Total Assets
Rate Of Return$Marvell Tech(MRVL.US)1) Strong competition, not a monopoly
• Optical modules/interconnects: Broadcom is a behemoth (market cap over $2 trillion).
• ASIC: Google's in-house development, Amazon's in-house development, Intel, and AMD are all competing.
• Marvell is an important player, but not the only/absolute leader.
2) Valuation is already expensive
• Current PE≈76x, while Nvidia is only 34x.
• This means: performance must consistently exceed expectations; once growth slows, valuation will be crushed.
3) The scale gap is too large
• Broadcom: Revenue over 80 billion, market cap over 2 trillion.
• Marvell: Revenue 11 billion, market cap 192 billion.
• To catch up would be like a small company directly leaping to an industry giant, which is rare in history.
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