• Qualcomm for the chips that power 5G network infrastructure and data centers, rather than mobile phones.
• The 'Intel or NVIDIA' of specialized networking and storage chips that make cloud data centers and enterprise networks run.
• A 'behind-the-scenes' semiconductor company like Broadcom, focusing on infrastructure chips for data centers, 5G, and automotive Ethernet.

• Ethernet Solutions: Provides high-speed Ethernet switches, PHYs, and controllers essential for data centers, enterprise networks, and automotive applications.
• Storage Controllers: Offers SSD controllers, Fibre Channel host bus adapters (HBAs), and other components enabling high-performance storage in enterprise and cloud data centers.
• Network Processors (DPUs/SmartNICs): Delivers OCTEON and LiquidIO families of data processing units (DPUs) and SmartNICs for accelerated network processing, security, and offload.
• Coherent Optical DSPs: Develops digital signal processors for coherent optical transceivers, facilitating high-speed, long-reach data transmission in carrier and cloud infrastructure.
• Custom ASICs: Designs and manufactures application-specific integrated circuits tailored to meet the unique performance and power requirements of strategic customers.

Marvell Technology (symbol: MRVL) sells its semiconductor solutions primarily to other companies, making it a business-to-business (B2B) company.

According to Marvell's most recent 10-K filing for the fiscal year ended February 3, 2024, no single customer accounted for 10% or more of its net revenue in fiscal years 2024, 2023, or 2022. This indicates a diversified customer base rather than a reliance on one or two major customers that meet public disclosure thresholds for revenue concentration.

However, Marvell's products are critical components for various industry leaders across its strategic markets. Its "major customers" are best understood by the prominent companies within these segments that integrate Marvell's technology into their own products and services. These generally fall into the following categories:

• Hyperscale Cloud and Data Center Providers: These companies build and operate large-scale data centers that utilize Marvell's DPUs, custom ASICs, Ethernet controllers, and storage solutions for cloud infrastructure.
  • Alphabet Inc. (Google Cloud) (GOOGL, GOOG)
  • Amazon.com, Inc. (AWS) (AMZN)
  • Microsoft Corporation (Azure) (MSFT)
  • Meta Platforms, Inc. (Facebook) (META)
• Enterprise Networking and Infrastructure Original Equipment Manufacturers (OEMs): These companies develop and sell networking equipment for corporate and institutional use, incorporating Marvell's Ethernet switches, PHYs, and other networking components.
  • Cisco Systems, Inc. (CSCO)
  • Hewlett Packard Enterprise Company (HPE)
  • Arista Networks, Inc. (ANET)
• Telecommunications and Carrier Infrastructure Equipment Providers: These global companies build the infrastructure for 5G mobile networks, optical transport, and broadband access, utilizing Marvell's processors, baseband, and optical components.
  • Ericsson (ERIC)
  • Nokia Corporation (NOK)
  • Ciena Corporation (CIEN)
• Automotive Tier-1 Suppliers and OEMs: Companies that integrate Marvell's automotive Ethernet and other in-vehicle networking solutions into modern vehicles.
  • Bosch (private company)
  • Continental AG (Xetra: CON)
  • General Motors Company (GM)

• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• Samsung Electronics Co., Ltd. (SSNLF)
• ASE Technology Holding Co., Ltd. (ASX)
• Amkor Technology, Inc. (AMKR)

Matt Murphy, Chairman and Chief Executive Officer
Matt Murphy joined Marvell Technology as CEO in July 2016 and assumed the role of Chairman in June 2023. He has been instrumental in transforming Marvell into a leader in data infrastructure semiconductor solutions. Before joining Marvell, Murphy spent over two decades at Maxim Integrated, where he held various leadership positions, including Executive Vice President of Business Units, Sales, and Marketing, overseeing product development and go-to-market activities. He also served on the Board of Directors of eBay Inc. from March 2019 to June 2022.

Willem Meintjes, Executive Vice President, Chief Financial Officer
Willem Meintjes was appointed Chief Financial Officer of Marvell in January 2023. He joined Marvell in 2016 as Senior Vice President of Finance and was later promoted to Chief Accounting Officer and Treasurer in 2018. Prior to Marvell, Meintjes served as Vice President and Corporate Controller at Newport Corporation. He also held the position of Vice President and Corporate Controller at International Rectifier from 2013 to 2015, a company that was subsequently acquired by Infineon.

Raghib Hussain, President, Products and Technologies
Raghib Hussain joined Marvell in July 2018. He is notable for co-founding Cavium Inc. in 2001, where he served as CEO (prior to 2018) and Chief Technology Officer. Cavium went public in 2007 and was later acquired by Marvell in 2018 for over $6 billion. He oversees Marvell's businesses and technologies, defining strategy, aligning roadmaps, and leading innovation.

Sandeep Bharathi, President, Data Center Group
Sandeep Bharathi is the President of the Data Center Group at Marvell, responsible for the company's end-to-end data center business. He joined Marvell in February 2019 as Senior Vice President of Central Engineering. Before his tenure at Marvell, he was Vice President of Engineering at Intel, where he led FPGA product and technology development. He also held senior engineering leadership roles at Xilinx and Advanced Micro Devices, bringing multiple CPUs, GPUs, FPGAs, SoCs, and custom silicon designs to market.

Chris Koopmans, President and Chief Operating Officer
Chris Koopmans joined Marvell in June 2016. He serves as President and Chief Operating Officer. Prior to this role, he was Chief Operations Officer from March 2021 to February 2025 and Executive Vice President of Marketing and Business Operations from 2019 to 2021. He also previously led Marvell's Networking and Connectivity Business Group and Global Sales and Marketing. Before Marvell, he was Vice President and General Manager of Service Provider Platforms at Citrix Systems.

The clear emerging threat for Marvell Technology (MRVL) is the increasing trend of major cloud service providers (hyperscalers) and large enterprise customers designing and deploying their own custom silicon for data center infrastructure. Companies like Amazon (AWS with Graviton, Inferentia, Trainium chips), Google (TPU, custom networking ASICs), and Microsoft (Maia 100, Cobalt 100) are investing heavily in developing their in-house chips for AI/ML acceleration, general-purpose computing, networking, and security offload.

Marvell's core business relies on supplying highly specialized data infrastructure semiconductors, including custom ASICs, DPUs, Ethernet switches, and storage controllers, to these very same hyperscalers and their ecosystem partners. If these key customers continue to expand their capabilities in custom chip design and deployment, they could increasingly choose to develop internal solutions rather than procure discrete components or specialized systems from Marvell. This trend directly reduces Marvell's total available market and revenue opportunities within a crucial customer segment, similar to how Apple's integrated iPhone challenged Research In Motion's BlackBerry by offering an alternative, internally controlled platform.

Marvell Technology (MRVL) primarily focuses on high-performance semiconductor solutions for data infrastructure applications, including cloud computing, artificial intelligence, 5G networks, enterprise networking, automotive technology, and storage systems. Their product portfolio includes application-specific integrated circuits (ASICs), interconnects, Ethernet solutions, fiber channel adapters, processors, and storage controllers.

The total addressable market (TAM) for data center semiconductor chips was approximately $120 billion globally in calendar year 2023. Marvell's serviceable addressable market (SAM) within the data center segment is projected to grow from $21 billion in calendar year 2023 to $94 billion in calendar year 2028, globally.

Within the global data center market, Marvell identifies several key opportunities with varying compound annual growth rates (CAGRs):

• Storage: 7% CAGR.
• Interconnect: 27% CAGR.
• Switching: 15% CAGR.
• Accelerated Custom Compute: 45% CAGR.

The accelerated compute market globally is projected to reach $172 billion by 2028, growing at a 32% CAGR. The custom segment within this market is expected to expand even faster, at a 45% CAGR. In contrast, the traditional general-purpose compute market is anticipated to grow at a 3% CAGR. The global data center chip market as a whole is forecast to reach $126.9 billion by 2032, with an average annual growth rate of 12.6%.

Marvell Technology (MRVL) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

1. Explosive Growth in AI Data Centers and Custom AI Silicon: Marvell is heavily investing in and seeing significant traction from its custom AI silicon programs, which are critical for hyperscale cloud providers building advanced AI infrastructure. The company has secured major design wins, including an expanded multi-generational, five-year agreement with Amazon Web Services for its Trainium processors, ensuring a secure manufacturing pipeline well into 2026. This segment is expected to drive substantial revenue growth, with Marvell forecasting full-year AI revenue to exceed $2 billion.
2. Expansion of Optical Connectivity Solutions: The increasing demand for high-speed, low-latency interconnects in AI infrastructure is leading to a significant shift from traditional copper to optical solutions. Marvell's advanced electro-optics solutions, including PAM DSPs and ZR interconnects, and its Co-Packaged Optics Platform, are key enablers for this transition, enhancing revenue durability in AI networking.
3. Strategic Focus on Hyperscale Cloud Providers: Marvell's strategy involves building customized, innovative solutions specifically for individual cloud customers. This approach, combined with expanding partnerships with major hyperscalers, positions the company to capture a significant share of the growing cloud data center market. Marvell expects its revenue from cloud to grow at a rate of 40% per year, significantly faster than the market itself.
4. Continued Penetration in 5G Infrastructure: While AI data centers are a primary focus, Marvell continues to leverage its position in the 5G infrastructure market. The ongoing global build-out of 5G networks represents a sustained growth opportunity, as Marvell has strategically leaned into this fast-growing and lucrative market.
5. Growth in Automotive Ethernet and Industrial Markets: Marvell has strategically invested in the automotive sector, focusing on automotive Ethernet solutions. As vehicles become increasingly connected and autonomous, the demand for high-bandwidth, reliable networking within cars is growing. Additionally, industrial applications contribute to this segment, offering ongoing revenue streams.

Share Repurchases

• On September 24, 2025, Marvell Technology announced a new $5 billion stock repurchase authorization.
• As of August 2, 2025, approximately $2.0 billion remained under Marvell's prior repurchase authorization.
• In the current quarter (leading up to September 24, 2025), Marvell repurchased $300 million of common stock under its regular program and entered into a $1 billion accelerated share repurchase (ASR) agreement.

Share Issuance

• In fiscal year 2024, Marvell received $99.2 million in proceeds from the issuance of common stock under its equity incentive plans.

Outbound Investments

• In April 2025, Marvell agreed to sell its Automotive Ethernet business to Infineon for $2.5 billion in cash, with the closing expected in 2025.

Capital Expenditures

• Marvell Technology's capital expenditures for fiscal years ending January 2021 to 2025 averaged $220.6 million.
• Capital expenditures peaked in February 2024 at $336.3 million.
• Capital expenditures were $284.6 million in fiscal year 2025.