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.

Marvell added $1.5B to its FY2028 outlook in a single quarter, and the largest piece came from scale-up optics, a category sized at only ~$300M last quarter. The $120B Google warrant looks huge, but management says pre-FY2028 volume is already in the numbers; the real step-up lands in FY2029.