MRVL is a long-term AI-chip/networking holding: revenue grew 36.5% YoY and 13% QoQ. XPU/peripherals should more than double in FY2028 and scale-out switching in FY2027. At ~49x FY2027 earnings it is among the most expensive, but if the opportunity is real and it follows investor-day targets, this is just the beginning.

Okay , now we will move on to the field of artificial intelligence chips . We will talk about Marvel Corporation. Marvel, a great story right now, isn't it? Revenue grew by 36.5% year-on-year and 13% quarter-on- quarter.

They are growing in both dedicated computing and networking. So this company is part of my investment in networks and artificial intelligence chips , isn't it ? I own it for both purposes , but I decided to put it here within the AI chip market.

In the dedicated market, many people currently believe it is limited to XPU units only , right? It is not just AI accelerators; this market is also stimulated by XPUs and their accessories, such as smart switches, scale-up architectures, memory solutions, CXL, and coprocessors.

So this is a huge opportunity for them. In their most recent presentation to investors, they believe this will more than double in fiscal year 2028. They still see growth opportunities in this story.

Now let's take a closer look at the networking aspect, shall we? Faster visual links provide an additional opportunity for component content here. Their business in the 1.6 terabyte category is growing rapidly, and they expect scale-out switching to more than double in fiscal year 2027.

Overall, the data center space is experiencing tremendous demand from all players. Again, this will certainly help the XPU and peripherals market, but optics are also about scale-up, aren't they?

There are different types of solutions. Scale-up optics remains an opportunity for implementation.

If there are three stories for Marvell, they are the XPU processor market, custom business, and optical links, and within the optical solution, there are diverse markets. These are scale-up optics.

Expansion optics is when you connect XPUs to other XPUs. Currently, we are witnessing intensive planning for the deployment of expansion optics.

Now, Marvell is probably one of the most expensive options in this field. The forward price-to-earnings ratio for fiscal year 2027 is around 49, but if the opportunity is real and they follow the numbers they presented in the investor day presentation, this is just the beginning, is n't it?

This is probably one of the most highly rated companies we have talked about .