Marvell Technology delivered another record quarter as spending on artificial intelligence infrastructure boosted demand for its networking, connectivity and custom silicon products, although the results were not enough to extend the stock’s sharp 2026 rally.
The chipmaker reported fiscal second-quarter revenue of $2.739 billion, up 37% from a year earlier and above its previous guidance midpoint of $2.7 billion. According to Marvell’s earnings release, GAAP net income reached $308 million, or $0.33 per diluted share, while adjusted earnings were $0.94 per share. Operating cash flow totaled $605.5 million.
Data Center Business Takes Larger Share
Data center revenue climbed 46% year over year to roughly $2.17 billion, representing 79% of Marvell’s total quarterly sales. Communications and other revenue rose 10% to $567.8 million.
The mix underscores how quickly Marvell is becoming an AI infrastructure company. Networking and custom chips are increasingly central to the broader buildout covered in Coinpaper’s guide to AI infrastructure, where Marvell sits alongside Nvidia, Broadcom and other suppliers benefiting from rising data-center investment.
The results also arrived one day after Nvidia earnings reinforced expectations for continued heavy spending on AI computing capacity. For investors looking beyond individual earnings releases, Coinpaper’s broader guide to AI stocks provides additional context on the sector.
Marvell Raises Q3 Outlook, but Shares Slip
Marvell expects third-quarter revenue of $3.15 billion, plus or minus 5%, comfortably above the roughly $3.03 billion Wall Street consensus. Adjusted EPS is projected at $1.10, plus or minus $0.05, compared with analysts’ expectations of about $1.07.
CEO Matt Murphy said AI-related bookings remain exceptionally strong, with growth coming from connectivity products and an expected acceleration in Marvell’s custom-chip business during the second half of fiscal 2027.
Despite the beat, MRVL shares fell nearly 3% in extended trading, according to Reuters. The reaction suggests expectations had risen even faster than earnings after Marvell’s AI-driven rally, with the stock nearly tripling during 2026.
That leaves execution as the next test. Marvell must now convert strong AI bookings and custom-chip partnerships into sustained revenue growth while supporting an increasingly demanding valuation. The company is expected to provide a longer-term view of that strategy at its October 6 investor day.
