Marvell reported a third-quarter fiscal year 2026 (QQ3 2026) record revenue of $2.075 billion, up 3% sequentially and 37% year over year, driven by strong data center demand and an improving communications and other end market. Non-GAAP diluted EPS of $0.76 beat guidance, while GAAP EPS of $2.20 reflected the gain from the Automotive Ethernet divestiture. Excluding Automotive Ethernet, go-forward revenue grew approximately 6% sequentially and 41% YoY, underscoring the strength of Marvell’s data-center interconnect and XPU-attached portfolio. Management reiterated a bullish long-term AI infrastructure narrative centered on Celestial AI, a photonic fabric platform, with an expected close in Q1 FY2027 and meaningful revenue contributions beginning in H2 FY2028. The company also highlighted continued operating leverage, strong free cash flow generation, and a disciplined capital-return program including a $1.0 billion accelerated buyback and $0.051 billion in dividends in the quarter. Looking ahead, Marvell guided Q4 revenue to about $2.2 billion, with non-GAAP gross margins around 58.5–59.5% and non-GAAP EPS in the range $0.74–$0.84. For FY2027, management anticipates data-center revenue growth of greater than 25% year over year, with a path to accelerated growth into FY2028 driven by interconnect, custom XPU/socket programs, and Celestial AI ramp. The combination of organic growth, AI-scale product cycles, and Celestial AI’s photonic interconnect platform creates a multi-year growth runway, albeit with execution and integration risk surrounding a transformative acquisition.