Marvell: Strong Interconnect Growth, but Really an FY28 Story

Following the last earnings report, Marvell’s stock surged after raising FY27 revenue by $500 million and FY28 by $1.5 billion, with FY28 growth of 45% from a strong base in FY27. For the FY27 outlook, optical networking is driving the raise as interconnect growth was raised from 50% to 70%, across a suite of products including 800G DSPs, an early 1.6T ramp, TIAa and drivers reaching $1B annualized run rate, scale-up from near-packaged and CPOs, and also data-center interconnects (that’s a mouthful!).