Marvell released its financial report for the second quarter of FY2027, with a net income of 2.739 billion US dollars, a year-on-year growth of 37%, exceeding

 the median of the guidance, and setting a new company record. The non-GAAP diluted earnings per share was 0.94 US dollars, the gross margin was 58.9%,

 and the operating cash flow was 605.5 million US dollars. Data centers were the absolute main force: the single-quarter revenue was 2.1715 billion US dollar

s, a year-on-year growth of 46% and a quarter-on-quarter growth of 18%, accounting for 79% of the total revenue, and the year-on-year growth rate was 

significantly faster than the 27% of the previous quarter. The revenue from communication and other terminal markets was 567.8 million US dollars, a year-on

-year growth of 10%.

The company again raised its revenue outlook for the two fiscal years: the full-year revenue expectation for FY2027 was raised from approximately 11.5 billion

 US dollars to approximately 12 billion US dollars (a year-on-year growth of approximately 45%), and the expectation for FY2028 was raised from approximately

 16.5 billion US dollars to approximately 18 billion US dollars. The guidance for the third quarter was a net income of 3.15 billion US dollars (±5%) and non-

GAAP earnings per share of 1.10 US dollars (±0.05). CEO Matt Murphy said that AI-related reservations remained strong, and it was expected that the custom 

computing business would significantly accelerate in the second half of FY2027, with the revenue growth rate continuing to rise in the remaining time of the 

fiscal year.

The signal of this financial report is not in the total revenue, but in the speed of structural changes. The growth rate of data centers increased from 27% to 46%

, and the driving force shifted from high-speed connections (optical DSP, SerDes, interconnection) to custom computing, indicating that the procurement 

focus of AI clusters is shifting from general interconnection chips to ASIC and associated storage network devices. The gross margin slightly decreased as the

 proportion of custom business increased, which is a structural cost-to-scale change rather than a deterioration in competition. The engineering focus along 

this line is at two points: one is the shipment rhythm of DSP and timing recovery in 800G/1.6T optical modules, and the other is the changes in packaging and

 power supply design brought by custom XPU - the latter will directly change the selection window of upstream substrates and power management chips.