Marvell Q2 FY2027: Data Center Revenue Hits 79%, Q3 Guide Beats by 4%

The 79% data center mix and a Q3 guide that clears consensus by 4% underscore that AI infrastructure demand is still the dominant growth engine for Marvell, not just a tailwind. The slight gross margin dip is the key trade-off to watch: it suggests custom ASIC volume is scaling faster than higher-margin merchant silicon, which could pressure profitability even as revenue accelerates. This matters for anyone tracking the AI supply chain's shifting economics, where top-line visibility is strong but margin quality is the open question. Whether the margin erosion stabilizes as ASIC programs mature will be the critical signal next.