Nvidia taking a $2B stake in Marvell looks like the same playbook we just saw with Lumentum and Coherent, just one layer higher in the stack. The laser checks were about supply. This one is about platform control.
Nvidia and Marvell are tying Marvell into NVLink Fusion, with Marvell bringing custom XPUs and NVLink Fusion-compatible scale-up networking, and both companies saying they will collaborate on silicon photonics. To me, that says Nvidia wants the custom world to keep running through Nvidia rails even as customers ask for more semi-custom systems. That is what makes Marvell so interesting here as it touches custom silicon, scale-up connectivity, and now photonic fabric through Celestial. Marvell has already framed Celestial as part of its push into optical scale-up connectivity for next-generation AI data centers, guiding to initial Celestial revenue in 2H FY28, a $500M annualized run rate by Q4 FY28, and $1B by Q4 FY29.
Where POET and Sivers come in