Penurunan saham 30% dari Pembuat Chip AI Menutupi Fundamental yang Melonjak—Kesempatan Kontra?

The Disconnect Nobody’s Talking About

Here’s the puzzle: Marvell Technology (NASDAQ: MRVL) posted a jaw-dropping 51% year-over-year revenue surge over the past nine months through November 1, 2025, yet its stock got hammered with a near 30% haircut. That’s not just a minor misalignment—it’s a screaming disconnect between what the company is actually delivering and what the market is pricing in.

The culprit? Investors were spooked by the drag from Marvell’s legacy automotive Ethernet segment, which wasn’t growing fast enough to match expectations. But here’s where the story gets interesting: management just made a bold move that could change everything.

All-In on AI Infrastructure

In a strategic pivot that signals serious intent, Marvell offloaded its automotive Ethernet business to Infineon for $2.5 billion in cold hard cash. That wasn’t just a portfolio cleanup—it was a liberation. By shedding a slower-growth business, the company freed up not just capital but also engineering talent and operational focus to double down where the real action is: AI data center infrastructure.

CEO Matt Murphy didn’t waste time. Marvell immediately deployed those freed-up resources into acquiring Celestial AI, a move that looks surgical in hindsight. This acquisition directly strengthens Marvell’s position in the AI chip ecosystem, specifically in data center infrastructure where demand is accelerating faster than supply.

The numbers back this up. The company’s Q3 fiscal 2026 performance showed 37% year-over-year revenue growth, with the AI segment now clearly the growth engine. During this growth phase, net income expansion actually outpaced revenue expansion—a textbook sign of operational leverage kicking in.

The Math That Should Matter

When a company is growing revenue at 51% but net income is growing even faster, that’s not noise. That’s the beginning of a margin expansion story. Marvell currently operates at around 10% net margins, which suggests there’s meaningful room to expand as AI-focused products (typically higher-margin) gradually replace legacy offerings.

The balance sheet remains solid too—the company ended the quarter with a current ratio above 2, meaning it’s not overleveraged and has flexibility for future moves.

What Happens Next

If Celestial AI integrates smoothly and demand for AI infrastructure chips continues accelerating, fiscal 2027 could look materially different. The company is essentially transforming from a diversified semiconductor player into a pure-play AI infrastructure bet. That’s either what market will reward—or it already is, quietly pricing in that transformation while the broader market remains distracted by the stock’s recent weakness.

The real question investors should be asking: Is the market punishing Marvell for disciplined capital allocation, or does it eventually reward the company for getting its house in order? History suggests transformations like this don’t stay undervalued forever.