In the latest reporting period for Q1'27, Marvell (MRVL) recorded Cash & Short-term Investments of $3.84B and total Debt of $4.96B. This represents a significant increase in liquidity compared to the previous quarter, though total debt obligations also reached a period high. From Q2'24 to Q1'27, the company's cash position remained relatively stable below $1B until a sharp upward inflection began in Q2'26, resulting in a 214% growth in cash reserves over the final year. While debt levels were maintained near $4.1B for several quarters, they have trended upward since Q1'26, increasing by approximately $728.7M to support the company's evolving financial structure. Despite the rising debt, the accelerated growth in cash holdings has notably narrowed the gap between total debt and liquid assets.