The Verdict — Marvell's Data Center Hits 76% of Revenue, Dell Blows Out 33%, and the Smart Money Quietly Moved Into the Buildings

Marvell reported $2.42B (+28% YoY) with data center now three-quarters of the company and the Celestial photonic-interconnect deal closed — Baker's connectivity thesis is printing, even though our >35% growth bar missed at +27%. Dell surged 33% on AI-server demand and dragged the whole integrator layer up with it. And the 13F convergence shows the concentration spreading off the chip and into the physical layer — Digital Realty, Equinix, CoreWeave. Broadcom reports Wednesday: the cleanest custom-silicon read of all.