Marvell announced it issued warrants to Alphabet for the first time, sending its shares up 10%+.

Here, Dolphin Research walks through both companies' deal structures and the implications.

1) Marvell–Alphabet agreement

Below is Dolphin Research's Trans of Marvell's FY27 Q1 (FQ1 2027; period ended May 2, 2026) earnings call. For our earnings analysis, see 'Marvell: AI mega-interconnects bring another opportunity — can it support the Little Broadcom dream?'.

MRVL released its FY2027 Q1 results after-hours on May 28 (Beijing time). The quarter ended Apr 2026.

Dolphin Research's transcript summary of Marvell's FY2026 Q4 earnings call.

MRVL reported FY2026 Q4 results after hours on Mar 6 (Beijing time), for the quarter ended Jan 2026.

1) Revenue: $2.22bn, +7% QoQ, in line with consensus ($2.21bn).

2) GPM: 51.7%, +10bps QoQ.

The following are the minutes of Marvell Technology's Q3 2026 earnings call. For an interpretation of the earnings report, please refer to "Marvell: Acquisition to Fill Gaps, Is the NVIDIA Alternative Route Almost Complete?" 1. $Marvell Tech(MRVL.US) Key Financial Data Review Revenue: Achieved a record $2.075 billion in the third quarter, a quarter-over-quarter increase of 3% and a year-over-year increase of 37%. Excluding the divested automotive Ethernet business, core business revenue grew approximately 6% quarter-over-quarter and 41% year-over-year...

Marvell Technology (MRVL.O) released its third-quarter financial report for fiscal year 2026 (ending October 2025) in the early morning of December 3rd, Beijing time, after the U.S. stock market closed: 1. Revenue: $Marvell Tech(MRVL.US) reported revenue of $2.07 billion this quarter, a quarter-on-quarter increase of 3.4%, in line with market expectations ($2.06 billion). The quarter-on-quarter increase of $60 million was mainly driven by enterprise networking and carrier business. 2. Gross Margin: The gross margin for this quarter was 51.6%, a quarter-on-quarter increase of 1.2%...

The following are the minutes of Marvell Technology's Marvell FY2026 Q2 earnings call. For an interpretation of the earnings report, please refer to "Marvell Technology Marvell: Cloud Giants Spend More Generously, Why Didn't ASIC 'Leverage'?" 1. $Marvell Tech(MRVL.US) Key Financial Information Review 1. Capital Deployment and Investment The company has completed the divestiture of its automotive Ethernet business, with the transaction yielding $2.5 billion in all-cash, providing the company with flexibility to continue its stock repurchase program and further invest in technological capabilities to strengthen its technology platform...

Marvell Technology reported its fiscal year 2026 second-quarter financial results (ending July 2025) in the early morning of August 29, Beijing time, after the U.S. stock market closed: 1. Revenue: This quarter's revenue was $2.01 billion, a quarter-on-quarter increase of 5.8%, meeting market expectations ($2.01 billion). The quarter-on-quarter increase of $110 million was mainly driven by growth in the data center and consumer businesses. The consumer business was driven by a recovery in demand in the gaming market, while growth in the data center business was primarily driven by AI business and electro-optical interconnect products. 2. Gross Margin: This quarter's gross margin was 50.4%...

Marvell Technology (MRVL.O) released its Q1 2026 fiscal year earnings (as of April 2025) after the U.S. market closed on May 30, Beijing time: Below are the Minutes of Marvell's Q1 2026 fiscal year earnings call. For a Quick Interpretation of the earnings, please refer to "Marvell: AI Growth 'Stalls'..."