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@LIWEI_TWCapital · 2026-10-12 20:27

AI’s Next Bottleneck: Moving the Data $MRVL’s Investor Day puts the optical interconnect TAM at ~$65B by 2030, spanning optical DSPs, coherent pluggables and NPO/CPO. Management’s long-term model targets ~$37.5B of interconnect revenue in FY31 (CY30), within $70–90B of total company revenue. JPM’s illustrative midpoint implies ~$35 EPS using $80B revenue, 45% operating margin, 15% tax and 873M shares. That is JPM’s scenario; management outlined >$30 non-GAAP EPS. JPM also raised FY28 adjusted EPS from $7.01 to $7.85. Scale-up optics adds a growth opportunity beyond traditional scale-out links. Customer adoption, qualification and margins will determine the earnings delivered.

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