Marvell and the AI Infrastructure Curve: What to Expect from Earnings, and Why It Isn’t a Nvidia Competitor
Marvell Technology will report fiscal Q1 2025 earnings after the bell on Thursday, May 29, with Wall Street anticipating strong year-over-year growth. The consensus calls for $1.88 billion in revenue and $0.61 in adjusted earnings per share, reflecting growing demand across cloud, carrier, and AI-related markets. Marvell has already guided within that range, suggesting a likely beat—or at least a confident showing.
Yet shares have declined more than 40% year-to-date, raising questions not about Marvell’s internal execution but about the way investors have come to interpret AI exposure. After Nvidia’s recent wave of record-breaking results, any mention of "AI" by other chipmakers has often led to outsized expectations, and occasionally, to misplaced comparisons.
That’s why it’s important to understand Marvell’s role clearly. It is not competing with Nvidia, nor is it trying to. Instead, Marvell operates further down the AI stack, providing the infrastructure and interconnects that make inference and deployment possible. A strong Marvell report should be seen not as a threat to Nvidia, but as a sign that AI infrastructure as a whole is scaling.