Marvell Technology (MRVL): Live Earnings Coverage May 29th

Marvell (NASDAQ: MRVL) reports earnings after the bell today, with investors looking for confirmation that AI infrastructure demand is starting to flow meaningfully into top-line results. Shares have rallied over 20% in the past month, a reversal from earlier-year underperformance, as Street sentiment has turned more optimistic around hyperscaler and cloud capex recovery.

The company is expected to report fiscal Q1 revenue of $1.18 billion and EPS of $0.24, representing a year-over-year decline of 11% and 39%, respectively. While headline numbers are expected to contract, the investment case hinges on a second-half acceleration as AI-related custom silicon ramps.

Last quarter, Marvell reported $1.43 billion in revenue and $0.46 in non-GAAP EPS. Sequentially, Q1 marks a low point in the revenue cycle according to company guidance, with cloud and carrier expected to recover gradually. Investors will be especially focused on commentary around the company’s AI-optimized optical interconnects and custom accelerators, which management has previously flagged as future growth drivers.

Valuation remains elevated at ~39x forward earnings, putting pressure on the company to show traction beyond narrative. If Marvell can demonstrate backlog momentum or visibility into multibillion-dollar AI projects, the stock could extend its rally. Otherwise, a lack of execution detail may cause the recent gains to fade.

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