Marvell Raises Fiscal 2028 Revenue Outlook to $20 Billion on AI Chip Demand; Shares Jump 7%

Marvell Technology (MRVL) raised its fiscal 2028 revenue forecast to about $20 billion on Tuesday, above Wall Street's $18.2 billion estimate, citing strong AI data center demand and growth in its custom chip business. Shares rose 7.12% intraday to $290.55, while rival Broadcom (AVGO) gained more than 4%. The company also issued a fiscal 2031 revenue target of $70 billion to $90 billion, a midpoint of $80 billion that far exceeds the $46.85 billion projected by four analysts surveyed by Visible Alpha. Marvell has focused on custom, cloud-optimized chips since its 2021 investor day, benefiting as AI infrastructure investment expands; its stock has more than tripled this year. In August, Marvell disclosed a Google (GOOGL) deal worth up to $120 billion in sales through fiscal 2033 and lifted its full-year outlook to about $180 billion from $165 billion.