Marvell (MRVL) Sets Fiscal 2031 Revenue Target of $70B-$90B, Lifts Fiscal 2028 Goal to $20B

Marvell Technology on Tuesday issued its first-ever fiscal 2031 revenue guidance of $70 billion to $90 billion and raised its fiscal 2028 target to $20 billion, sending shares up roughly 4% on the day. The fiscal 2031 midpoint far exceeds the $47 billion analyst consensus cited by CNBC, while the low end alone tops the $45 billion Piper Sandler had modeled. Marvell posted $8.2 billion in revenue in its most recent fiscal year. The fiscal 2028 target rises from $18 billion issued with late-August second-quarter earnings. Marvell attributed the added $2 billion to data center connectivity demand, including interconnect scale-up optics and switching. Fiscal 2027 revenue is still expected at about $12 billion. Chairman and CEO Matt Murphy said Marvell's AI addressable market could reach $400 billion by 2030. The company forecast data center capital expenditures of $3 trillion by 2030, compounding about 35% annually from 2025 to 2030. Revenue from its expanded Google custom-chip agreement is not expected to materialize meaningfully until fiscal 2029 at the earliest. Peer Astera Labs rose 8% and Credo Technology 6%.