In our data center end market for the fourth quarter, we drove record revenue of $765 million, above our guidance, growing 54% year-over-year and 38% sequentially. The strong revenue growth in the quarter was driven by the cloud portion of our data center end markets. While AI has been a key growth driver, I am pleased that our standard cloud infrastructure revenue has also grown every quarter, and we see that continuing next year.

Turning to the first quarter of fiscal 2025. We expect our overall data center revenue to grow in the low single-digits sequentially on a percentage basis. We expect revenue from both AI and standard cloud data centers to continue to grow sequentially. We project our electro-optics revenue to continue to be strong, and we also expect to benefit from the initial shipments of our cloud optimized AI silicon programs. Partially offsetting this growth, we are projecting a more than seasonal sequential decline in revenue from enterprise on-premise data centers.

We also expect a positive uplift from increased investment in inferencing, which will drive more bandwidth between data centers. We are shipping our 400-gig DCI products in high volume today and are seeing strong interest for our next-generation 800-gig products.

Turning to our cloud optimized silicon platform. We’re seeing significant progress with the first set of design wins outlined during our last Investor Day. We expect initial shipments for our two AI compute programs to start in the first quarter and are on track for a very substantial ramp in the second half of the fiscal year.

We now have a clear view of demand for both this fiscal year as well as fiscal 2026.

we expect annual revenue from cloud optimized silicon has the potential to rival our fast-growing data center optics business, which, for reference, grew to over $1 billion in fiscal 2024.

Now let me turn to Marvell’s carrier and enterprise end markets together. As we have been communicating, these end markets have been dealing with a period of soft industry demand. As a result, both were down sequentially in the fourth quarter and we expect them to decline again in the first quarter. On a sequential basis, we expect revenue in the first quarter from carrier to decline by approximately 50% and enterprise networking to decline by approximately 40%. Looking ahead, we expect revenue declines in these end markets to be behind us after the first quarter and forecast a recovery in the second half of the fiscal year.

Turning to the consumer end market. Revenue declined in the fourth quarter as expected and is projected to decline approximately 70% sequentially in the first quarter. This forecast reflects the completion of deliveries for an end-of-life program in the prior quarter as well as significantly weaker demand from the game console market.

Turning now to our forecast for the first quarter of fiscal 2025, we expect revenue from our overall auto and industrial end market to be flat sequentially.

Earlier today, we announced the extension of our long-standing collaboration with TSMC to develop the industry’s first technology platform to produce 2-nanometer semiconductors optimized for accelerated infrastructure.