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Luke Kawa

Marvell Technology soars after CEO targets $10 billion in revenues next year

Despite Marvell Technology initially falling in after-hours trading after the chip company posted Q3 results modestly ahead of estimates and Q4 guidance in line with expectations, it’s now turned those losses into massive gains thanks to positive commentary on next year’s sales outlook. Shares are up almost 10% as of 5:20 a.m. ET.

On the earnings call, CEO Matt Murphy said that sales could eclipse $10 billion in its upcoming fiscal year, while analysts had penciled in a forecast below $9.5 billion.

That solid anticipated pick-up in sales is being driven by Marvell’s custom chip division, where Murphy touted recent customer wins including an “emerging hyperscaler.”

“We expect our custom business, roughly a quarter of our overall data center revenue, to grow by at least 20% next year,” he said.

While custom chips sales have been a relatively lumpy line item for Marvell, Murphy doesn’t think that will be the case going forward, saying that there won’t be any more “air pockets.”

The Q3 results:

  • Net revenue: $2.075 billion (compared to estimates for $2.06 billion)

  • Adjusted earnings per share: $0.76 (estimate: $0.74)

For Q4, management offered guidance for net revenues to come in at $2.2 billion (plus or minus 5%) with adjusted EPS of $0.79 (plus or minus $0.05). That’s virtually bang in line with Wall Street’s call for $2.19 billion and $0.79, respectively.

Along with these results, Marvell announced plans to buy Celestial AI, a company that uses light to move data between chips, for at least $3.25 billion in cash and stock. The purchase price could go up by as much as $2.25 billion if Celestial’s cumulative revenues reach at least $2 billion by the end of Marvell’s fiscal 2029 (roughly speaking, calendar year 2028).

The chip stock has been on a solid run recently, thanks in large part to a wave of investor enthusiasm over custom chips spurred by the launch of Google’s Gemini 3. Marvell works with Amazon as a codesigning partner for its custom chips, including providing connectivity infrastructure for the Trainium3 model, which was publicly launched on Tuesday.

That being said, Marvell has been one of the worst chip stocks this year, and is still down around 7.5% for the year so far.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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