MRVL 是一项颇具吸引力的长期投资，动力来自其向 AI 数据中心领导者的转型、关键云合作伙伴关系以及预期的高营收增长。
逐段跳播
好，现在我要进入今天视频的第三支箭，也就是 Marvell。如你所知，随着人工智能的发展，这是一个在过去几年里吸引了投资者大量关注的商业领域。
Okay, now I'm going to move on to the third arrow in today's video, which is Marvel. As you know, this is a business sector that has attracted a lot of attention from investors over the past few years with the development of artificial intelligence.
但是，你知道，这很有意思。这是另一家并非一直处于前沿的公司。如你所知，这家公司成立于 20 世纪 90 年代。在其历史的大部分时间里，它被认为是存储和网络芯片设计领域的领导者，但它并不是最令人兴奋或最有吸引力的公司之一。
But, you know, it's interesting. This is another company that hasn't always been at the forefront. As you know, this company was founded in the 1990s. Throughout most of its history, it was considered a leader in the design of storage and networking chips, but it was not one of the most exciting or attractive companies.
然后它进行了一些收购，彻底改变了这一局面。2018 年，它收购了一家名为 Cavium 的公司，借此增加了网络芯片技术和数据处理能力。2019 年，它收购了一家名为 Afra Semiconductor 的公司，后者是……的定制芯片设计部门。
Then it made some acquisitions that radically changed this situation. In 2018, it acquired a company called Cavium, to which it added network chip technology and data processing.
In 2019, it acquired a company called Afra Semiconductor, the former custom chip design unit of
正如我们最近看到的，Marvell 出售了其汽车和工业以太网业务，以释放工程资源，从而完全专注于人工智能数据中心芯片。因此，这家公司在过去几年里经历了一次真正的转型，可以与 Nvidia 这样的公司相提并论。
As we recently saw, Marvell sold its automotive and industrial Ethernet unit to free up engineering resources to focus entirely on AI data center chips. Therefore , this company has undergone a real transformation over the past few years, and can be compared to companies like Nvidia.
与此同时，Marvell 设计定制芯片，以满足每家云服务提供商的具体需求。
Meanwhile, Marvell designs custom chips to meet the specific needs of each cloud service provider.
它与 AWS 有多年合作，积极参与微软的定制 Maya AI 芯片，最近还扩大了与 Alphabet 的合作。事实上，Google 已获准购买最多 7% 的 Marvell 股份，但须达到特定的营收目标。
It has a multi- year collaboration with AWS, an active participation in Microsoft's custom Maya AI chip, and recently expanded its partnership with Alphabet. In fact, Google has been granted permission to purchase up to 7% of Marvel's shares, subject to achieving specific revenue targets .
Marvell 通过其光电部门制造实际以人工智能训练设备所需速度传输数据的组件。这意味着 Marvell 从人工智能的发展中以多种方式受益，既来自定制芯片的设计，也来自实际的物理层面开发，也就是用新的人工智能组件以必要速度传输数据的挑战。这真的很有意思。
Marvell , through its optoelectronics division , manufactures the components that actually transmit data at the speed required for AI training kits. This means that Marvell is benefiting from the development of artificial intelligence in several ways, both from the design of custom chips and from the actual physical development, i.e., the challenge of moving data at the necessary speed with new AI components. It's really interesting.
我认为许多投资者一直在关注 Marvell，尤其是在过去一两年里，但如果我们看更大的图景，如果我们长期跟踪这一活动，就会发现增长故事直到最近才变成现在这样。它曾是一家高质量的公司，但增长要慢得多。
I think many investors have been following Marvell, especially over the past year or two , but if we look at the bigger picture, if we follow this activity for a long time, we will find that the growth story has not been what it was until recently.
It was a high-quality company, but its growth was much slower.
快进到现在，上个季度实现了约 28 亿美元的创纪录营收，同比增长近 40%。其中数据中心营收约为 22 亿美元，占公司营收的大部分，同比增长 46%。数据中心营收约占 Marvell 总营收的 80%。
公司上调了本财年的预测，因为它正经历令人瞩目的增长。
Fast forward to the present, and the last quarter saw record revenues of approximately $2.8 billion, an increase of nearly 40% year-on-year. Data center revenues accounted for approximately $2.2 billion of this total, representing the majority of the company's revenue, a 46% year-over-year increase.
Data center revenues represent approximately 80% of Marvell's total revenue. The company has raised its forecasts for the fiscal year, as it experiences impressive growth.
看 Marvell，很明显其股价已经大幅上涨。这绝不意味着该公司被低估，但它处于人工智能设备领域最大转变之一的核心位置，即云计算巨头转向为自身工作负载专门设计芯片的趋势。Marvell 与全球三大云计算公司都有联系，这为其增长故事增添了相当大的分量。
想想一家从硬盘芯片制造商起步，变成少数几家被云计算巨头信任、为其设计最重要的人工智能芯片的公司之一。我认为这为 Marvell 股票为何是值得长期买入并持有的有趣选择提供了强有力的理由。
Looking at Marvell, it is clear that its stock has seen a significant rise. This does not mean in any way that the company is undervalued, but it occupies a central position at the heart of one of the biggest shifts in the field of artificial intelligence devices, namely the trend of cloud computing giants towards designing silicon chips specifically for their workloads.
Marvell has ties to three of the world’s largest cloud computing companies , which adds considerable strength to its growth story. Consider a company that went from being a manufacturer of hard drive chips to one of the few companies trusted by giant cloud computing providers to design their most important AI chips .
I think this makes a strong case for why Marvell stock is an interesting option to buy and hold for the long term.
是的，这是一个纯粹的增长故事。如果看未来两年的增长预期，也就是他们目前所处的2027财年，我们发现营收增长为47%，接下来一年为51%，然后在2029财年再增长43.6%。所以，那里的增长非常高，并且预计在可预见的未来会继续保持这样的增长。
Yes, it is a pure growth story . If you look at the growth estimates for the next two years, fiscal year 2027, which is the year they are in, we find revenue growth of 47%, then 51% in the following year, and then another 43.6% in fiscal year 2029.
So , the growth there is very high, and it is expected to continue as such in the foreseeable future.
同样有趣的是，Nvidia与Marvel合作，并在今年早些时候向其投资了20亿美元，以支持其网络业务。但没错，我认为Jensen也说过，Marvel的价值可能达到一万亿美元左右，那天股价大幅上涨，但我认为每个人都在努力推销自己的产品。
It is also interesting that Nvidia partnered with Marvel and invested $2 billion in it earlier this year to support its networking side . But yes, I think Jensen also said that Marvel's value could reach a trillion dollars or so, and on that day the stock price rose significantly, but I think everyone is trying to promote their products.
但没错，我认为大约一年前，Marvel的股价还低于100美元。当时有传言说Amazon可能会放弃它，转向Broadcom。现在，我们看到Marvel正在获得显著的动能。股价大幅上涨。
营收正在加速。所以，它无疑是人工智能领域的又一个赢家。
But yes, I think Marvel, a year or so ago, had a stock price trading below $100. There were rumors that Amazon might abandon it and move to Broadcom. Now, we see that Marvel is gaining significant momentum.
The share price rose significantly. Revenues are accelerating. So, she is certainly another big winner in the field of artificial intelligence.
是的，这正是关键所在。我们今天谈到的这些股票，比如TransDigm Group、Micron和Marvell，都是过去几年涨幅显著的公司。但其背后有一个增长故事。如你所知，我们谈到过要超越股价去看问题的重要性。
估值确实重要，但更重要的是看背后的增长故事，以判断这个估值是否合理。我相信这三家公司的增长在未来三到五年内已经有充分的支撑理由。这正是我们今天想谈论它们的原因。我们不想谈论那些我们认为没有可持续增长故事的公司。我相信这些公司仍然有巨大的增长机会。
Yes, and that's the point. You know, these stocks we talked about today, like TransDigm Group, Micron, and Marvell, are companies that have seen significant gains over the past few years.
But there is a growth story behind it . As you know, we talk about the importance of looking beyond the stock price. It is true that evaluation is important, but what is more important is to look at the underlying growth story to see if that evaluation is justified.
I believe these three companies already have strong justifications for their growth over the next three to five years. That's precisely why we wanted to talk about it today. We don't want to talk about stocks that we don't believe have sustainable growth stories.
I believe these companies still have great opportunities for growth.
这个频道对 $MRVL 的历次判断
The Motley Fool 在这只股票上共 2 条判断，这里只列相邻的几条。