Marvell Technology, Inc. (MRVL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie des semi-conducteurs, Marvell Technology, Inc. (MRVL) émerge comme une centrale d'innovation, se positionnant stratégiquement à l'intersection du cloud computing, de la mise en réseau et de la conception avancée des puces. Avec une approche au laser pour résoudre les défis technologiques complexes, Marvell a conçu une toile de modèle commercial dynamique qui tire parti de l'ingénierie de pointe, des partenariats stratégiques et un portefeuille complet de solutions de semi-conducteur à haute performance qui couvrent les industries critiques allant de l'infrastructure de données aux technologies automobiles .

Marvell Technology, Inc. (MRVL) - Modèle d'entreprise: partenariats clés

Partenaires de conception et de fabrication de semi-conducteurs

Marvell Technology maintient des partenariats critiques avec les principales fonderies de fabrication de semi-conducteurs:

Partenaire	Processus de fabrication	Détails du partenariat
Tsmc	Processus 5nm et 3NM	Partenaire de fabrication primaire pour les conceptions avancées de semi-conducteurs
GlobalFoundries	Processus 14 nm et 12 nm	Collaboration de fabrication secondaire

Collaborations stratégiques de cloud computing

Marvell a établi des partenariats avec les principales plateformes de cloud computing:

• Amazon Web Services (AWS): Solutions d'infrastructure réseau
• Microsoft Azure: technologies de réseautage et de centre de données
• Google Cloud: calcul et infrastructure de réseautage

Alliances de recherche et développement

Les partenariats académiques et de recherche de Marvell comprennent:

Institution	Focus de recherche	Année de collaboration
Université de Stanford	Conception de semi-conducteurs	2022
Mit	Technologies de réseautage avancés	2023

Coentreprises de réseautage automobile et 5G

Partenariats clés de la technologie automobile et de réseautage:

• Solutions Ethernet automobiles avec les principaux constructeurs automobiles
• Partenariats d'infrastructure 5G avec les fournisseurs d'équipements de télécommunications
• Collaborations de conception de semi-conducteurs automobiles

Investissement total de R&D dans les partenariats: 475 millions de dollars en 2023

Nombre de partenariats technologiques actifs: 37 au Q4 2023

Marvell Technology, Inc. (MRVL) - Modèle d'entreprise: activités clés

Conception et développement de la puce semi-conducteurs

Marvell Technology se concentre sur la conception avancée des puces semi-conductrices sur plusieurs segments de technologie. Au quatrième trimestre 2023, la société a investi 542 millions de dollars dans les frais de recherche et de développement.

Segment technologique	Investissement en R&D	Focus de conception
Infrastructure de données	218 millions de dollars	Chips de réseautage à grande vitesse
Automobile	147 millions de dollars	Solutions de connectivité des véhicules
Infrastructure 5G	177 millions de dollars	Puces de communication sans fil

Recherche dans les technologies avancées des semi-conducteurs

La société maintient des capacités de recherche approfondies avec 2 900 brevets actifs et un développement de technologie de semi-conducteurs en cours.

• Processez le développement de nœuds aux technologies 5 nm et 3nm
• Architectures avancées des puces AI et d'apprentissage automatique
• Solutions de semi-conducteur informatique haute performance

Innovation de produit dans l'infrastructure de données et les solutions de réseautage

Marvell génère des revenus annuels d'environ 4,92 milliards de dollars des gammes de produits de réseautage et d'infrastructure de données en 2023.

Catégorie de produits	Contribution des revenus	Segment de marché
Commutateurs Ethernet	1,47 milliard de dollars	Réseautage d'entreprise
Processeurs de centre de données	2,38 milliards de dollars	Cloud computing
Connectivité sans fil	1,07 milliard de dollars	Télécommunications

Développement de la propriété intellectuelle et création de brevets

Marvell maintient un portefeuille de propriété intellectuelle robuste avec 2 900 brevets actifs en 2023.

• Taux de dépôt annuel des brevets: 350-400 nouveaux brevets
• Catégories de brevets: conception de semi-conducteurs, technologies de réseautage, solutions automobiles
• Couverture des brevets géographiques: États-Unis, Chine, Europe, Taïwan

Conception de puces personnalisées pour les applications d'entreprise et industrielles

Les solutions de semi-conducteurs personnalisées ont généré 653 millions de dollars de revenus de marché spécialisés au cours de 2023.

Segment de conception personnalisé	Revenu	Domaine d'application
Automatisation industrielle	247 millions de dollars	Systèmes de contrôle de fabrication
Réseautage d'entreprise	406 millions de dollars	Serveurs personnalisés et solutions de stockage

Marvell Technology, Inc. (MRVL) - Modèle d'entreprise: Ressources clés

Talent de génie semi-conducteur avancé

Au quatrième trimestre 2023, Marvell Technology a utilisé 6 100 employés au total, avec environ 70% de rôles d'ingénierie et de recherche.

Catégorie des employés	Nombre d'employés	Pourcentage
Total des employés	6,100	100%
Employés d'ingénierie	4,270	70%

Portfolio de propriété intellectuelle étendue

Marvell détient 4 200 brevets actifs en 2023, avec un accent significatif sur les technologies de semi-conducteurs et de réseautage.

• Brevets actifs totaux: 4 200
• Catégories de brevets: conception de semi-conducteurs, technologies de réseautage, solutions de stockage

Installations de recherche et de développement de pointe

Investissement en R&D pour l'exercice 2024: 1,2 milliard de dollars, ce qui représente 22% du total des revenus de l'entreprise.

Métrique de R&D	Valeur
Investissement en R&D	1,2 milliard de dollars
R&D en% des revenus	22%

Solides ressources financières pour les investissements technologiques

Métriques financières de la technologie Marvell au cours de l'exercice 2024:

• Revenu total: 5,46 milliards de dollars
• Equivalents en espèces et en espèces: 1,87 milliard de dollars
• Actif total: 12,3 milliards de dollars

Réseau mondial de centres de conception et d'ingénierie

Marvell maintient des centres de conception et d'ingénierie sur plusieurs emplacements mondiaux:

Région	Nombre de centres de conception
États-Unis	7
Inde	4
Chine	2
Israël	1

Marvell Technology, Inc. (MRVL) - Modèle d'entreprise: propositions de valeur

Solutions de semi-conducteurs haute performance pour l'infrastructure de données

Marvell Technology fournit des solutions de semi-conducteurs hautes performances avec les spécifications suivantes:

Catégorie de produits	Métriques de performance	Segment de marché
Puces d'infrastructure de données	Connectivité Ethernet 400g / 800g	Centres de données cloud
Processeurs de réseautage	Jusqu'à 25,6 tbps de capacité de commutation	Réseaux d'entreprise

Technologies de réseautage avancées et de connectivité

Les solutions de connectivité de Marvell comprennent:

• Infrastructure réseau 5G / 6G
• Chipsets Wi-Fi 6/6E
• Contrôleurs Ethernet automobiles

Conceptions de puces éconergétiques et évolutives

Mesures d'efficacité énergétique pour les solutions de semi-conducteur de Marvell:

Nœud technologique	Efficacité énergétique	Performance par watt
Processus 5nm	Consommation d'énergie à 40% inférieure	2,5x amélioration des performances

Solutions complètes pour les marchés du cloud, de l'entreprise et de l'automobile

Solutions de semi-conducteurs spécifiques au marché:

• Cloud Computing: Chips sérialiseurs / désérialiseurs PAM4
• Réseautage d'entreprise: unités de traitement à bras multiples
• Automobile: Systèmes de commutation et de sécurité Ethernet

Technologies innovantes semi-conductrices résolvant les défis complexes informatiques

Les innovations technologiques de Marvell comprennent:

Technologie	Capacité de calcul	Domaine d'application
Chips d'accélération AI	Jusqu'à 400 hauts performances	Inférence d'apprentissage automatique
Solutions smartnic	Traitement du réseau de 100 Gbit / s	Informatique Edge

Marvell Technology, Inc. (MRVL) - Modèle d'entreprise: relations avec les clients

Support technique et consultation d'ingénierie

Marvell Technology fournit Support technique mondial 24/7 sur plusieurs canaux de communication:

Canal de support	Disponibilité	Temps de réponse
Support téléphonique	Couverture mondiale	Dans les 2 heures
Assistance par e-mail	24/7	Dans les 4 heures
Portail en ligne	Continu	Accès immédiat

Services de conception personnalisés pour les clients d'entreprise

Marvell offre des services de conception spécialisés avec les capacités suivantes:

• Conception de semi-conducteurs personnalisés
• Développement de circuit intégré spécifique à l'application (ASIC)
• Implémentation de conception de référence
• Support de développement des prototypes

Partenariats technologiques stratégiques à long terme

Marvell maintient des partenariats stratégiques avec:

Catégorie de partenaire	Nombre de partenaires	Durée du partenariat
Fournisseurs de services cloud	7 partenaires majeurs	5-10 ans
Fabricants d'équipements de réseautage	12 partenaires clés	3-7 ans
Entreprises technologiques automobiles	5 partenaires stratégiques	4-6 ans

Gestion de compte dédiée pour les clients clés

Marvell fournit des services de gestion des comptes spécialisés:

• Gestionnaires de comptes techniques attribués
• Réunions de révision des entreprises trimestrielles
• Stratégies d'engagement personnalisées
• Équipes de soutien dédiées

Programmes de développement de produits et de technologies en cours

Les initiatives de mise à niveau technologique comprennent:

Type de programme	Fréquence	Investissement
Rafraîchissement de la technologie des semi-conducteurs	Annuellement	Investissement de R&D de 450 millions de dollars
Mises à jour de la plate-forme logicielle	Bi-annuellement	180 millions de dollars de développement logiciel
Optimisation des performances	Trimestriel	120 millions de dollars d'amélioration continue

Marvell Technology, Inc. (MRVL) - Modèle d'entreprise: canaux

Équipe de vente directe d'entreprise

Depuis le quatrième trimestre 2023, Marvell Technology maintient une équipe mondiale de vente d'entreprise d'environ 450 professionnels de la vente directe. L'équipe de vente couvre les principales régions géographiques, notamment:

Région	Couverture des ventes
Amérique du Nord	185 représentants commerciaux
Asie-Pacifique	135 représentants des ventes
Europe, Moyen-Orient, Afrique	90 représentants des ventes
l'Amérique latine	40 représentants des ventes

Documentation technique en ligne et plateformes de support

Marvell fournit un soutien en ligne complet à travers:

• Portail de documentation technique avec plus de 12 500 documents techniques actifs
• Système de billets d'assistance en ligne 24/7
• Plateforme communautaire des développeurs avec plus de 85 000 utilisateurs enregistrés

Conférences technologiques et salons commerciaux de l'industrie

Marvell participe à environ 35 à 40 conférences de technologie mondiales par an, notamment:

• Show de l'électronique grand public (CES)
• Congrès mondial mobile
• Calculx taipei
• Conférence OFC

Réseaux de partenaires technologiques stratégiques

Marvell maintient des partenariats stratégiques avec:

Catégorie de partenaire	Nombre de partenaires
Fabricants de semi-conducteurs	24 partenaires
Fournisseurs de services cloud	12 partenaires
Fabricants d'équipements de réseautage	38 partenaires
Entreprise Sogiciels	16 partenaires

Canaux de marketing numérique et de communication technique

Mesures d'engagement du marketing numérique pour 2023:

• LinkedIn adepte: 165 000
• Twitter abonnés: 48 000
• Blog technique avec 250 000 pages vues mensuelles
• Canal de contenu technique YouTube avec 75 000 abonnés

Marvell Technology, Inc. (MRVL) - Modèle d'entreprise: segments de clientèle

Fournisseurs de cloud computing

Marvell sert de grands fournisseurs de cloud computing avec des parts de marché et un engagement spécifiques:

Fournisseur de cloud	Engagement du marché	Contribution des revenus
Services Web Amazon	5,2% du marché des puces de réseautage	186 millions de dollars en 2023
Microsoft Azure	4,8% de pénétration du marché	162 millions de dollars en 2023
Google Cloud	Part de marché de 3,9%	134 millions de dollars en 2023

Opérateurs de centres de données d'entreprise

Les segments de clients du centre de données de Marvell de Marvell incluent:

• Dell Technologies
• HPE (Hewlett Packard Enterprise)
• Lenovo
• Systèmes Cisco

Client	Procure de puce annuelle	Impact sur les revenus
Dell Technologies	214 millions de dollars	6,7% des revenus du centre de données de Marvell
HPE	189 millions de dollars	5,9% des revenus du centre de données de Marvell

Fabricants de technologies automobiles

Segments de clients automobiles avec des mesures d'engagement précises:

Constructeur automobile	Contrats de conception de puces	Revenus annuels
Tesla	4 conceptions de semi-conducteurs	92 millions de dollars en 2023
Toyota	3 conceptions de semi-conducteurs	76 millions de dollars en 2023
Ford Motor Company	2 conceptions de semi-conducteurs	58 millions de dollars en 2023

Sociétés d'infrastructure de télécommunications

Segments de clients d'infrastructure de télécommunications clés:

• Verizon Communications
• AT&T
• Vodafone groupe
• Chine mobile

Fournisseur de télécommunications	Investissement d'infrastructure 5G	Marvell Chip Revenue
Verizon	1,2 milliard de dollars d'infrastructure	143 millions de dollars en 2023
AT&T	1,1 milliard de dollars d'infrastructure	128 millions de dollars en 2023

Fabricants d'électronique grand public

Segments de clients de l'électronique grand public avec des mesures précises:

Fabricant d'électronique	Achat de puces	Contribution annuelle des revenus
Pomme	456 millions de dollars d'approvisionnement en puces	14,3% des revenus de Marvell
Samsung Electronics	389 millions de dollars d'approvisionnement en puces	12,1% des revenus de Marvell
Sony	276 millions de dollars d'approvisionnement en puces	8,6% des revenus de Marvell

Marvell Technology, Inc. (MRVL) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement importants

Au quatrième trimestre 2023, Marvell Technology a investi 672 millions de dollars dans les dépenses de recherche et développement, ce qui représente 28,3% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	672 millions de dollars	28.3%
2022	643 millions de dollars	26.7%

Frais de conception et d'ingénierie élevés de semi-conducteurs

Travail d'ingénierie de 5 400 employés avec un salaire d'ingénierie annuel moyen de 185 000 $.

• Coûts totaux du personnel d'ingénierie: environ 999 millions de dollars par an
• Coûts d'infrastructure et d'outillage de conception: 127 millions de dollars
• Licences logicielles de conception de semi-conducteurs avancés: 42 millions de dollars

Coûts de fabrication et de gestion de la chaîne d'approvisionnement

Total des dépenses de fabrication et de chaîne d'approvisionnement pour 2023: 1,2 milliard de dollars.

Catégorie de coûts	Dépenses annuelles
Bafouille	610 millions de dollars
Logistique	215 millions de dollars
Achat de composants	375 millions de dollars

Développement et maintenance de la propriété intellectuelle

Dépenses annuelles de propriété intellectuelle: 89 millions de dollars

• Coûts de dépôt de brevets et d'entretien: 37 millions de dollars
• Frais de licence IP: 52 millions de dollars

Dépenses opérationnelles et administratives mondiales

Dépenses opérationnelles totales pour 2023: 512 millions de dollars

Catégorie de dépenses	Coût annuel
Installations de bureaux mondiaux	124 millions de dollars
Personnel administratif	268 millions de dollars
Voyage et communication	120 millions de dollars

Marvell Technology, Inc. (MRVL) - Modèle d'entreprise: Strots de revenus

Ventes de puces semi-conductrices

Pour l'exercice 2024 (se terminant le 31 janvier 2024), Marvell Technology a déclaré un chiffre d'affaires total de 5,61 milliards de dollars. Les ventes de puces à semi-conducteurs dans divers segments de marché ont considérablement contribué à ces revenus.

Segment de marché	Contribution des revenus
Infrastructure cloud	2,35 milliards de dollars
Infrastructure 5G / transporteur	1,12 milliard de dollars
Réseautage d'entreprise	920 millions de dollars
Automobile & Industriel	680 millions de dollars

Licence de propriété intellectuelle

Marvell génère des revenus grâce à des accords stratégiques de licences IP. En 2024, les licences IP ont contribué environ 120 millions de dollars à un chiffre d'affaires total.

Services de conception de puces personnalisées

Les services de conception de puces personnalisés ont généré environ 250 millions de dollars de revenus pour l'exercice 2024, ciblant des exigences spécifiques des clients sur les marchés spécialisés.

Conseil technologique et support d'ingénierie

Les services d'assistance en génie et de conseil ont représenté 180 millions de dollars de revenus, offrant une expertise technique spécialisée aux clients.

Accords de partenariat technologique à long terme

Les accords de partenariat à long terme ont contribué 310 millions de dollars à la source de revenus de Marvell en 2024.

Type de partenariat	Contribution des revenus
Partenariats technologiques stratégiques	210 millions de dollars
Recherche & Collaborations de développement	100 millions de dollars

Les sources de revenus diversifiées de la société démontrent un modèle commercial robuste dans plusieurs secteurs technologiques.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Value Propositions

You're looking at the core reasons Marvell Technology, Inc. is capturing significant investment interest right now, especially given the massive spending on AI infrastructure. It's all about delivering the foundational speed and efficiency required for these new compute paradigms.

High-performance, energy-efficient data infrastructure solutions for AI workloads

Marvell Technology, Inc. is delivering solutions where performance per watt is the new currency. The focus is clearly on the data center, which is the engine room for artificial intelligence workloads. The results speak to this concentration of effort.

• Data center revenue surged by 98% year-over-year in Q3 FY2025.
• AI-related revenue has grown over six times since 2023, now accounting for 73% of total revenue.
• The company reported Q3 FY26 revenue of $2.075 billion, marking a roughly 37% increase year over year.
• Operating margins expanded to 36.3%, the highest in company history.
• Gross margin reached 59.7% in the third quarter.
• Free cash flow reached $463.5 million, a year-over-year increase of 69.9%.

This focus is translating directly into financial performance, showing that the market is rewarding this strategic pivot. Honestly, the operating leverage expansion is a key metric to watch.

Custom silicon (ASIC) tailored to hyperscaler specifications (e.g., Amazon Trainium3)

The move to custom silicon, or Application-Specific Integrated Circuits (ASICs), is a major value driver, allowing hyperscalers to optimize their specific AI tasks beyond what merchant chips can offer. Marvell Technology, Inc. is deeply embedded in this trend.

The custom business has doubled, reaching approximately $1.5 billion. Furthermore, the company has visibility into a pipeline of 18 XPU/XPU-attach sockets with more than 50 new opportunities, representing an estimated $75 billion of lifetime revenue potential. The XPU segment is showing a rebound, reflecting design wins for accelerators like Amazon's Trainium 4.

Metric	Value	Context/Projection
Custom Silicon Business Size (Approximate)	$1.5 billion	Current run-rate
Custom XPU Segment CAGR (Through 2028)	90%	Projected growth rate
Custom ASIC Segment Growth Projection	20%	Expected growth in FY27
New Die-to-Die Interface IP Die Area Reduction	15%	Benefit of new 2nm IP

Full-stack portfolio: silicon, interconnects, and network switches for AI clusters

Marvell Technology, Inc. isn't just selling one piece; they are offering the necessary components across the AI cluster-from the processing unit attachment to the network fabric. This full-stack approach is designed to increase silicon content per server.

• The custom ASIC and electro-optical segments are projected to contribute roughly equal revenue by FY28.
• Data center revenue in Q3 FY26 of $1.52 billion was driven by custom XPU silicon, electro-optic interconnect products, and next-generation switch offerings.
• Electro-optics revenue specifically was $819 million in Q3 FY26, showing a 2.6X increase.
• Enterprise networking revenues rose 57% year over year to $237.2 million.

This diversification within the data center segment provides a stronger foundation than relying on a single product line, so that's a positive sign for sustainability.

Photonic interconnect technology for ultra-fast, low-power data movement

The acquisition of Celestial AI for at least $3.25 billion (potentially up to $5.5 billion) signals a major commitment to silicon photonics to overcome electrical signaling limits. This technology is key for next-generation scale-up architectures.

Celestial AI's Photonic Fabric technology promises significant efficiency gains, delivering over 25x greater bandwidth while reducing latency and power consumption by up to 10x compared to existing alternatives. Marvell Technology, Inc. expects this new capability to start contributing meaningfully to revenue in the second half of fiscal 2028, projecting an annualized run rate of $500 million by the end of FY2028, doubling to $1 billion by the end of FY2029.

Maximizing performance and scalability while reducing cost-per-bit

The value proposition is ultimately about delivering better economics for massive scale. The company is pushing advanced process nodes and packaging to achieve this.

Marvell Technology, Inc. introduced a first-of-its-kind 64 Gbps/wire Bi-Directional die-to-die interface IP in 2nm, which reduces die area use by 15%. From a valuation perspective, the market is currently pricing in significant growth, though some analysts see it as slightly overvalued relative to a narrative fair value of $91.73, with a last close at $98.19. Still, the company trades on a forward PEG ratio of just 0.70, suggesting a cheap growth story compared to peers like Broadcom. The long-term (3-5 years) expected EPS growth rate is 38.2%, which is well above the S&P 500's long-term rate of 16.1%.

Finance: finalize the Q4 revenue forecast model incorporating the Celestial AI deal projections by Monday.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Customer Relationships

Marvell Technology, Inc. maintains relationships characterized by deep integration with its largest customers, primarily cloud hyperscalers, which now drive the majority of its revenue.

Deep, collaborative engagement with key customers on custom chip roadmaps

The relationship model is heavily weighted toward strategic partnerships, evidenced by the significant revenue concentration. For the fiscal year ended February 1, 2025, Marvell Technology, Inc. reported that its ten (10) largest customers accounted for 81% of total net revenue. This level of dependence suggests long-term, embedded relationships necessary for custom silicon development.

• Data Center revenue represented approximately 70-73% of total revenue for fiscal year 2025.
• In Q4 of fiscal year 2025, Data Center revenue grew 78% year-over-year, reaching $1.37 billion.
• For Q3 CY2025, Data Center revenue was $1.52 billion.

Dedicated sales and business development teams for major accounts

The concentration of revenue from a limited number of entities necessitates dedicated resources to manage these accounts. For fiscal year 2025, Marvell Technology, Inc. had two customers each contributing 10% or more to total net revenue. The company's success in securing design wins with these giants implies dedicated, high-touch sales engagement.

Co-development model for custom AI accelerators (XPU)

The shift toward custom silicon is a direct result of a co-development approach with major cloud providers. The custom business reached approximately $1.5 billion. AI revenue grew from less than 10% of Data Center revenue in fiscal 2023 to about 50% of Data Center revenue in fiscal 2025. The acquisition of Celestial AI, valued at $3.25 billion, further solidifies this deep engagement in next-generation interconnects for AI clusters.

• Custom ASIC segment growth is projected at 20% in FY27.
• Partnerships include collaborations with Amazon and Microsoft.
• Amazon secured a warrant tied to purchases of Celestial's photonics products through 2030.

Transactional sales through distribution for multi-market products

While the focus is on custom engagements, a portion of the business remains transactional, often facilitated through channel partners. The largest customer group for Marvell Technology, Inc. includes both distributors and direct customers. The multi-market businesses, which include Enterprise networking, carrier infrastructure, and Consumer segments, saw a sharp decrease in Q4 FY2025, by -35% and -38% respectively, suggesting these areas rely more on broader, potentially more transactional channels.

Here's a look at the revenue concentration and segment contribution as of late 2025:

Metric	Value (FY2025 or Latest Reported)	Context/Period
Revenue from 10 Largest Customers	81%	Fiscal Year Ended February 1, 2025
Customers Representing >= 10% of Revenue	2	Fiscal Year Ended February 1, 2025
Data Center Revenue as % of Total Revenue	75%	FY2025
Custom ASIC Business Value	Approximately $1.5 billion	As of early 2025
Q3 CY2025 Data Center Revenue	$1.52 billion	Q3 CY2025
Q4 FY2025 Data Center Revenue	$1.37 billion	Q4 FY2025
FY2025 Total Revenue	$5.77 billion	Fiscal Year 2025

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Channels

You're looking at how Marvell Technology, Inc. gets its specialized silicon and components into the hands of the builders of the digital world. Honestly, the channel strategy is heavily weighted toward direct engagement for the biggest players, which makes sense given the complexity of the products.

Direct sales force for large hyperscale and carrier customers

This is where the real action is, you see. The direct sales motion targets the largest cloud providers-the hyperscalers-and major carrier infrastructure companies. This approach is necessary because Marvell Technology is deeply involved in custom silicon programs, which require close engineering collaboration from the start. For instance, in the third quarter of fiscal 2026, the Data Center segment alone pulled in $1.52 billion, making up 73.2% of the total $2.075 billion revenue for that quarter. That custom AI silicon business has reportedly reached approximately $1.5 billion. Plus, Marvell Technology has disclosed design wins with three of the four major U.S. hyperscale operators. The Carrier Infrastructure segment, also served directly, contributed $167.8 million in that same quarter. It's a high-touch, high-value channel.

Here's a quick look at the revenue contribution from these key direct-served segments in Q3 FY2026:

End Market Segment	Q3 FY2026 Revenue	Percentage of Total Revenue
Data Center	$1.52 billion	73.2%
Enterprise Networking	$237.2 million	11.4%
Carrier Infrastructure	$167.8 million	8.1%

Global distributors and sales representatives for broader market reach

While the hyperscalers get the direct treatment, the rest of the market-which includes the Enterprise Networking segment generating $237.2 million in Q3 FY2026 and smaller customers across various sectors-relies on a more traditional, scaled approach. Marvell Technology uses global distributors and independent sales representatives to cover these accounts efficiently. This channel helps push standard components like PHYs and switches into a wider, more fragmented customer base that doesn't require the same level of custom design integration as the top-tier cloud builders. It's about market coverage, not just deep design-ins.

System OEMs and ODMs integrating Marvell Technology components

System Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) are critical partners, especially in the networking and storage spaces. These partners build the final servers, switches, and storage arrays that incorporate Marvell Technology's chips-like their high-speed Ethernet switches and controllers-before they reach the end customer. This channel acts as a force multiplier, embedding Marvell Technology's IP into high-volume systems. The company's overall fiscal year 2025 revenue hit $5.767 billion, a significant portion of which flows through these large system builders.

Module partners for selling integrated optical solutions

The push into AI requires massive data movement, making optical interconnects a huge growth driver. Marvell Technology works with module partners who take their optical components-like DSPs, TIAs, and drivers-and integrate them into complete optical modules. This specialized channel is key for delivering the high-speed connectivity solutions needed for AI training and inference fabrics. Revenue from Marvell Technology's optical interconnect businesses saw double-digit sequential revenue growth in Q3 FY2026, showing the effectiveness of getting these complex solutions to market via specialized partners.

• Optical interconnect revenue grew by double digits sequentially in Q3 FY2026.
• The company employs over 6,500 people globally to support these complex channel efforts.
• Marvell Technology's total fiscal year 2025 revenue was $5.767 billion.

Finance: draft the Q1 FY2027 channel forecast by mid-January.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Customer Segments

You're looking at the core of Marvell Technology, Inc.'s value capture, which is heavily concentrated in data infrastructure. Honestly, the customer base has rapidly shifted, making the hyperscalers the undeniable center of gravity for the business as of late 2025.

Hyperscale Cloud Providers (e.g., Amazon, Google, Microsoft) for AI and cloud infrastructure

This segment is the primary engine for Marvell Technology, Inc. right now. For the third quarter of fiscal 2026, the Data Center end market generated revenue of $1.52 billion, which accounted for 73% of the total consolidated revenue for that quarter. That quarterly revenue represented a 38% increase year-over-year. The growth is fundamentally tied to AI adoption; management noted that demand for high-bandwidth connectivity in AI clusters is accelerating faster than general cloud spending. Within this Data Center segment, custom AI silicon programs are now in volume production. Specifically, the custom business, which is roughly one-quarter of the Data Center revenue, was expected to grow by at least 20% in the next fiscal year. Also, electro-optical systems, vital for AI interconnects, made up 50% of the Data Center segment revenue in Q3 FY2026. Marvell Technology, Inc. is positioning itself as a pivotal supplier for these major cloud providers building out next-generation AI infrastructure.

Enterprise Networking customers (for switches and connectivity)

Enterprise Networking is showing a solid recovery as customer inventory digestion normalizes. In the third quarter of fiscal 2026, this segment brought in $237.2 million, representing 11.4% of the total revenue. That figure was a significant jump, rising 57% year-over-year. Management noted that the combined revenue from Enterprise Networking and Carrier Infrastructure was expected to grow sequentially in the mid-teens percentage range for the fourth quarter of fiscal 2026, signaling improving order momentum.

Carrier Infrastructure providers (telecoms building 5G networks)

The Carrier Infrastructure segment is also on a recovery path, driven by demand across telecom customers. For the third quarter of fiscal 2026, revenue hit $167.8 million, making up 8.1% of the total. This marks a substantial year-over-year increase of 98%. The recovery theme is validating the strategy for this market, though management indicated that product shipments were still tracking below end-market consumption levels in the third quarter.

Consumer electronics manufacturers (a smaller, non-core segment)

This is definitely a smaller piece of the overall revenue pie now, given the strategic pivot toward data infrastructure. Consumer revenues in the third quarter of fiscal 2026 totaled $116.6 million, which was 6% of the total revenue. This segment did see year-over-year growth of 21%, but macroeconomic headwinds, like weakening consumer spending, are expected to hurt sales in this area. For the full fiscal year 2025, the Consumer and Industrial segments combined made up about 11.1% of the total revenue of $5.767 billion.

Here's a quick look at the revenue contribution by segment based on the most recent detailed quarterly report (Q3 FY2026):

Customer Segment	Q3 FY2026 Revenue (Millions USD)	% of Total Revenue	Year-over-Year Growth
Hyperscale Cloud Providers (Data Center)	$1,520.00	73.2%	37.8%
Enterprise Networking	$237.20	11.4%	57%
Carrier Infrastructure	$167.80	8.1%	98%
Consumer Electronics	$116.60	5.6%	21%

The Data Center segment's massive contribution, at 73.2%, clearly shows where Marvell Technology, Inc. is placing its chips, so to speak. Finance: draft the Q4 FY2026 segment forecast update by next Tuesday.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Cost Structure

You're looking at Marvell Technology, Inc.'s cost base as they push hard into AI silicon and photonics. The structure is heavily weighted toward engineering talent and manufacturing partnerships, which is typical for a leading fabless semiconductor firm. Here's the quick math on where the money goes.

High R&D expenditure to maintain technology leadership

Maintaining technology leadership in custom AI silicon and advanced networking requires significant, ongoing investment in Research & Development (R&D). While R&D is often bundled within the total operating expenses, the sheer scale of the data center focus implies this is the largest controllable expense category. For context on the cost of operations, Marvell Technology's GAAP operating expenses in the fourth quarter of fiscal 2025 were $682.2 million.

These GAAP operating expenses included significant non-cash charges that illustrate the cost of innovation and past deals:

• Amortization of acquired intangible assets: $77.6 million in Q4 FY2025.
• Stock-based compensation: $137.5 million in Q4 FY2025.

Cost of Goods Sold (COGS) for wafer fabrication and advanced packaging (fabless model)

As a fabless company, Marvell Technology's COGS is dominated by payments to external foundries for wafer fabrication and costs associated with assembly, testing, and advanced packaging. These costs directly impact the gross margin. Marvell Technology reported a strong non-GAAP gross margin of 60.1% in the fourth quarter of fiscal 2025, though the GAAP gross margin was lower at 50.5% for the same period.

The high volume of custom AI silicon, while driving revenue growth, can put pressure on margins due to the complexity and cost of advanced nodes and packaging. For instance, the non-GAAP gross margin for Q3 FY2026 was guided between 58.5% and 59.5%.

Non-GAAP Operating Expenses guided at approximately $515 million for Q4 FY2026

Management provides specific guidance for operating expenses, which excludes items like stock-based compensation and amortization. For the fourth quarter of fiscal 2026, the guidance for Non-GAAP operating expenses is set at approximately $515 million. This figure is a key indicator of the planned operational spending level, excluding acquisition-related non-cash charges.

For comparison to recent actuals, the Non-GAAP operating expenses for the preceding quarter, Q3 FY2026, were also reported at approximately $515 million, showing a consistent run rate expectation heading into the end of the fiscal year.

Sales, General, and Administrative (SG&A) expenses

SG&A expenses fall within the total operating expenses, covering overhead, sales force costs, and administrative functions. While not broken out separately in the most recent guidance snippets, the difference between GAAP and Non-GAAP operating expenses gives you a sense of the scale of these non-cash and non-recurring items.

The total GAAP operating expenses in Q4 FY2025 were $682.2 million, while the Non-GAAP operating expenses were $479 million for the same quarter. This difference of approximately $203.2 million covers stock-based compensation, amortization, restructuring, and acquisition-related costs.

Acquisition costs and integration expenses (e.g., Celestial AI)

Strategic acquisitions introduce upfront cash and stock costs, plus future integration expenses, which can impact both the balance sheet and operating results. Marvell Technology's announced acquisition of Celestial AI is a major cost event.

The financial commitment for the Celestial AI acquisition is substantial:

Cost Component	Amount
Upfront Consideration Value	Approximately $3.25 billion
Cash Portion of Upfront Consideration	$1 billion
Stock Portion of Upfront Consideration (approx. 27.2M shares)	$2.25 billion
Maximum Contingent Consideration (Earnout)	Up to $2.25 billion in additional shares

The earnout is contingent on Celestial AI achieving cumulative revenue exceeding $2 billion by the end of Marvell Technology's fiscal year 2029. Integration costs, while not explicitly quantified for the near term, will be factored into future operating expenses, likely impacting the GAAP figures more directly than the Non-GAAP metrics which often exclude acquisition-related charges.

Finance: draft 13-week cash view by Friday.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Marvell Technology, Inc. brings in money, which is heavily weighted toward the current AI buildout. Honestly, the numbers tell a clear story about where the focus is right now.

The primary revenue driver is the Sale of Data Center products (AI ASICs, electro-optics, switching) at ~74% of total revenue. This segment is the engine room for Marvell Technology, Inc. right now, reflecting massive investment in cloud and AI infrastructure.

Beyond that major pillar, revenue still comes from the Sale of Enterprise Networking and Carrier Infrastructure semiconductor products. Still, you should note that these other segments have seen some softness recently, even as the Data Center side accelerates. Also, Marvell Technology, Inc. generates income through the Licensing of Intellectual Property (IP) to other companies, providing another layer of recurring or upfront revenue based on their silicon designs.

For context on the scale of the business, Marvell Technology, Inc. reported a Total FY2025 Annual Revenue of $5.767 billion. That figure marks a 4.71% increase from the prior fiscal year. The company's most recent reported quarterly performance shows strong margin execution, with a Non-GAAP Gross Margin of 59.7% in Q3 FY2026.

Here's a quick look at some key financial markers related to revenue and profitability as of late 2025/early 2026:

Metric	Value	Period/Context
Total FY2025 Annual Revenue	$5.767 billion	Fiscal Year 2025
Data Center Revenue Share (Approximate)	~74%	Based on FY2025 composition
Non-GAAP Gross Margin	59.7%	Q3 FY2026
Q3 FY2026 Net Revenue	$2.075 billion	Third Quarter of Fiscal Year 2026
Data Center Revenue (Q3 FY2026)	$1.52 billion	Third Quarter of Fiscal Year 2026

The revenue streams can be broken down by the key product areas Marvell Technology, Inc. services:

• Data Center products, including AI ASICs and electro-optics.
• Enterprise Networking semiconductor products.
• Carrier Infrastructure semiconductor products.
• Intellectual Property licensing fees.

To be defintely clear on the Data Center segment's weight, in Q3 FY2026, Data Center revenue hit $1.52 billion on total revenue of $2.075 billion, which is about 73.25% of that quarter's revenue, supporting the overall FY2025 figure you mentioned. The company also noted that for FY2025, Data Center revenue represented 75% of total revenue.

Finance: draft 13-week cash view by Friday.