Marvell Technology is a fabless semiconductor company that designs and sells chips for data infrastructure, with roughly three-quarters of revenue now coming from data center applications. Marvell's two core product lines are custom AI accelerator chips and electro-optics interconnects. On the custom side, Marvell designs application-specific XPUs and XPU-attach chips for large hyperscalers who want proprietary silicon rather than off-the-shelf GPUs — highly complex chips built to each customer's unique specifications using TSMC's most advanced nodes. On the electro-optics side, Marvell makes PAM DSPs, laser drivers, and silicon photonics components that enable high-speed optical data transmission inside and between data centers, and claims market leadership at every speed generation from 400G through 1.6T. Marvell also supplies coherent DSPs for long-haul data center interconnect to all five major U.S. hyperscalers. The remaining roughly quarter of revenue comes from enterprise networking, carrier infrastructure, consumer, and storage products. Marvell sells directly to large hyperscalers and through distributors for smaller customers. The custom silicon business runs at lower gross margins but generates strong operating leverage as programs scale, while merchant silicon products like electro-optics run at higher gross margins. Marvell has actively reshaped its portfolio around data center AI, divesting its automotive ethernet business to Infineon and acquiring Celestial AI and XConn to expand into scale-up interconnect.