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Marvell Technology management has stopped leading with a recovery narrative for its markets outside the data center, narrowing the company's public story to AI infrastructure growth.
The shift reflects a significant change in revenue composition, with data centers now accounting for the vast majority of sales.
In March 2025, while reporting fiscal fourth-quarter 2025 results, management highlighted a continued recovery in demand across carrier, enterprise networking, and automotive and industrial sectors.
At that time, those markets represented a substantial portion of the business. By fiscal second quarter 2026, however, management stated that data centers drove three-quarters of total revenue.
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