May 15, 2026

MRVL Is Up 120% in 2026. Earnings Are 12 Days Away.

Custom AI silicon, a fresh 52-week high, and two catalysts in 33 days.

Marvell Technology touched a fresh 52-week high of $192.15 today. The stock is up more than 120% year-to-date. Q1 FY2027 earnings land on May 27, followed by a custom silicon investor event on June 17. Two binary catalysts. Twelve days.

The most recently reported quarter is Q4 FY2026 (ended February 1, 2026). Marvell posted record revenue of $2.219 billion, up 22% year-over-year, with non-GAAP EPS of $0.80 – beating the $0.79 consensus. Data center revenue hit $1.65 billion, representing 74% of total revenue. Non-GAAP gross margin held at 59%.

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Hidden in Tesla’s Filing: A $12 Billion “Super Startup”

Pull up Tesla’s most recent SEC filing. Page 5.

And you’ll see a single line showing $12 billion in revenue from a brand-new “super startup” Elon Musk has been quietly incubating inside Tesla.

This new “super startup” has nothing to do with cars or robots or space or AI…

But it sits at the center of what Blackstone calls “a $23 trillion investment opportunity.”

And on July 22, Elon is expected to pull back the curtain and reveal exactly what he’s building.

But Adam O’Dell already knows… and he reveals it all in this urgent video.

Management guided Q1 FY2027 revenue to $2.40 billion (±5%), above the prior $2.28B consensus. The Street now expects Q1 EPS of $0.79 – implying roughly 27% year-over-year growth. For context, full-year FY2026 revenue was $8.195 billion, up 42%, with non-GAAP EPS of $2.84, up 81%. Custom silicon alone scaled to $1.5 billion in FY2026 and more than doubled year-over-year.

Here’s what complicates the picture. The forward P/E sits near 44–49x depending on the model. The 1-year average analyst target is $130.28 – roughly 30% below where the stock is trading right now. Of the analysts tracked by Bloomberg, 86% rate it Buy, with zero Sells. Analyst targets have been moving fast: BofA raised to $200 from $125, RBC to $200 from $170, UBS to $195 from $120, B. Riley to $205 from $156. Goldman Sachs sits at $125 with a Neutral. That $80 spread between Goldman and B. Riley is not a rounding error – it reflects genuinely different views on how custom silicon margins develop through FY2027.

Insider activity adds texture. CEO Matt Murphy sold 7,500 shares at $177.26 under a Rule 10b5-1 plan on May 15. Total insider sales reached $26.2 million over three months with no corresponding buying. Pre-arranged plan or not, insiders monetizing near highs is worth noting alongside a stock trading well above every published intrinsic value estimate.

With beta at 2.25 and two event dates in the next 33 days, implied volatility heading into May 27 is elevated. A defined-risk call spread in the $200–$215 range (June expiration) captures bull-case upside through the investor event. A put spread in the $165–$150 range offers structured downside exposure if Q1 guidance disappoints or hyperscaler commentary softens. For traders without a strong directional lean, the IV environment favors premium collection structures that define risk on both sides.

What matters most on May 27: custom silicon revenue trajectory, gross margin on ASIC ramp, and FY2027 forward guidance. If those three land cleanly, the valuation math changes. If any one of them misses – at 44x+ forward earnings with the Street’s average target 30% below price – the cost of being wrong is not abstract.