Switching & Networking Silicon/Systems

Arista Networks raised its 2026 revenue guidance to US$12.60 billion, including at least US$3.50 billion from AI-related business, after reporting second-quarter fiscal 2026 revenue of US$3.00 billion, a 37.7% year-over-year increase. The higher outlook underscores how AI-driven cloud networking has become a central revenue pillar for the company, shaping its growth mix across hyperscale and enterprise customers. Arista was also added to the S&P 100 in September 2026, a move that reflects its growing weight in large-cap U.S. equity indices just as management ties more of its outlook to AI-related revenue. The company's longer-range narrative projects US$21.4 billion in revenue and US$8.2 billion in earnings by 2029, requiring 26.6% yearly revenue growth and an earnings increase of about US$4.2 billion from US$4.0 billion today. Some of the lowest-ranked analysts had already assumed about US$18.6 billion of 2029 revenue and US$6.9 billion of earnings before this guidance, illustrating how differently Arista's AI exposure and long-term supply commitments can be read.

Hewlett Packard Enterprise raised its fiscal 2027 networking revenue growth forecast to between high-teens and low-20s percent, up from the 14% to 17% projection it gave earlier in September, and secured a $1.2 billion order from cloud infrastructure provider Vultr for AMD-based artificial intelligence server racks paired with Juniper networking switches. The company also lifted its annual cost-synergy target from the Juniper Networks acquisition to $800 million by the end of fiscal 2028, up from at least $600 million, and projected Data Center Networking revenue to grow at a low-to-high 50s percent compound annual rate through fiscal 2029. Following the networking investor day presentation, Citigroup raised its price target on the stock to $92 from $76 while keeping a Buy rating, citing confidence in durable demand and expanding AI infrastructure orders. A cooler-than-expected U.S. jobs report added secondary momentum, with the Bureau of Labor Statistics reporting that employers added 29,000 nonfarm payroll jobs in September, trailing the 84,000 consensus estimate from economists polled by Dow Jones. HPE shares jumped 7.8% in the afternoon session and are up 189% since the beginning of the year, reaching a new 52-week high of $69.77 per share.

Celestica Inc. reported second-quarter revenue growth of 62% year over year and an 83% rise in adjusted EPS, then raised its 2026 outlook and said revenue growth should accelerate again in 2027. The company expects its 1.6T networking programs to ramp significantly in 2027, is preparing to deliver custom racks for OpenAI, and expects its AMD Helios opportunity to ramp in the first half of next year, with management describing both as multibillion-dollar opportunities. Celestica trades at about 18.5 times forward earnings while consensus calls for roughly 75% EPS growth next year, though three customers accounted for 32%, 17% and 14% of Q2 revenue and roughly $1 billion of capital expenditures is planned for 2026. Hedge fund interest weakened slightly in the second quarter, with the number of funds holding the stock falling from 67 in Q1 to 63 in Q2 while the total value of their positions rose from approximately $4.38 billion to $4.84 billion. Management says customers are already discussing requirements for 2027, 2028 and even 2029, making the upcoming October 27 investor day particularly important.

Coherent shares jumped 10.5% in the afternoon session after Bernstein rated the materials and photonics company Outperform with a $350 price target, citing optical-module upside as data-center switches move to higher speeds. According to Streetinsider, Bernstein framed $350 as roughly 24% upside, valuing the stock at 22 times estimated 2028 earnings per share of $16, and argued optical-module demand should keep expanding with faster networking gear. Citi commentary tagging Coherent as an AI hardware beneficiary reinforced the bullish AI-infrastructure read-across, alongside investor focus on Coherent's PhotonLink optics platform and an AI security demo amid a broader bid in networking names. The move follows a 5.2% gain two days earlier on news that Coherent demonstrated scalable physical-layer security for artificial intelligence infrastructure developed alongside CUbIQ Technologies. Coherent is up 63.1% since the start of the year, but at $317.01 per share it still trades 25.7% below its 52-week high of $426.89 from June 2026.

Optical networking stocks rallied Thursday after Bernstein initiated coverage of the group with an Outperform rating, calling the companies structural AI winners. Coherent jumped 11%, Lumentum rose 7%, Ciena gained 7%, and Arista added 0.4%. Coherent led the move after launching PhotonLink, an optics platform for AI infrastructure that packages its services, photonics technologies, and components including lasers, fibers, and detectors into one platform for AI data centers. The company said it already has 20 customer engagements split between co-packaged optic and near-packaged optic assemblies, plus five engagements in emerging chip-to-chip connectivity. The gains extend a strong 2026 rally for the group, with Coherent up 73%, Lumentum up 183%, Ciena up 62%, and Arista up 56% year to date.

Marvell Technology shares jumped 4.7% in the afternoon session after Citi reiterated a Buy rating and a $275 price target on the networking chips designer ahead of its October 6 Investor Day. Citi analyst Atif Malik highlighted artificial intelligence data center infrastructure networking opportunities, pointing to raised fiscal 2027 and 2028 revenue targets of approximately $12 billion and $18 billion, as well as potential 2030 earnings of $15 to $20 per share. The note also cited an update on a custom revenue target of more than $10 billion for fiscal 2029 resulting from an agreement with Google, along with approximately $300 million in scale-up optics sales. After the initial pop, the shares cooled down to $261.81, up 3.9% from the previous close. Marvell Technology is up 193% since the beginning of the year, but at $261.81 per share it is still trading 17.3% below its 52-week high of $316.43 from June 2026.

Nokia Oyj shares rose 3% to $10.98 on September 9 after Google announced a €13 billion investment to expand its AI infrastructure and cloud footprint in Hamina, Finland. Google said its Hamina site, part of a 43-region network, lets local entities like Nokia deliver high-performance, low-latency services and scale AI solutions, though the announcement is not a direct contract win for Nokia. In Q2 2026, Nokia recorded a 105% year-over-year surge in net sales to AI and Cloud customers, supported by €2.8 billion in AI and Cloud order intake, while its Network Infrastructure division grew 12%, led by a 20% jump in Optical Networks and a 16% rise in IP Networks. Nokia closed Q2 2026 with €2.8 billion in net cash and interest-bearing financial investments, but the quarter also brought a reported operating loss of €50 million, a negative 1.0% reported operating margin, and a 95% year-over-year decline in reported profit to €5 million. Management said supply remains the main industry constraint relative to strong demand, and Nokia must manage negative short-term free cash flow, restructuring costs, and optical supply limits to convert hyperscaler demand into sustainable earnings growth.

Arista Networks is rated Zacks Rank #1 (Strong Buy), with consensus estimates pointing to earnings of $1.06 per share for the current quarter, up 41.3% year over year. For the current fiscal year, the consensus earnings estimate of $4.04 implies a 35.6% increase from the prior year, while the next fiscal year's estimate of $4.99 indicates 23.6% growth. Revenue is forecast at $3.31 billion for the current quarter, up 43.6% year over year, with full-year estimates of $12.53 billion and $15.8 billion for the current and next fiscal years. In its last reported quarter, Arista posted revenues of $3.04 billion, up 37.7% year over year, and EPS of $1.02 versus $0.73 a year earlier, beating consensus revenue and EPS estimates by 7.14% and 14.61%, respectively. The stock has returned 2.3% over the past month, and carries a Zacks Value Style Score of F, indicating it trades at a premium to peers.

Seaport Research Partners initiated coverage on Marvell Technology with a Buy rating and a $270 price target, citing AI data-center demand for its custom silicon and interconnect businesses. Seaport said Marvell's optical connection technologies are used in accelerator platforms including those from Nvidia, giving the company access to ongoing data center expansion. The firm projected a current quarter non-GAAP gross margin of 58.25% to 59.25%, compared with 59.4% a year ago, and expects operating leverage to come mostly from managing operating expenses rather than meaningful gross-margin expansion. Seaport also started coverage on Semtech with a $200 target, saying its increasing focus on data-center optical devices should drive AI-related demand in 2027 and 2028. On Semiconductor received a $100 objective based on growing industrial and automotive demand with an expected 800-volt data-center build-out, and Seaport also liked ON's planned acquisition for Synaptics.

Supermicro is now shipping NVIDIA Vera Rubin NVL72 racks integrated with its Data Center Building Block Solutions and DLC-2 direct liquid cooling stack, the company announced from San Jose, California. Each NVL72 rack holds 72 NVIDIA Rubin GPUs and 36 NVIDIA Vera CPUs operating as one machine, with 20.7 TB of HBM4 memory and up to 54 TB of LPDDR5X, connected through nine sixth-generation NVIDIA NVLink switch trays delivering 216 TB/s of scale-up bandwidth. Supermicro's DCBBS Blueprint defines a balanced bill-of-materials for a given power envelope, from 5 MW to gigawatt scale, and one Vera Rubin NVL72 Scalable Unit provides 1,152 NVIDIA Rubin GPUs with 331 TB of HBM4 memory across 16 compute racks. The company said its in-row cooling distribution units are rated at 1.8MW per CDU and deployed with N+1 redundancy, with optional Rear Door Heat Exchangers capturing residual heat load. President and CEO Charles Liang said Supermicro designs and builds every layer between the cold plate and the cooling tower, and that customers can now order a Scalable Unit and receive production-ready systems with end-to-end integration.

Cisco released new research, conducted independently by Omdia, showing that 51% of enterprises now run agentic AI that acts in production, with 84% expecting an AI-led operating model within twelve months. The study surveyed 1,000 IT and network operations leaders at organizations with 500 or more employees across North America, Western Europe, and Asia-Pacific. It found that 95% of organizations say their existing, non-agentic AIOps tools fall short in one or more significant areas, while 86% say a single integrated platform is the most effective path forward and 69% require detailed explainability for agent-driven actions. The average organization generates about 4,100 monitoring alerts and events each day, more than half of them network related, a volume that would require roughly 100 IT specialists to clear manually. Cisco said its analysis of aggregated direct-to-AI network telemetry shows AI traffic is on a trajectory to double every six months, and its testing found that tasks performed by agents can generate up to 450% more total network traffic.

Hewlett Packard Enterprise reported networking revenues of $2.89 billion, up 74.9% year over year on a reported basis and 10% on a normalized basis, with a segment operating margin of 22%. Within that segment, Campus & Branch revenues were $1.44 billion and Routing contributed $788 million, while normalized networking orders rose 36%, faster than revenue growth. Networks for AI orders reached $700 million in the quarter, bringing cumulative orders to $2.2 billion, and the company signed a gigawatt-scale deal with Oracle for routers and switches supporting a major AI cloud infrastructure buildout. HPE's third-quarter fiscal 2026 revenues of $12.21 billion rose 33.7% year over year, and management said networking purchase commitments more than doubled sequentially to improve supply availability and convert the elevated backlog. The Juniper acquisition is broadening HPE's reach across campus and branch, data center switching, routing and security, with integration ahead of schedule prompting HPE to raise its fiscal 2026 target to $2.5-$3 billion. HPE competes with Cisco and Arista Networks in AI networking; Cisco closed fiscal 2026 with $9.3 billion in hyperscaler AI infrastructure orders, about 4.5 times fiscal 2025, and expects hyperscaler AI revenues to reach $7.5 billion in fiscal 2027. HPE shares have rallied 159.4% year to date, and the Zacks Consensus Estimate for fiscal 2026 earnings suggests year-over-year growth of 96.4%.

Apple is developing enterprise AI servers built around future M8 Ultra processors, with designs under consideration using either two or four of the chips and a possible 2029 launch aimed primarily at AI inference, The Information reported on September 16. Apple has also considered using Nvidia's NVLink Fusion technology to connect those processors, though neither the server nor Nvidia's involvement is finalized and the project could still change or disappear entirely. For Nvidia, NVLink Fusion extends its interconnect strategy to custom CPUs and accelerators made by other companies, creating a second line of defense around its AI franchise; networking equipment can represent 10% to 15% of AI data-center hardware costs, giving Nvidia a meaningful revenue pool beyond GPUs even if it loses higher-value compute sales. Apple's M-series chips already combine performance with relatively efficient power consumption, and selling complete servers would let it pursue AI developers, governments and businesses that want local inference, but a 2029 target leaves years for competitors to improve and would mark a re-entry into a server business Apple abandoned when Xserve disappeared in 2011. Insider Monkey tracked 169 hedge funds holding Apple in the second quarter versus 170 in the first, with Arrowstreet Capital increasing its position 54% to roughly 29.9 million shares, while Nvidia rose to 285 hedge-fund holders from 275 as Arrowstreet increased its NVDA stake 10% to about 34.7 million shares.

Broadcom projected $21.7 billion in fiscal fourth-quarter AI semiconductor revenue, a forecast that would lift AI chips to roughly 62.4% of companywide sales. The custom-chip and infrastructure-software maker said AI semiconductor revenue surged 221% to $16.7 billion in the third quarter, about 56.4% of its $29.59 billion in total sales. Management now expects companywide fourth-quarter revenue of approximately $34.8 billion alongside a 66% non-GAAP operating margin. Shares gained approximately 0.2% to $358.13, a price that sits 12.42% below the $408.91 GF Value. The company's growth remains tied to custom accelerators and high-speed networking, deepening its exposure to a relatively small group of hyperscale customers.

Broadcom shares rose about 2% early Monday as investors regained confidence in the company's AI chip outlook. The move follows CEO Hock Tan's rejection of concerns that slower AI development could weaken demand for Broadcom's custom processors and networking products, with Tan maintaining that AI infrastructure spending should continue to support the business as inference workloads expand. Broadcom reported $29.6 billion in fiscal third-quarter revenue, up 86% from a year earlier, while AI semiconductor revenue climbed 221% to $16.7 billion. Anthropic is expected to become Broadcom's largest XPU customer in 2027, and management projects AI semiconductor revenue of about $115 billion in fiscal 2027 and $230 billion in fiscal 2028. The rebound comes after Broadcom shares faced pressure alongside other AI-related stocks amid debate over the pace of future AI spending.

Nvidia CEO Jensen Huang said the company could sell twice as many chips next year compared to this year, speaking during a speech in Scotland last Thursday. Nvidia just started shipping its next-generation data center system, Vera Rubin, which includes the Rubin GPU, the Vera central processing unit, and upgraded networking components, and can deliver up to 30 times more performance than the equivalent Blackwell Ultra system while cutting inference token costs by 97%. Huang said every frontier AI company planned to adopt Vera Rubin at launch, unlike Blackwell Ultra. Nvidia is on track to deliver around $411 billion in total revenue during its current 2027 fiscal year, based on Wall Street's average estimate, and management recently told shareholders to expect 70% revenue growth in fiscal 2028, implying almost $700 billion next year. Nvidia stock trades at a price-to-earnings ratio of 28.1, less than half its 10-year average of 61.4, though risks include roughly $175 billion of fiscal 2028 sales potentially funded by Nvidia's own balance sheet, about 25% of that year's revenue according to CFO Colette Kress.

Nvidia reported 105.85% year-over-year revenue growth and said it can supply only 70% of demand for its AI chips through at least fiscal 2028. The company's data center segment alone generated $89.023 billion in a single quarter at 117% growth, with networking inside that figure up 138%, while non-GAAP gross margin reached 75.0% and net margin 55.60%. Nvidia returned $26.0 billion to shareholders in the quarter and has roughly $99.0 billion left on its repurchase authorization, and it guided third-quarter revenue to $108.0 billion with no China data center compute revenue included. Supply commitments climbed to $279.00 billion, mostly memory for the Vera Rubin platform, against guarantee obligations capped at $108.5 billion, as hyperscaler capital expenditure is projected at nearly $800 billion in 2026 and $1.3 trillion in 2027. Analysts now model fiscal 2028 EPS at an average of 15.6826, up from 12.6737 ninety days ago, with 42 upward revisions and zero downward revisions in the last thirty days.

B. Riley initiated coverage of Nokia Oyj on September 17 with a Buy rating and a $15 price target, citing the company's position in telecom infrastructure, cloud software, and hardware networking. The firm highlighted strong growth in Nokia's networking businesses, with Optical Networks revenue up 20% year-over-year and IP Networks up 16% in the second quarter of 2026, while net sales to AI and cloud customers surged 105%. Nokia reported EUR 2.8 billion in AI and cloud order intake during the quarter, which B. Riley said provides revenue visibility into 2027, and the firm noted the carrier inventory correction cycle that had weighed on global capital expenditures has now concluded. The $15 target was derived using a sum-of-the-parts valuation that separates the legacy assets from the data center business, applying a premium hardware multiple to the data center segment. Profitability remains a concern, however, as Nokia posted a EUR 50 million operating loss in the second quarter of 2026 compared with a EUR 147 million operating profit a year earlier, with the reported operating margin falling to negative 1% from 3.3%, which the company attributed to an accelerated pace of restructuring. Free cash flow was negative EUR 732 million in the quarter, and Nokia said it now expects total related restructuring charges of EUR 800 million in 2026. Hedge fund interest improved, with 81 funds holding the stock at the end of the second quarter, up from 66 in the first quarter, while short interest stood at 1.04% of shares outstanding as of August 31. Of the 31 analysts covering Nokia, 61% rate the stock a Buy, with a median 12-month price target of $13.33, representing 24.84% potential upside from the stock's price as of September 18.

Cisco Systems introduced the Cisco AI POD for Splunk at the 2026 Splunk conference in Denver, a configuration that brings Splunk AI capabilities to customers running Splunk Enterprise in on-premises, private-cloud, and air-gapped environments by combining Cisco infrastructure with Nvidia accelerated computing. The move extends Cisco's push to capture more enterprise AI spending beyond hardware, and it comes alongside a multi-year agreement with AWS to co-develop Splunk-centered security products for AI-driven threats. Cisco took in $9.3 billion of AI infrastructure orders from hyperscalers in fiscal 2026, including $4 billion in the fourth quarter alone, and generated around $4 billion in AI infrastructure revenue during the year, a figure it expects to nearly double to $7.5 billion in fiscal 2027. The stress point is that infrastructure leads this growth and is exposed to competitive pricing and component cost inflation, while observability revenue grew just 6% in the fourth quarter, leaving open how quickly Cisco converts AI infrastructure into higher-value recurring software and security growth. Hedge fund positioning moved supportively before the Splunk announcement, with the number of funds holding Cisco rising to 101 in the second quarter from 97 in the first quarter and 77 in the fourth quarter, and short interest falling 5.77% from the prior reading to 55.5 million shares as of August 31.

Hewlett Packard Enterprise is sitting on a record pile of AI networking orders it cannot yet ship, and the gap between bookings and revenue is now the central question for the stock. Orders for the Networks for AI portfolio reached $700 million in fiscal Q3 2026, a new high, after the company blew past its cumulative fiscal 2026 target of at least $2 billion and raised that target to $2.5 billion to $3 billion. The hardware behind those orders includes routers and switches HPE is supplying to Oracle for one of the largest AI cloud infrastructure build-outs, work that extends more than a decade of engineering between Oracle and Juniper Networks, the business HPE acquired last year. Networking revenue rose 10% in fiscal Q3 2026 against a prior-year base that includes Juniper Networks, while networking orders rose 36%, and the segment brought in $2.9 billion of the $12.2 billion in total revenue HPE reported for the quarter. Management attributes the gap to supply, citing memory and wafer capacity that have gated supply since the start of fiscal 2026, and HPE has more than doubled its networking purchase commitments quarter over quarter while signing multiyear supply agreements to lock capacity. Networking revenue growth is guided to 11% to 13% in fiscal Q4 2026 and 14% to 17% in fiscal 2027, with the next scheduled look at the business coming at the Networking Investor Day on September 30, 2026.

Arista Networks raised its full-year revenue outlook, citing continued robust demand for AI data center networking infrastructure. The company, which trades on the NYSE under ANET, said the higher guidance reflects management's expectation of a bigger top-line number for the current financial year. Management highlighted Arista's role in AI data center buildouts, and the company's AI data center focus sits within a much broader communications infrastructure footprint spanning data centers, AI clusters, campuses, and routing setups across the Americas, EMEA, and Asia-Pacific. Investors are watching whether upcoming quarters keep revenue above the US$3b mark and show continued strength in AI related switching and routing orders, along with how much of that business comes from a small group of hyperscale customers, since concentration there could still swing results either way. The update leaves intact existing risks around customer concentration and tougher competition from Cisco and NVIDIA.

CoreWeave deployed multi-rack NVIDIA Vera Rubin NVL72 clusters on CoreWeave Cloud on Wednesday, moving the architecture from validation toward broader availability. CoreWeave had already become the first cloud provider to bring up and validate NVIDIA's Vera Rubin NVL72, and in August it won a multi-year agreement with Hudson River Trading to build its next-generation AI research and model-development platform using Vera Rubin NVL72 and Spectrum-X Ethernet. NVIDIA says Rubin is in full production and is designed for training and inference. CoreWeave said AI products and services beyond GPUs, including storage, CPU, networking and software, exceeded $400 million of annual recurring revenue in the second quarter, while booked annual recurring revenue for managed inference rose from $1 million to more than $100 million within months of launch. Active power exceeded 1.5 gigawatts in the second quarter and contracted power reached about 4.2 gigawatts by Aug. 11, with CoreWeave targeting more than 1.85 gigawatts of active power by year-end 2026 and at least 8 gigawatts by 2030, against expected 2026 capital expenditures of $35-$39 billion and second-quarter net interest expense of $640 million.

Marvell Technology's data center business reached a record $2.17 billion in the second quarter of fiscal 2027, up 46% year over year and 18% sequentially, and accounted for 79% of total company revenues. The data center end market made up 74% of Marvell's fiscal 2026 revenues, and the company expects data center revenues to grow approximately 60% in fiscal 2027. Marvell reported strong demand for 800G optical DSPs while its 1.6T products ramp rapidly, and scale-out switching is expected to more than double in fiscal 2027 on broader adoption of its 51.2T switch products. The company expects its custom business to accelerate in the second half of fiscal 2027 and more than double year over year in fiscal 2028, driven by XPU and XPU-attach solutions, with an expanded hyperscaler agreement covering AI inference accelerators, storage controllers, network interface controllers, memory interface controllers and near-memory compute. Marvell also expanded its position in next-generation AI infrastructure through its relationship with NVIDIA, including NVLink Fusion, scale-up switching and silicon photonics, and introduced products such as the 102.4 Tbps Teralynx T100 switch. Marvell shares have gained 170.3% year to date, and the Zacks Consensus Estimate for fiscal 2027 earnings suggests year-over-year growth of 48%.

CoreWeave is expanding its capabilities for next-generation AI workloads with the deployment of multi-rack NVIDIA Vera Rubin NVL72 clusters on CoreWeave Cloud, alongside two new capabilities for its AI Object Storage platform: cross-region write acceleration and a lower-cost Archive tier. The multi-rack Vera Rubin NVL72 deployment allows hundreds of NVIDIA Rubin GPUs to operate as a single scale-out cluster, with each NVL72 rack combining 72 Rubin GPUs with 36 Vera CPUs, NVIDIA NVLink 6, ConnectX-9 SuperNICs and BlueField-4 DPUs, connected across racks using NVIDIA Spectrum-X Ethernet networking and automated through CoreWeave's Mission Control platform. CoreWeave says its Local Object Transport Accelerator caches data locally and can reduce latency by up to 8x compared with traditional storage-cluster reads while delivering up to 7 GB/s of throughput per GPU, while the new cross-region write capability lets customers write data locally as CoreWeave replicates it to another region in the background. The company faces intensifying competition in the AI cloud market from Microsoft and Nebius Group N.V., which plans to invest £1.7 billion in U.K. AI infrastructure and expects connected power capacity to reach roughly 800 MW to 1 GW by 2026 end. CoreWeave shares have gained 24.4% year to date against the Internet Software industry's fall of 0.6%, and the Zacks Consensus Estimate for CRWV's earnings for the current year has been revised downward over the past 60 days.

Hewlett Packard Enterprise expanded its global AI infrastructure partnership with Oracle, bringing HPE Juniper Networking into Oracle AI data centers, and separately agreed to a large-scale digital modernization project with Tottenham Hotspur Football Club focused on stadium hybrid cloud and AI infrastructure. Both collaborations highlight new client deployments for HPE across AI data centers and digitally enabled sports venues. The Oracle expansion supports the view that Juniper networking widens HPE's role in AI-centric data centers, where Cisco and Arista are key rivals, and shows Juniper integration moving into multi-year deployments. The Tottenham project reinforces HPE's GreenLake and as-a-service infrastructure business by turning a complex, multi-site venue into a single hybrid cloud environment. The article does not answer how far HPE can shift its overall revenue mix away from legacy servers toward these recurring, software-rich contracts.

Broadcom, Micron Technology and Marvell Technology all raised forward guidance in their latest earnings reports, citing accelerating AI infrastructure demand. Broadcom reported fiscal Q3 2026 revenue of $29.59 billion, up 85.5% year over year, with AI semiconductor revenue of $16.7 billion, up 221% year on year, and guided Q4 AI semiconductor revenue to $21.7 billion, up 236% year over year, outlining a trajectory reaching approximately $115 billion in fiscal 2027 and $230 billion in fiscal 2028. Micron posted fiscal Q3 2026 revenue of $41.46 billion, up 345.7% year over year, and guided fiscal Q4 revenue to $50.0 billion plus or minus $1.0 billion at gross margin near 86%, with full-year fiscal 2026 capital spending of approximately $27 billion. Marvell reported Q2 FY2027 revenue of $2.739 billion, up 36.5% year over year, and raised its fiscal 2027 data-center growth outlook to approximately 60% from approximately 50% previously, with CEO Matt Murphy flagging the October 6, 2026 Investor Day as the next catalyst. Micron's fiscal Q4 report, expected late this month, is the next test of whether hyperscaler capital spending holds through year-end.