Ramp on track
Ramp slips
Marvell buy call: the backlog is priced, the ramp is the swing
priced premium
premium gives back
Buy calls land
Google deal · AI backlog
1
Market re-priced
richest AI-silicon multiple
2
Execution swing
FY27-FY28 guided ramp
5
Ramp lands
revenue catches cap
buy holds · no collapse
3
Ramp slips
delay · dual-sourced
the multiple gives back
4
The backlog is priced — the ramp swings the buy call