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Today at a glance:
📶 Marvell: Data Center Focus
🧠 Synopsys: Near-Term Slowdown
🎽 Lululemon: International Boost
🧑⚕️ Veeva: Strong Execution
🌐 Samsara: High Expectations
🖥️ HPE: AI-Driven Growth
✍️ DocuSign: Billings Surge
🐶 Chewy: Customer Decline
🔐 Okta: Confidence Returns
🛠️ GitLab: Leadership Shift
👁️ SentinelOne: Slow Margin Progress
🤖 UiPath: Building AI Momentum
📝 Asana: AI Studio Announcement
✅ Smartsheet: Going Private
1. 📶 Marvell: Data Center Focus
Marvell Technology saw Q3 revenue grow 7% to $1.52 billion ($60 million beat), with adjusted earnings per share of $0.43 ($0.02 beat). A $750 million restructuring impacted the quarter (spread across cost of revenue and operating expenses) as management shifted focus toward the data center segment, where revenue was up 25% sequentially and nearly doubled year-over-year to $1.1 billion.
CEO Matt Murphy—reportedly approached by Intel for its top role—highlighted strong demand for custom AI chips developed for hyperscalers like Amazon and Google as a key growth driver.
Looking ahead, Marvell issued guidance above consensus, forecasting Q4 revenue growth of 26% to $1.8 billion ($0.2 billion beat). AI-related products are expected to exceed $1.5 billion in FY25, with additional growth anticipated as new chips ramp for Amazon, Google, and Microsoft. While non-AI segments such as telecom and automotive face ongoing headwinds, Marvell’s strategic pivot toward AI has firmly positioned it as a leading player in the expanding data center chip market, driving its stock to a new all-time high.