With $16.7B of AI revenue in a single quarter, Broadcom made the case that custom XPUs are a main line of their own, and broke precedent with a two-year path to $230B of FY2028 AI revenue. But the real information was in what Hock Tan volunteered: the chips can ship, but the data centers may not get built in time. Six customers, 30 GW, and the bottleneck isn't semiconductors.

Marvell raised FY28 revenue to $16.5B, lifted interconnect growth from 50% to 70%+, and unveiled a three-pillar NVIDIA partnership spanning silicon photonics, NVLink Fusion, and AI-RAN. The real signal is a structural narrative upgrade: from a DSP vendor riding AI CapEx to a full-stack scale-up interconnect provider.