Marvell finished up 3.5% after-hours following the Q1 print. Revenue USD 2.418 billion, non-GAAP EPS USD 0.80 against a USD 0.75 estimate. The beat is real, but the options market is the more interesting read right now.
Implied volatility will compress hard into the open. That's the standard post-earnings vanna unwind — the hedges get unwound, dealers buy back delta, and you get the mechanical drift higher. The question is whether there's genuine buying behind it or just gamma cleanup. USD 2.7 billion Q2 guidance implies 35% year-over-year growth. If that number holds, there's a path to re-rating. If it doesn't, the unwind gets ugly fast.
Watch the USD 90 level as near-term support. Those views can change at a moment's notice when the market changes.
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