MRVL 是长期持有的 AI 芯片/网络标的：营收同比增长36.5%、环比增长13%。XPU/外设业务在 FY2028 应增长一倍以上，scale-out 交换业务在 FY2027 放量。按约49倍 FY2027 盈利计算，它属于最贵的股票之一，但如果机会真实且公司兑现投资者日目标，这仅仅是开始。
逐段跳播
好，现在我们进入人工智能芯片领域。我们要谈谈 Marvell 公司。Marvell，现在是个很棒的故事，不是吗？收入同比增长 36.5%，环比增长 13%。他们在专用计算和网络两方面都在增长。
所以这家公司是我在网络和人工智能芯片方面投资的一部分，对吧？我持有它是为了这两个目的，但我决定把它放在人工智能芯片市场这一类里。
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.
在专用市场，目前很多人认为它仅限于 XPU 单元，对吧？它不只是 AI 加速器；这个市场还受到 XPU 及其配套产品的推动，比如智能交换机、scale-up 架构、内存解决方案、CXL 和协处理器。
所以这对他们来说是一个巨大的机会。在他们最近一次面向投资者的演示中，他们认为这在 2028 财年将增长一倍以上。他们仍然看到这个故事中的增长机会。
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.
现在让我们更仔细地看看网络方面，好吗？更快的视觉链路为这里的组件内容提供了额外的机会。他们在 1.6 terabyte 类别中的业务正在快速增长，他们预计 scale-out 交换在 2027 财年将增长一倍以上。
总体而言，数据中心领域正经历来自所有参与者的巨大需求。再说一次，这当然会帮助 XPU 及外围设备市场，但光学也关乎 scale-up，不是吗？有不同类型的解决方案。scale-up 光学仍然是一个可以落地的机会。
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.
如果说 Marvell 有三个故事，那就是 XPU 处理器市场、定制业务和光学链路，而在光学解决方案内部，又有多种市场。这些是 scale-up 光学。扩展光学是指把 XPU 连接到其他 XPU。目前，我们正看到针对扩展光学部署的密集规划。
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.
现在，Marvell 很可能是这个领域最贵的选择之一。2027 财年的远期市盈率约为 49，但如果这个机会是真实的，而且他们按照在投资者日演示中给出的数字发展，这仅仅是个开始，不是吗？这很可能是我们谈过的估值最高的公司之一。
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 .
观察点
这个频道对 $MRVL 的历次判断
Jose Najarro Stocks 在这只股票上共 6 条判断，这里只列相邻的几条。