Marvell Technology, Inc. has surged +125% since my last Strong Buy, but I now rate it Hold due to valuation concerns. MRVL's business thesis has strengthened, with record Q1 operating cash flow and robust AI-driven data center revenue growth. At $205, MRVL stock trades at ~70x trailing and 50x forward earnings, with limited margin of safety and consensus showing only 8% further upside.