Preview|MRVL 1QFY27: Positioned For A Raise

Marvell reports F1Q27 results after market close on 27 May 2026.

Having doubled since the last print, Marvell has a tougher set-up for the upcoming print. Given the strong commentary from optical peers, we believe Marvell will meet the buyside expectations of a modest beat vs guide of $2.4b.

Marvell previously guided FY27 data center revenue to grow 40% YoY and the interconnect business to grow 50% YoY. As we model these numbers at approximately 60% and 90%, we expect management to also raise their guidance. Our growth assumptions support our FY27 and FY28 EPS of $4.36 and $7.70.

In particular, we note that:

1. Marvell’s Inphi is a longstanding technical partner of Google and supplier to Innolight; we expect Marvell to retain 100% share of Google DSP orders.
2. Building on its share at Google, we estimate that Marvell will have approximately 60% share of the 1.6T market for DSPs, TIAs and drivers. Similarly, we estimate that Marvell will have approximately 70% share of the 800G market for DSPs, TIAs and drivers, a larger share because Broadcom is expected to prioritize the 1.6T DSP market.