Custom Silicon

Mentioned across Q1 2026 " " " , Q4 2025 " " " , and Q3 2025 " " " " " with strong design wins, robust pipeline growth, and acknowledgment of revenue “lumpiness” and margin pressure.

In Q2 2026, strong momentum is noted with over 50 new opportunities, multi-generational design wins, and continued revenue variability from timing of builds. " " " "

Consistent emphasis on strong design wins and pipeline expansion continues, though revenue lumpiness remains a consideration.

AI and Data Center Growth

Detailed in Q1 2026 " " " " " , Q4 2025 " " " " " and Q3 2025 " " " " with robust growth, a deep pipeline for custom AI silicon, and earlier concerns about spending deceleration.

Q2 2026 highlights record revenue, strong year-over-year and sequential growth, and a robust design win pipeline driving data center and AI revenue, with less emphasis on spending deceleration. " " " "

The growth story remains strong with an expanding pipeline, and concerns over spending deceleration have receded, reflecting a more optimistic near-term outlook.

Advanced Process Technology

Discussed in Q1 2026 " " " , Q4 2025 " " and Q3 2025 " " with focus on secured 3nm capacity, early product introductions, and new DSP innovations driving next-generation product rollouts.

In Q2 2026, there is acknowledgement of the sensitivity around 3nm programs but less detailed commentary, focusing instead on the execution of incremental designs and long-term market share targets. "

Consistent focus on advancing process nodes remains, although Q2 2026 is less detailed on rollout uncertainties, indicating a matured execution approach in advanced process technology.

Optical Connectivity

Across Q1 2026 " " " " , Q4 2025 " " " " and Q3 2025 " " " , Marvell stressed market leadership through innovative DSPs and high-speed solutions, while addressing inventory and DSP management challenges.

Q2 2026 emphasizes leadership with strong demand for 800 gig PAM DSPs, volume shipments of 200 gig per lane products, and a managed decrease in inventory, alongside careful DSP and supply chain coordination. " " "

Strong market leadership continues with consistent innovation, while effective inventory and DSP management in Q2 2026 suggest risks are being well controlled.

Customer Engagement and Diversification

Featured in Q1 2026 " " " " , Q4 2025 " " " " and Q3 2025 " with emphasis on deepening hyperscale engagements, gaining design wins across multiple customers, and addressing concentrated lead risks.

Q2 2026 highlights significant design activity and expanded opportunities with both existing and emerging hyperscale players, reaffirming efforts to broaden the partner base. " " " "

There is ongoing success in diversifying the customer base and building broad hyperscale partnerships, reducing reliance on any single lead customer while deepening customer engagement.

Execution and Transition Risks in New Technologies

Covered in Q1 2026 " " " " " " , Q4 2025 " " and Q3 2025 " " " " with discussion on robust product ramp-ups, first-pass silicon success, and competitive design win cycles amidst technology transitions.

In Q2 2026, strong execution is reiterated with effective coordination in product ramp-ups and continued focus on winning incremental designs despite tight supply chains and competitive pressures. " " "

The capability to manage product ramp-ups and competitive cycles remains strong and consistent, with execution risks being effectively mitigated as the company transitions to new technologies.

Strategic Capital Allocation and Divestiture

Discussed in Q1 2026 " " " with mention of the automotive Ethernet sale as a strategic step, though not covered in Q4 or Q3 2025.

Q2 2026 reinforces the focus with details on the $2.5 billion all-cash divestiture, emphasizing the reinvestment strategy towards AI and data center opportunities and more flexible capital allocation. " " "

This topic shows an emerging and impactful strategic focus; the divestiture is being used to reallocate capital to core markets, marking an evolution from earlier periods where it was less referenced.

Inventory Build-Up and Margin Pressure

Previously discussed in Q1 2026 " " " " , Q4 2025 " " " and Q3 2025 " " with concerns over inventory increases and margin pressure as custom programs and optics ramped up.

Q2 2026 reports a slight decrease in inventory and maintains healthy gross margins, indicating improved management and less emphasis on margin pressure compared to earlier periods. "

Earlier issues with inventory build-up and margin pressure appear to have moderated; improved inventory management and stable margins in Q2 2026 suggest a positive operational trend.

Enterprise and Carrier Segment Recovery

Outlined in Q1 2026 " " , Q4 2025 " " and Q3 2025 " " with indications of sequential growth and a recovery from previous uncertainties in these segments.

In Q2 2026, recovery is strong with sequential growth of 2% and 43% year-over-year, and outlooks for further sequential improvement, reflecting normalization and continued momentum. " "

The recovery of these segments is steadily progressing, with Q2 2026 showing normalization and improved growth, reducing earlier uncertainties and solidifying their contribution to overall revenue.