any remainder for general corporate purposes.
- Interest on both series of notes will be paid semi-annually on January 15 and July 15, starting January 15, 2026. The 2030 Notes mature on July 15, 2030, and the 2035 Notes mature on July 15, 2035.
- Marvell forecasts its data center TAM to grow from $21 B in CY23 to $94 B by CY28, with data center CAPEX expected to reach $1.02 T by 2028 .
- In FY25, Marvell generated $4.2 B in data center revenue, with custom content exceeding 25% in Q4 FY25, underscoring strong market traction .
- Collaborating with Empower Semiconductor, Marvell is developing integrated power solutions that shift voltage regulation from board-level to silicon-integrated designs, reducing power transmission losses .
- Leveraging Empower’s FinFast technology, the joint solution delivers power directly at the point of load with high density and precision .
- Marvell unveils the industry's first 2nm custom SRAM delivering up to 6 gigabits of high-speed memory at 3.75 GHz, reducing on-chip memory area by 15% and standby power by 66% .
- The new SRAM extends Marvell’s custom platform, complementing existing CXL integration and custom HBM solutions to optimize cloud and AI cluster designs .
- Marvell’s 21.6% revenue growth and analyst upgrades highlight the strategic importance of enhanced power efficiency .
- Marvell highlighted its strong performance, noting a record quarter with guidance around $2 billion and an annualized revenue run rate of $8 billion, underscoring significant growth over the past four years.
- The management detailed robust progress in its custom silicon initiatives, including high-volume shipments, multi-generational programs, and ongoing ramp-up with major customers, with additional updates expected at an upcoming AI event.
- The company reinforced its competitive positioning in the data center connectivity space by advancing its electro-optic technologies and enhancing platforms through strategic partnerships, such as the NVLink collaboration with NVIDIA, to capture an expanding total addressable market.
- Record Q1 revenue of $1.895 billion with 63% year-over-year growth and 4% sequential increase, driven by robust demand in the data center and AI markets.
- Strong performance in the data center segment where revenue reached record levels, contributing 76% of total revenue, underscoring the impact of AI silicon programs and custom solutions.
- Enhanced capital return initiatives with an increased share repurchase of $340 million in Q1, up from $200 million in the prior quarter.
- Guidance for Q2 is set around $2 billion in revenue, supported by multiple next-generation custom silicon programs and the sale of the automotive Ethernet business valued at $2.5 billion.