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.

Jensen Huang declared that "compute has been disaggregated"; Matt Murphy supplied the missing physical timeline. AI's next bottleneck is connectivity, and the deciding factor is a copper wall moving into the rack. Every doubling of bandwidth halves copper reach — at 400G/lane, copper can't even span a single rack, and physics forces CPO from slideware into shipments.