· 供应链分析
$MRVL 财报是更广泛 CPO 主题的看多信号（也包括 $SIVE 作为可能的激光供应商）。 - “Scale-up interconnect 是 AI 基础设施中最新、最具战略意义的新兴机会之一。” CPO 主题 go brrr。 - 确认 Celestial 被 T1 超大云厂商选中用于 scale-up。 我过去发现过 Celestial 的 $AMZN 认股权证……所以很可能是 Amazon。 - 明年带 Celestial 的 scale-up 光学收入应该超过此前约1.5亿美元预期的2倍。 前瞻收入爬坡预期 go brrr。 - Celestial 团队加上 $MRVL 光学团队是“全垒打”。 Marvell 把 Celestial 视为增长向量，上游 Celestial 供应商受益。 - $MRVL 现在专注于把 Celestial 推向高量制造。 这是放量指标。 如果你不记得，此前有 OSINT 映射显示 $SIVE 直接对应 Celestial，而不是通过 $POET。 所以 Celestial 的前瞻增长，是 Sivers 激光器的放量指标。
$MRVL earnings were a bullish indicator on the broader CPO theme (and $SIVE as the likely laser supplier). - “Scale-up interconnect represents one of the newest and most strategically important opportunities emerging in AI infrastructure.” CPO thematically go brrr - Confirmation Celestial was selected by T1 hyperscaler for scale up. I’ve found Celestial $AMZN warrants in the past)… so probably Amazon. - Scale-up optics revenue next year should be more than 2x prior ~$150M outlook with Celestial Forward revenue ramp expectations go brrr. - Celestial team plus $MRVL optics team was a “home run”. Marvell sees celestial as growth vector, upstream celestial suppliers go brr - $MRVL is now focused on bringing Celestial to high volume manufacturing. Volume ramp indicator If you don’t recall, there was OSINT mapping $SIVE directly to Celestial, not through $POET. So Celestial forward growth is a volume ramp indicator for Sivers lasers.