$Marvell Technology(MRVL)$ The market is way too focused on $Alphabet(GOOGL)$ when looking at MRVL's FY28 outlook. Marvell raised its FY28 revenue outlook by roughly $1.5B, and something getting overlooked is how much of that increase is being driven by connectivity — scale-up optics, switching, and related products, not just Google/custom silicon.
Look at what's happening underneath the Google headlines:
• 800G is strong
• 1.6T is ramping up rapidly
• 51.2T switching is strong growth
• NPO & CPO accelerating
• Scale-up switching opportunities expanding
• Scale-across represents another enormous bandwidth opportunity
Marvell described multiple tier-one switching engagements that each may represent multi-billion-dollar lifetime opportunities.
Of course Google matters too. But if the entire MRVL story gets reduced to the timing of one customer's custom silicon program, I think we're missing a substantial part of what changed in MRVL's outlook. Google will be a huge add in the future. But right now connectivity is driving huge growth.
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