capexScore 55/100Add to thesis
Marvell DCI (Data Center Interconnect) module business targeting $1B annualized revenue in FY2028, doubled from FY2026, driven by scale-across networking
Matt Murphy· Marvell Technology· AI· 2026-05-27· about Marvell Technology (MRVL)
“Giving us line of sight to a $1 billion annualized revenue during fiscal 28. This would represent approximately double the revenue we achieved in fiscal 26... Scale across architectures are expected to rapidly adopt 1.6T connectivity.”
Why it matters
Scale-across networking (connecting multiple data centers for unified AI workloads) is creating a new and massive TAM for pluggable DCI modules at 1.6T+ speeds. This was previously a niche market dominated by 400G/800G DCI modules.
Investment implication
Marvell's shift to secure 1.6T DCI modules signals hyperscalers are now building multi-site AI clusters due to power/space constraints. This drives capex in long-reach optical interconnect, coherent DSPs (Marvell's 2nm coherent DSP), and ZR/ZR+ module assembly. Supply chain for DCI modules (optics, packaging, test) faces capacity pressure.