A Mizuho VR200 supply chain note drove Marvell and Credo each up ~8%, signaling accelerating demand across the AI high-speed interconnect layer. Mizuho names NVIDIA and Broadcom as 2027 earnings beneficiaries, anchored by projected CoWoS advanced packaging capacity growth exceeding 75%. Gavin Baker's Atreides Management holds concentrated positions across Credo, Ciena, and Astera Labs, betting the networking layer outperforms the GPU vendors themselves.
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Marvell Technology (NASDAQ:MRVL) is trading higher by 7.8% at $239.33, Credo Technology (NASDAQ:CRDO) is up 8.3% to $281.48, and Ciena (NYSE:CIEN) is joining the move with a gain of 5.18% to $451. The primay catalyst is a Mizuho research note published Sunday, August 16, 2026. Supply chain checks point to a strong VR200 ramp, which the firm frames as positive for NPO/CPO connectivity and for Spectrum-X.
In plain terms, NPO (near-package optics) and CPO (co-packaged optics) move the optical engine right up next to the switch or accelerator chip, cutting power and boosting bandwidth. Spectrum-X is NVIDIA's Ethernet-based AI networking stack. A faster VR200 cycle pulls more of that high-speed optical and switching content per rack, which is exactly what Marvell and Credo can sell into.
Mizuho flags the setup as positive for Dell, Credo, NVIDIA, Broadcom, and Lumentum for 2027 earnings. The note also cites CoWoS growth of more than 75% in 2027. That one matters directly for Marvell: CoWoS is the advanced packaging technology that gates custom AI silicon output, and more capacity means more supply available for Marvell's XPU and interconnect programs that have been bottlenecked by that same constraint.
The fundamentals backing the reaction are already visible. Marvell's Q1 FY27 earnings report showed data center revenue of $1.83 billion, up 27% year over year, and management raised the FY27 interconnect growth outlook to more than 70% year over year. Credo's FY26 revenue tripled to $1.3 billion, with CEO Bill Brennan calling FY27 an "inflection point" for the optical business.
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