Marvell Technology, Inc. Common Stock Investor Day 2026

Please welcome to the stage, Marvell Chairman and Chief Executive Officer, Matt Murphy.

Good morning, everybody. All right. All right, good morning, everybody. Yeah, there you go. I am fired up to be here today. Are you? Come on. All right, so welcome to Marvell's 2026 Investor Day. It is great to be back in New York and have so many of you with us today. I have great memories of the last time we were all here, which was about two and a half years ago. I remember having lunch afterwards and sitting with a bunch of you, and one of you spoke very fondly of this hotel. You had gotten married here. Another investor at lunch said to me, "You know, Matt, good call on the location at The Pierre. The Pierre is a bull market hotel." Look, I agree, from April 2024 to now, it has definitely been a bull market for semiconductors, hasn't it?

I am excited to be back here today to show you what the next phase of Marvell looks like. All right. Blasts from the past. Let us go back in time. This photo is from Marvell's first ever Investor Day in 2017, and that is me there on stage, and a number of you were there. In fact, I can recognize many of you just from the backs of your heads. You can probably find yourself. By the way, I am not sure who this young guy is on stage, but he is pretty handsome, isn't he? This is what 10 years as a public company CEO will do to you, okay, but I am still kicking.

I remember the first question I got at that Investor Day after we finished. Chris Rolland from Susquehanna, who I think is here today, stood up and very seriously asked me, first question, and said, "What company is this? Is this Marvell?" There was a reason he asked that question because, at that time, Marvell had never communicated ever to Wall Street what its mission or vision was or where the company was going. The company had gone public in 2000, by the way. Most people back then thought of Marvell as a consumer electronics company, right? Selling into smartphone, tablets, other digital devices. But look at what we were talking about back then. Look at my slide. The explosion of data and bandwidth demand, compute moving towards the data, end-to-end security, the need for power efficiency.

This was in March 2017, and we were already talking about the data center, data infrastructure, and where we believe the industry was going. Before Marvell, I spent 22 years at Maxim Integrated Products, which was one of the leading analog semiconductor companies. One of the great things about the analog business is you get exposure to virtually every end market and every major technology trend. The one thing I learned from that experience was that the market that you sell into is what matters. It is not just about having the best chip or the best part, the best widget, it is your end market exposure and then your long-term sustainable competitive advantage within that market. That is what matters. So actually, when I came to Marvell, I had a strong point of view about where the semiconductor industry was going and where I wanted to take the company.

That point of view I had was centered on data infrastructure in the cloud, even though at that time, most of Marvell's revenue was tied to consumer. In fact, back then, less than 10% of our revenue was actually in data center. That is what led us to develop Marvell's mission statement. Here it is. So we wrote this in January 2017, about six months after I became CEO. Nearly 10 years later, this mission has not changed. It is exactly the same words from January 2017. This might seem like motherhood and apple pie today. Make high performance chips that move data, store data, process data, compute networking storage, all those types of trends. But I can tell you, 10 years ago, this was unique. There was no category back then called data infrastructure. The whole semiconductor market was defined very differently back then.

I remember recently I was in a meeting with one of our senior fellows, who is a longtime Marvell employee. He was presenting to a big engineering group and he said, "I remember when Matt first presented this mission statement to us when we were sitting around at Marvell." I had already been at Marvell for 15 years, and I remember sitting there watching him and thinking, "I do not know what he is talking about." Then he stood up and he said, "Now, 10 years later, I see it. We have actually all the pieces now. Moving data, storing data, processing data, all the key elements. We did not have those back then, and we do now." So that was the vision.

Over the past decade, at each of our investor days, and we have had a bunch of them, we have continued to share our point of view about where we believe the industry was going. So let me show you a few examples. In 2018, eight years ago, we were talking about AI as a major driver of data center and how AI would evolve across both training and inference. It is a long time ago. This is pre-ChatGPT, pre the big AI wave. 2020, we were talking about the shift from application-specific workloads to data-centric workloads, with functions like networking, security, and storage increasingly moving into dedicated infrastructure silicon. 2021, we broadened that to the era of cloud-optimized silicon. This was five years ago. We said that compute, storage, networking, security, and optics were all becoming increasingly purpose-built.

And if you look at what we were describing back then, those were really the building blocks of what we call today XPU attach, before we even had a name for it. In 2024 when we were here in New York at the Pierre, we talked about how front-end and back-end networks were required for AI, and how optical connectivity would be a major driver of the next wave of AI infrastructure. Then finally last summer, in June, we showed you the breadth of our custom silicon capabilities, including the emerging opportunity we call XPU attach, and why we believe custom was going to be a major and much larger part of AI infrastructure. Throughout this journey, we've had a pretty consistent point of view where the industry was going, and we've invested aggressively ahead of these transitions.

But you can have a vision, you can see the shifts, but that is not enough. We had to build this company and the capability to capitalize on the opportunity. So what did we do? The mission in 2017 became the guiding principle for how me and the team allocated capital and architected Marvell over the last decade. In some areas, we invested in strong technology and expertise that we already had inside Marvell. We had a very talented team when I joined in engineering. In other areas, though, we pursued very strategic and, quite frankly, very ambitious M&A to add critical capabilities and domain expertise in a number of new important areas where we didn't have that capability. At the same time, though, we didn't just buy things. We narrowed our focus through divestitures, which created significant shareholder value.

We received premium multiples for these businesses that we sold, and it allowed us to continue to hone our focus on the data center. But I got to tell you, the real value of the acquisitions we made and those capabilities that we then gained, those came after those teams were inside Marvell and then part of our platform. We brought these teams together around one strategic direction and continued to invest aggressively in those businesses. And that allowed those teams to achieve far more than they ever could have on their own. So if you take a step back, we've invested roughly $20 billion bringing those capabilities into Marvell, decades and decades of expertise. We also invested another roughly $20 billion organically behind the platform. This was rocket fuel for the roadmaps and helped establish the leadership positions we have today and that you're going to hear about.

So that's roughly $40 billion of investment in the Marvell platform over the last 10 years. This has truly been a decade in the making. And the platform has actually arrived at the right moment. AI workloads are fundamentally changing the way that data moves through the network. We're moving beyond traditional training and reasoning models. We're moving beyond training into reasoning models, agentic AI, and inference now at scale. So those workloads are driving more and more data movement and diverse traffic patterns across AI infrastructure. And that's creating greater demand on connectivity. Efficient data movement is becoming a fundamental constraint on AI infrastructure. And this isn't just us saying it. This is what we're hearing from our customers. The world's largest hyperscalers are rethinking their network architectures as AI infrastructure scales. Across the industry, these changes are driving significantly more connectivity across the system.

Just take a moment and read it and look what they're saying. It's all about connectivity. If you look at the AI landscape overall today in semi companies, there are three very large companies whose businesses are primarily driven by compute. There's some networking in there, but compute is what they do really well. We've seen tremendous growth and value creation in the market from the compute wave that we've gone through. Then you have three large memory companies whose businesses are overwhelmingly concentrated at memory. That's what they do really well. Again, we've seen tremendous growth and value creation there as AI has driven the need for more memory, bandwidth, and capacity. But now we believe connectivity is the next defining unlock. At system scale, more and more data needs to move across every distance, and Marvell is fundamentally a connectivity-first company.

That gives us a very different position in the ecosystem. We work with the leading compute companies, the leading memory companies, and our customers, all the world's largest cloud operators. In many ways, we're enabling the entire industry, and Marvell is a partner to all. As AI infrastructure continues to scale, we have exposure across the ecosystem, regardless of which compute or memory architecture is deployed. Okay, let's put some numbers behind that. In FY 2026 last year, Marvell generated $8.2 billion in total revenue, 75% of that was in data center, and we break that down into the segments we're going to talk about today: interconnect, switch and storage, and custom. Most of our custom revenue last year was in compute, and some of our comms and other revenue is also in compute.