[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio8ff3b82f":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio8ff3b82f","美股 MRVL 将成为一家万亿美元市值公司，原因就在这里（建议收藏）","\u002Fdoc\u002Fdcio8ff3b82f","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">摩根士丹利（\u003C\u002Fspan>Morgan Stanley\u003Cspan style=\"font-family: DengXian;\">）最新预计，到\u003C\u002Fspan> 2030 \u003Cspan style=\"font-family: DengXian;\">年，\u003C\u002Fspan>CXL\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>Compute Express Link\u003Cspan style=\"font-family: DengXian;\">，计算高速互连）内存控制器（\u003C\u002Fspan>Memory Controller\u003Cspan style=\"font-family: DengXian;\">，\u003C\u002Fspan>MXC\u003Cspan style=\"font-family: DengXian;\">）芯片市场规模将达到\u003C\u002Fspan> 21 \u003Cspan style=\"font-family: DengXian;\">亿美元，相比此前预测的\u003C\u002Fspan> 9.9 \u003Cspan style=\"font-family: DengXian;\">亿美元，足足上调了一倍多。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">与此同时，\u003C\u002Fspan>CXL Switch\u003Cspan style=\"font-family: DengXian;\">（交换芯片）市场预计将增长至\u003C\u002Fspan> 19 \u003Cspan style=\"font-family: DengXian;\">亿美元，相比此前预测的\u003C\u002Fspan> 6.64 \u003Cspan style=\"font-family: DengXian;\">亿美元，接近提高了三倍。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">摩根士丹利表示，此次大幅上调预测的主要原因有两个：行业采用速度远超预期，以及当前全球内存供应紧缺带来的需求激增。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">那么，什么是\u003C\u002Fspan> CXL\u003Cspan style=\"font-family: DengXian;\">？\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">CXL\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>Compute Express Link\u003Cspan style=\"font-family: DengXian;\">，计算高速互连）是一种新一代高速互连标准，它能够让服务器中的内存不再局限于安装在某一台机器上的\u003C\u002Fspan> DRAM\u003Cspan style=\"font-family: DengXian;\">，而是把内存变成一种可以共享、按需扩展的资源。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">换句话说，它可以让数据中心里的多个\u003C\u002Fspan> CPU\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>GPU \u003Cspan style=\"font-family: DengXian;\">或\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">加速器共同访问一个更大的内存池，实现内存共享、扩容和动态调度。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这一点对于\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">服务器来说尤为重要。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">因为如今的大模型训练和推理，往往不是先耗尽算力，而是先耗尽内存带宽和内存容量。很多\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">集群的\u003C\u002Fspan> GPU \u003Cspan style=\"font-family: DengXian;\">还有计算能力，但已经因为内存不足而无法继续提升性能。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">随着\u003C\u002Fspan> 2026 \u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">热潮推动全球\u003C\u002Fspan> DRAM \u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan> HBM\u003Cspan style=\"font-family: DengXian;\">（高带宽内存）持续短缺，\u003C\u002Fspan>CXL \u003Cspan style=\"font-family: DengXian;\">已经从过去提升效率的“可选功能”，变成了帮助企业最大化利用有限内存资源的关键基础设施技术。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">而\u003C\u002Fspan> Marvell \u003Cspan style=\"font-family: DengXian;\">正是这一趋势中最大的受益者之一，因为它已经拥有摩根士丹利此次重点看好的相关产品。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">根据美股投资网研究，\u003C\u002Fspan>MRVL \u003Cspan style=\"font-family: DengXian;\">的\u003C\u002Fspan> Structera \u003Cspan style=\"font-family: DengXian;\">产品线覆盖了摩根士丹利最新上调预测的三大\u003C\u002Fspan> CXL \u003Cspan style=\"font-family: DengXian;\">产品领域，包括：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第一，\u003C\u002Fspan>CXL \u003Cspan style=\"font-family: DengXian;\">内存扩展控制器（\u003C\u002Fspan>Memory Expansion Controller\u003Cspan style=\"font-family: DengXian;\">），用于连接和扩展额外内存。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第二，\u003C\u002Fspan>Near Memory Accelerator\u003Cspan style=\"font-family: DengXian;\">（近内存加速器），能够在靠近内存的位置完成部分计算，减少数据搬运，提高\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">运算效率。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第三，\u003C\u002Fspan>CXL Switch\u003Cspan style=\"font-family: DengXian;\">（交换芯片），用于把多个服务器机架中的独立内存资源连接起来，形成一个共享的超大内存池。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">不过，\u003C\u002Fspan>CXL \u003Cspan style=\"font-family: DengXian;\">其实只是\u003C\u002Fspan> Marvell \u003Cspan style=\"font-family: DengXian;\">故事中的一小部分。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">目前，公司规模最大、增长最快的业务其实是定制\u003C\u002Fspan> ASIC\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>Custom Silicon\u003Cspan style=\"font-family: DengXian;\">）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Marvell \u003Cspan style=\"font-family: DengXian;\">为\u003C\u002Fspan> Amazon\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Google\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Microsoft \u003Cspan style=\"font-family: DengXian;\">等全球超大规模云计算公司（\u003C\u002Fspan>Hyperscalers\u003Cspan style=\"font-family: DengXian;\">）设计专属\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">加速芯片（\u003C\u002Fspan>XPU\u003Cspan style=\"font-family: DengXian;\">）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">公司预计，到\u003C\u002Fspan> 2028 \u003Cspan style=\"font-family: DengXian;\">年，这一业务将覆盖价值\u003C\u002Fspan> 554 \u003Cspan style=\"font-family: DengXian;\">亿美元的市场，而整个数据中心芯片市场规模预计将达到\u003C\u002Fspan> 940 \u003Cspan style=\"font-family: DengXian;\">亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">如今，\u003C\u002Fspan>Marvell \u003Cspan style=\"font-family: DengXian;\">约\u003C\u002Fspan> 75% \u003Cspan style=\"font-family: DengXian;\">的营收已经来自数据中心、云计算以及定制芯片业务。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">随着全球\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">基础设施投资持续爆发，这些业务已经成为推动公司增长的核心动力，其收入占比也在快速提升。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">除了定制\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">芯片之外，\u003C\u002Fspan>Marvell \u003Cspan style=\"font-family: DengXian;\">还提供一系列\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">数据中心不可或缺的关键芯片，包括：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">高速网络芯片，例如交换芯片（\u003C\u002Fspan>Switch\u003Cspan style=\"font-family: DengXian;\">）、以太网控制器（\u003C\u002Fspan>Ethernet Controller\u003Cspan style=\"font-family: DengXian;\">）以及\u003C\u002Fspan> PHY\u003Cspan style=\"font-family: DengXian;\">（物理层芯片）；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">高速光互连和铜互连产品，用于连接不同\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">服务器机架之间的数据传输；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">以及\u003C\u002Fspan> SSD \u003Cspan style=\"font-family: DengXian;\">和机械硬盘所使用的存储控制器（\u003C\u002Fspan>Storage Controller\u003Cspan style=\"font-family: DengXian;\">）。这也是\u003C\u002Fspan> Marvell \u003Cspan style=\"font-family: DengXian;\">自\u003C\u002Fspan> 1995 \u003Cspan style=\"font-family: DengXian;\">年成立以来最传统、最成熟的业务之一。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">除此之外，\u003C\u002Fspan>Marvell \u003Cspan style=\"font-family: DengXian;\">还拥有一些规模相对较小的业务板块，包括：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">运营商基础设施（\u003C\u002Fspan>Carrier Infrastructure\u003Cspan style=\"font-family: DengXian;\">）、企业网络（\u003C\u002Fspan>Enterprise Networking\u003Cspan style=\"font-family: DengXian;\">）以及汽车与工业（\u003C\u002Fspan>Automotive & Industrial\u003Cspan style=\"font-family: DengXian;\">）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">不过，这些业务在公司整体营收中的占比正不断下降，而数据中心和\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">相关芯片业务正在快速成为\u003C\u002Fspan> Marvell \u003Cspan style=\"font-family: DengXian;\">最重要的增长引擎。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股投资网在微信公众号多次提到，\u003C\u002Fspan>Marvell\u003Cspan style=\"font-family: DengXian;\">最容易被市场低估的资产之一，就是它在\u003C\u002Fspan>DSP\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>Digital Signal Processor\u003Cspan style=\"font-family: DengXian;\">，数字信号处理器）领域的领导地位。光纤传输的信号会失真、衰减、产生噪音。\u003C\u002Fspan>DSP\u003Cspan style=\"font-family: DengXian;\">就像一个实时翻译官和纠错系统：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">如果没有\u003C\u002Fspan>DSP\u003Cspan style=\"font-family: DengXian;\">：\u003C\u002Fspan>800G\u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan>1.6T\u003Cspan style=\"font-family: DengXian;\">光模块几乎无法稳定工作。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Marvell\u003Cspan style=\"font-family: DengXian;\">在\u003C\u002Fspan>2021\u003Cspan style=\"font-family: DengXian;\">年收购了\u003C\u002Fspan> Inphi\u003Cspan style=\"font-family: DengXian;\">，花了约\u003C\u002Fspan>100\u003Cspan style=\"font-family: DengXian;\">亿美元。很多人当时觉得买贵了。现在回头看，那笔收购几乎是\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">时代最成功的并购之一。因为\u003C\u002Fspan>Inphi\u003Cspan style=\"font-family: DengXian;\">原本就是全球光通信\u003C\u002Fspan>DSP\u003Cspan style=\"font-family: DengXian;\">龙头。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">在\u003C\u002Fspan> 1.6T \u003Cspan style=\"font-family: DengXian;\">光模块里，单颗\u003C\u002Fspan> DSP \u003Cspan style=\"font-family: DengXian;\">的价值\u003C\u002Fspan>100~200\u003Cspan style=\"font-family: DengXian;\">美元，绝对是价值之王。\u003C\u002Fspan>Marvell\u003Cspan style=\"font-family: DengXian;\">是\u003C\u002Fspan>DSP\u003Cspan style=\"font-family: DengXian;\">的绝对龙头，反而\u003C\u002Fspan>Broadcom\u003Cspan style=\"font-family: DengXian;\">是老二。基于这个结论，我们当初立即先人一步建立仓位，我们的\u003C\u002Fspan>VIP\u003Cspan style=\"font-family: DengXian;\">和我们同样获得这深度调研的结果。\u003C\u002Fspan>81\u003Cspan style=\"font-family: DengXian;\">美元提醒用\u003C\u002Fspan>30%\u003Cspan style=\"font-family: DengXian;\">仓位进场。今天已经收获\u003C\u002Fspan> 258% \u003Cspan style=\"font-family: DengXian;\">利润\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">老黄公开表示\u003C\u002Fspan>MRVL\u003Cspan style=\"font-family: DengXian;\">有望成为“下一家万亿美元公司”，因为\u003C\u002Fspan>Marvell \u003Cspan style=\"font-family: DengXian;\">的\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">瓶颈的卡脖子地位几乎不可替代，是整个光通信基础建设的地基。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FM\u002FMRVL\u002FMRVL.jpg","2026-07-18T18:29:31","2026.07.18","2026\u002F07\u002F18",48642,[22],"MRVL","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" 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