A second reading in the same document runs the other way: the shipping channel is concentrating on one house.

From the Aug 30, 2026 daily brief

On the table of customers accounting for more than 10% of net revenue, a single distributor moved from 34% a year ago to 44%, while the largest direct customer held flat at 16%. Concentration at the distributor layer puts one more step between Marvell and the end customer, so visibility into end demand falls while credit and inventory risk on that one channel rises. Marvell's mitigation is that these distributors sell to a diverse set of end customers and regions. That is the company's account, not a measurement. ⚠️ The column on that table easiest to get wrong is geography: measured by shipping destination, China accounts for 42%, against 29% a year earlier — but the filing states plainly that the destination a product ships to does not necessarily indicate where the end customer sits, and the great majority of goods shipped to China are sold to non-Chinese customers who manufacture or subcontract there. So that 42% cannot be read as exposure to the Chinese market, and cannot be read as export-control exposure either.

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