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Since late 2022, when ChatGPT burst onto the scene, AI has unleashed wave after wave of semiconductor supercycle opportunities. From compute (GPUs) and storage to coordination and scheduling (CPUs), the buildout has already minted a string of $1tn market-cap companies.If there is one remaining pillar of AI infrastructure poised to produce the next $1tn champion, Dolphin Research’s top call is AI-era high-speed interconnects. If compute solves AI’s 'IQ' and storage its 'memory'...

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AI Hyperconnected Era: Racing to 'Light'?

Today’s Key News Recap

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0603 ｜Dolphin Research focus: 🐬 Stock 1, $Microsoft(MSFT.US) announced seven in-house, full-stack MAI models at the Jun 2 Microsoft Build developer conference, spanning reasoning, coding, and multimodal vision. The flagship reasoning model, MAI-Thinking-1, is positioned against Claude, while coding performance is on par with Anthropic's top-tier version.In parallel, Microsoft is building a 'thinking + coding' agent product matrix. The goal is to reduce reliance on external models beyond its tie-up with OpenAI...

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AI Names Rush to IPO; MRVL Surges as Compute Demand Runs Hot | Daily News Recap

Marvell

Conference Minutes

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?'.I. $Marvell Tech(MRVL.US) Core highlights recap. 1) Shareholder returns: repurchased $200mn of stock under the ongoing capital return program, and returned $54mn to shareholders via cash dividends...

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MRVL (Trans): FY2028 guide $16.5bn; upside ahead

Financial Analysis

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MRVL released its FY2027 Q1 results after-hours on May 28 (Beijing time). The quarter ended Apr 2026.1. Revenue: $2.42bn (+9% QoQ), in line with consensus ($2.41bn). The ~$200mn sequential uplift was almost entirely driven by Data Center.2. GPM: 52.1% this quarter, up 40bps QoQ. Margin is affected by amortization of acquired intangibles and other items...

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MRVL: In the AI inference era, is connectivity more valuable than compute?

MRVL 1QFY27 First Take The print was broadly in line with expectations, with growth largely driven by Data Center interconnect products. Adjusted GPM was 58.9%, down 10bps QoQ after excluding amortization and related items. Last quarter, the company regrouped reporting into two segments (Data Center; Communications &amp; Other). Data Center was the key growth driver this quarter, up 11% QoQ, with ASIC softer and strength coming from optical interconnect demand. MRVL guides next-quarter revenue to $2.7bn (+11% QoQ), ahead of the Street at $2.61bn. With a full-year outlook now provided, the next-quarter guide carries less weight. Management again raised the annual outlook, now expecting FY27 revenue of $11.5bn (prior $11.0bn), up 40% YoY. It also lifted the FY28 revenue guide to $16.5bn (prior $15.0bn), implying 43% growth. The higher annual guide is driven mainly by stronger-than-expected interconnect. Management now expects interconnect to grow over 70% in FY27 (vs. prior 50%+). The recent rally reflects a major shift in the narrative. Earlier concerns centered on Trainium share loss, the 1.6T DSP ramp, and competition from Broadcom (AVGO). In an optical supercycle, even if custom ASICs are softer, interconnect products such as DSPs can still deliver strong and more predictable growth. As AI moves into the inference phase, the stack is increasingly framed as 'storage + XPU + connectivity'. MRVL has leading opto-electronic connectivity and has enhanced its AI networking via acquisitions, while Street expectations had already moved higher; the new $11.5bn/$16.5bn FY27/FY28 guides are broadly in line with that. Overall, beyond the visible, high-confidence growth in interconnect, ASIC, CXL memory expansion/pooling (Structera), and rack-scale solutions add further optionality. However, the latest annual outlook offered few surprises.Within a 'high-growth' narrative, management delivered a guide that met the market’s bar. For more details, follow Dolphin Research’s subsequent commentary and Trans. $Marvell Tech(MRVL.US)

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0520 | Dolphin Research Focus: 🐬 Stock pick 1: $BABA-W(09988.HK) unveiled its in-house AI chip 'Zhenwu' M890 at the recent Alibaba Cloud Summit, offering 3x the prior-gen performance and 144GB of VRAM. It also introduced a 128-card ultra-node server and plans to roll out V900 in 2027.This high-spec, self-developed compute chip is a major step by a domestic internet platform toward autonomy at the compute infrastructure layer. It should materially reduce reliance on overseas high-end chips for enterprise-grade compute workloads...

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BABA launches in-house AI chip 'Zhenwu M890'; NVDA invests $2 bn in MRVL | Daily News Recap

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Apr 15 | Dolphin Research Focus: 🐬 Macro/Industry. 1) Anthropic plans to roll out its next-gen flagship model Claude Opus 4.7 this week, alongside AI-powered design tools for website and presentation design, further strengthening its portfolio and use-case coverage.The move is aimed squarely at OpenAI and Google and will intensify competition among leading LLMs. For Anthropic, cracking inference efficiency and cost control would be pivotal...

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Anthropic may roll out Opus 4.7 as early as this week; NVDA's quantum model targets baryons | Daily News Recap

TECH

Dolphin Research's transcript summary of Marvell's FY2026 Q4 earnings call. For the analysis, cf. 'Marvell: ASIC card orders fell short; connectivity drives the AI comeback!'. $Marvell Tech(MRVL.US) key takeaways: (1) Outlook — FY2027 total revenue guide raised to $11bn (prior $10bn), with data center revenue +40% YoY and comms &amp; other +10% YoY. FQ4 FY2027 revenue is expected to surpass $3bn...

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MRVL (Trans): Raises revenue guide again; second XPU to enter mass production in FY28---

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).The $150mn QoQ uplift was primarily driven by data center.2) GPM: 51.7%, +10bps QoQ.Margins are affected by amortization of acquired assets and other factors...

MRVL: ASIC card miss; wins back AI with interconnect.

MVLL

MRVL First Take: Results broadly in line with estimates, with growth largely driven by Data Center.Adj. GPM at 58.5%, down 50bps QoQ, reflecting a mix shift toward lower-margin custom ASIC. The company revised segment reporting this quarter, consolidating from five buckets to two (Data Center; Comm. &amp; Other), underscoring Data Center's importance.Data Center drove growth, up 8.8% QoQ. Dolphin Research estimates AI revenue at approx. $960 mn this quarter. Beyond the print, guidance was 'quite good'.MRVL guides next-quarter revenue to $2.4 bn (+8% QoQ), ahead of the Street's $2.27 bn, driven by optical module chips and custom ASIC. Mgmt again lifted the LT outlook: FY2027 revenue to $11 bn (prev. $10 bn), +34% YoY; FY2028 to $15 bn, ~+40%, a further step-up.Shares had lagged on worries that its ASIC biz could face intensified competition from Taiwan vendors, weighing on growth. Guidance implies ASIC growth of just over 20% YoY, while interconnect products (optical module chips) should post strong momentum, underpinning faster top-line growth.For more, follow Dolphin Research's upcoming notes and Trans. $Marvell Tech(MRVL.US) $GraniteShares 2x Long MRVL Daily ETF(MVLL.US)

GraniteShares 2x Long MRVL Daily ETF

AI-Driven Storage Market Booms as Giants Expand Layout and Tech Innovation Spark Price Hikes

Nvidia CEO Huang Refutes AI Bubble Concerns in Taipei, Cites Insane Returns

Stifel Analyst Raises Marvell Price Target to $321, Setting Wall Street Record

Royal Bank of Canada Raises Marvell Technology Price Target to $360

Marvell Tech Surges 14% After Nvidia's $2B Investment and CEO Support, Beats Earnings

Jensen Huang Supports Marvell at COMPUTEX: Predicts It Will Become Next Trillion-Dollar Company

Marvell and NVIDIA CEOs Share Stage: AI Connectivity Transition and Cross-Company Collaboration Strategy

Marvell Tech Executive Christopher Koopmans Sells 10k Shares for ~$2.06M

Marvell Technology Announces Launch of 102.4 Tbps Switch

Analysts Raise Marvell Tech Target Price to $225.63 on AI Outlook

Barclays Raises Marvell Technology Group Target Price to $275

Citi Raises Marvell Technology Price Target to $225, Maintains Buy Rating

Marvell Technology Raises 2028 Revenue Target to $16.5 Billion, Driven by AI Chip Demand

FactSet Survey: 38 Analysts Raise Marvell Tech's 2027 EPS Forecast to $3.99

Marvell Reports FY27Q1 Earnings, Raises Full-Year Revenue Guidance to $11.5 Billion

Marvell Tech released FY2027 Q1 earnings on May 27 After-Market EST, actual revenue USD 2.418 B (forecast USD 2.408 B), actual EPS USD 0.0391 (forecast USD 0.3232)

Marvell Announces Customized Cooperation with All Major US Cloud Service Providers

Marvell Tech Expects TIAS and Drive Business Quarterly Revenue to Annualize Over $1 Billion in Coming Quarters

Marvell Technology Reports Q1 FY24 Earnings Beat, Stock Rises

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