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List of All Reports - Check It Out
Earnings analysis included today, at a glance:
Marvell (MRVL) - Q2 FY2027
Autodesk (ADSK) - Q2 FY2027
HP (HPQ) - Q3 FY2026
Salesforce (CRM) - Q2 FY2027
CrowdStrike (CRWD) - Q2 FY2027
NVIDIA (NVDA) - Q2 FY2027
Intuit (INTU) - Q4 FY2026
Disclaimer: This analysis is for informational & educational purposes only and should not be construed as investment advice. Investors should conduct their own due diligence before making investment decisions. Past performance does not guarantee future results.
Marvell (MRVL): Custom Silicon Is Printing Money
AI infrastructure spending kept funneling straight into Marvell (MRVL)’s data center franchise, and the August 27 Q2 FY2027 release shows a company posting record numbers while raising its full-year outlook again.
The company reported record revenue of $2.739 billion for its fiscal second quarter ended August 1, 2026, up 37% year over year and 13% sequentially.
Both revenue and non-GAAP EPS of $0.94 came in above the midpoint of guidance.
MRVL Q2 FY2027 SCORECARD
Revenue: $2.739B (record), +37% YoY
GAAP EPS: $0.33
Non-GAAP EPS: $0.94
Data Center revenue: $2.17B (record), +46% YoY
Data Center = 79% of total revenue
Sequential DC growth: +18%
Q3 FY27 revenue guide: $3.15B (+/- 5%)
Q3 non-GAAP EPS guide: $1.05 to $1.15
Q3 non-GAAP gross margin guide: 57.5% to 58.5%
The data center engine
The Data Center segment is doing all the heavy lifting.
Revenue of $2.17 billion grew 46% year over year, and management raised its full-year Data Center growth outlook to 60%, up from a prior 50% target.
Custom silicon for hyperscalers is the core driver.
Marvell disclosed an expanded commercial agreement with a key hyperscaler covering AI inference accelerators, storage controllers, NICs, and memory interface controllers, with meaningful contribution expected in fiscal 2029 and beyond.
On the interconnect side, Marvell keeps pushing speed leadership:
1.6T optical DSPs ramping with cloud customers
51.2T switching silicon gaining share
Near-term acceleration in scale-up optics (NPO and CPO)
The GAAP to non-GAAP gap deserves a mention too.
GAAP EPS of $0.33 versus non-GAAP EPS of $0.94 reflects heavy stock-based compensation and acquisition-related amortization, which is typical for a fabless chip designer that grew through M&A.
Guidance raised across the board
Management lifted its fiscal 2027 revenue outlook by roughly $500 million to about $12 billion, and its fiscal 2028 outlook by about $1.5 billion to roughly $18 billion. That kind of revision tells you hyperscaler capex commitments are locking in further out.
The Q3 guide of $3.15 billion implies another 15% sequential jump at the midpoint. Companies rarely guide that aggressively unless orders are already in hand.
LEADERSHIP CHANGES
New CFO: Dan Durn (replaced Willem Meintjes)
New IR lead: Ross Seymore
Investor Day: October 6, 2026
One more detail worth tracking: the Q3 non-GAAP gross margin guide of 57.5% to 58.5% sits below earlier levels as custom silicon, which carries lower margins than off-the-shelf products, takes a bigger share of the mix.
Revenue growth is outpacing that drag for now.
Bottom Line for Investors
Best for: Growth investors wanting AI infrastructure exposure beyond NVIDIA
Main risks: Hyperscaler customer concentration, margin pressure as custom silicon scales
Catalysts: October 6 Investor Day, hyperscaler program ramp, optics up-cycle
The risk profile here is real. Custom AI programs live and die on a handful of hyperscaler relationships, and a design win loss can reset the story fast.
Still, with data center now 79% of revenue and guidance marching higher, Marvell has earned its seat at the AI infrastructure table. The October Investor Day should put hard numbers behind that FY2029 hyperscaler program.