Marvell Technology, Inc. Common Stock

Legal and litigation · Litigation and legal proceedings

risks related to any current and future litigation, regulatory investigations, or contractual disputes with customers that could result in substantial costs and a diversion of management's attention and resources that are needed to successfully maintain and grow our business

Legal and litigation · Product liability and warranty claims

Costs related to defective products could have a material adverse effect on us. We make highly complex semiconductor solutions and, accordingly, there is a risk of defects in our products. Such defects can give rise to the significant costs noted below.

Economic and market conditions · Inflation and deflation pressures

In addition, we are also subject to risk from inflation and increasing market prices of certain components, supplies, and commodity raw materials, which are incorporated into our end products or used by our manufacturing partners or suppliers to manufacture our end products.

Natural and catastrophic events · Pandemic and public health crises

risks related to the impact of the COVID-19 pandemic or other future pandemics, on the global economy and on our customers, suppliers, employees and business

Natural and catastrophic events · Natural disasters and extreme weather

risks related to the potential impact of significant events or natural disasters or the effects of climate change (such as drought, flooding, wildfires, increased storm severity, sea level rise, and power outages), particularly in certain regions in which we operate or own buildings, such as Santa Clara, California, and where our third-party manufacturing partners or suppliers operate, such as Taiwan and elsewhere in the Pacific Rim

Economic and market conditions · Market volatility and financial crises

Adverse developments affecting the financial services industry, including events or risks involving liquidity, defaults or non-performance by financial institutions, could have a material adverse effect on our business, financial condition or results of operations.

Geopolitical and trade · Political instability and government changes

Adverse changes in the political, regulatory and economic policies of governments in connection with trade with China and Chinese customers have reduced the demand for our products and damaged our business.

Innovation and product development · Product development and randd investment risks

risks related to our ability to design, develop and introduce new and enhanced products, in particular in the Data Center and Communications markets, in a timely and effective manner, as well as our ability to anticipate and adapt to changes in technology

Market position and competition · Industry consolidation and market concentration

Moreover, the semiconductor industry has experienced increased consolidation over the past several years. For example, AMD acquired Xilinx, Inc. in February 2022 and Pensando Systems in May 2022, Qualcomm acquired Veonner in April 2022, and Broadcom acquired VMware in November 2023. Consolidation among our competitors has led, and in the future could lead, to a changing competitive landscape, capabilities and market share, which could put us at a competitive disadvantage and harm our results of operations.

Market position and competition · Pricing pressure and margin compression

Our gross margin and results of operations may be adversely affected in the future by a number of factors, including decreases in our average selling prices of products over time, shifts in our product mix, or price increases of certain components or third-party services due to inflation, supply chain constraints, or for other reasons.

Innovation and product development · Intellectual property protection and infringement

risks related to failures to protect our intellectual property, particularly outside the United States

Strategic execution · Strategic transformation and turnaround risks

risks related to our ability to execute on changes in strategy and realize the expected benefits from restructuring activities

Digital transformation and innovation · Artificial intelligence and automation

risks related to the potential impact of AI on our business model and products; Rapid advances in artificial intelligence ('AI') and machine learning ('ML') technologies, including generative AI, could fundamentally alter the semiconductor industry and disrupt our business model and operations.

Cybersecurity and data protection · Data breaches and cyber attacks

cybersecurity risks; Cybersecurity risks could adversely affect our business and disrupt our operations. We depend heavily on our technology infrastructure and maintain and rely upon certain critical information systems for the effective operation of our business.

Cybersecurity and data protection · Insider threats and access controls

Cyber-attacks may include phishing or other forms of social engineering attacks, exploits of code or system configurations, malicious code, such as viruses and worms, ransomware attacks, zero day vulnerabilities and undisclosed security flaws exploited by threat actors, nation-state cyber attacks, supply chain and third-party cyber-attacks, denial-of-service attacks and other actions granting unauthorized access to our technology infrastructure or information systems

Reputation and brand · Esg environmental social governance performance

Expectations, requirements and attention to sustainability matters may have an adverse effect on our business, financial condition and results of operations, and damage our brand and reputation. Increasingly regulators, customers, investors, employees and other stakeholders are focusing on sustainability matters.

Corporate governance · Internal controls and risk management

We may not be able to scale our business quickly enough to meet our customers' needs or in an efficient manner, which could harm our operating results. Over the last few years, we have rapidly increased in size. As a result, we have had to, and expect in the future to continue to need to, appropriately scale our business, internal systems and organization and to continue to improve our operational, financial and management controls, reporting systems and procedures.

Market and investment · Interest rate and yield curve risk

exposing us to interest rate risk to the extent of our variable rate indebtedness, particularly in the event of high or rising interest rates

Capital structure and performance · Financial performance volatility

Our quarterly results of operations have fluctuated in the past and could do so in the future. Because our results of operations are difficult to predict, you should not rely on quarterly comparisons of our results of operations as an indication of our future performance.

Human capital and workforce · Key personnel dependence and succession

The loss of such employees could harm our business, as their knowledge of our business and industry would be extremely difficult to replace. The competition for qualified employees with significant experience in the management, design, development, manufacturing, marketing and sales of semiconductor solutions particularly those with emerging expertise in AI-related technologies and persistent demand for analog engineering experience has been intense over the last few years.