Marvell Technology Group LtdMRVL
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Marvell's custom AI chip and networking businesses are positioned as major growth drivers for hyperscalers, indicating strong end-customer demand.
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Marvell and GlobalFoundries Expand SiGe Capacity Deal at Vermont Facility
Marvell Technology and GlobalFoundries have expanded their multi-year agreement to increase production capacity for silicon germanium, or SiGe, at GlobalFoundries' facility in Burlington, Vermont, sending Marvell shares up more than 4% and GlobalFoundries shares up more than 6% on September 17. SiGe is a semiconductor technology used in high-speed optical connections for data centers, allowing devices to operate at higher speeds while using less energy. Robb Johnson, Vice President of Foundry Technology at Marvell, said the expanded collaboration will help ensure the company has the SiGe technology and manufacturing capacity to support the significant growth it expects ahead, and the added capacity will help Marvell meet growing demand for optical networking products including pluggable optical transceivers, near-packaged optics, and co-packaged optics. GlobalFoundries reported $1.786 billion in revenue for the second quarter of 2026, up 6% year over year, with its communications infrastructure and data center segment accounting for about 16% of total revenue and growing 20% sequentially and 62% year over year, and CEO Tim Breen said demand for SiGe remains strong and the company is oversubscribed throughout 2027. Marvell reported record net revenue of $2.739 billion in the second quarter of fiscal 2027, up 37% year over year, and Chairman and CEO Matt Murphy said AI-related bookings remain exceptionally robust as the company raised its revenue outlook for fiscal 2027 and fiscal 2028.
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Buffett and Abel Build Alphabet Into One of Berkshire's Biggest Holdings
Warren Buffett and newly appointed Berkshire Hathaway CEO Greg Abel have plowed tens of billions of dollars into Alphabet, making it one of Berkshire's biggest investments, after Buffett finally bought the stock in the third quarter of 2025 with shares trading around $200. Buffett had long said he missed the opportunity, noting at the 2017 shareholder meeting that he would not bet against Google, and he has acknowledged missing out on a 9,000% gain by not buying sooner. Google initially offered shares to the public at $85 each in 2004, and after a 2014 split into two share classes and a 20-for-1 split in 2022, the split-adjusted price is just $2.125 per share. Buffett said he likes the stock now because Alphabet plans to spend around $200 billion in capital expenditures this year on new data centers and AI servers, a use of capital he sees earning a high cash return. Google Cloud CEO Thomas Kurian said the average payback period on its new servers is less than two years, and roughly half that for Google's custom TPUs, while average five-year customer contracts and a two-year lead time on data center construction mean even a worst-case scenario produces a positive return. With the stock trading for less than 17 times forward earnings expectations, Buffett and Abel could keep buying in the third quarter.
Tigress Financial Raises Intel Price Target to $145 on Terafab Partnership
Tigress Financial reiterated its Buy rating on Intel and raised its price target to $145 from $118 on September 15, citing the company's Terafab partnership with companies associated with Elon Musk, including SpaceX, Tesla, and xAI, as a strategic boost to its AI foundry ambitions. The initiative is part of an ambitious semiconductor manufacturing project focused on producing advanced chips for artificial intelligence, robotics, autonomous vehicles, and other compute-intensive applications. Intel said in its second-quarter earnings report that it remains well positioned to pursue sustainable growth through advanced packaging and its wafer foundry network, pointing to momentum in Physical AI and robotics with more than 130 customers testing its Core Ultra Series 3 and Core Series 3 processors for edge AI and robotics applications. The partnership's commercial terms, production volumes, and potential revenue contribution have not been fully disclosed, and the principal risk is that it could strengthen Intel's strategic position in foundry manufacturing without generating meaningful financial returns for several years. According to the Insider Monkey database, 138 hedge funds held stakes in Intel at the end of the second quarter, up from 112 funds in the first quarter, with SoftBank Group Corp. and Coatue Management among the notable institutional holders at approximately $12.14 billion and $1.68 billion, respectively, while roughly 152.25 million Intel shares were sold short as of August 31, representing about 3.02% of the public float.