Marvell Stock Surges on $90 Billion AI Revenue Outlook

Marvell Technology shares surged on Tuesday after the semiconductor company unveiled ambitious long-term financial targets driven by rapidly expanding demand for artificial intelligence and data center infrastructure.

Marvell (NASDAQ: MRVL) initially fell about 3% as its investor day began, but the stock quickly reversed direction after management detailed its growth expectations. Shares climbed as much as 10% during the session before paring gains to around 6%.

CEO Matt Murphy said Marvell expects its total addressable market to reach approximately $400 billion by 2030, highlighting the scale of the opportunity created by AI, cloud computing and advanced data center technologies.

The chipmaker also raised its fiscal 2028 revenue target to $20 billion. That projection is significantly above Wall Street’s consensus estimate of roughly $18.2 billion and represents a major increase from the $12.05 billion in revenue currently forecast for fiscal 2027.

Data centers are expected to become an even bigger part of Marvell’s business. The company projects data center revenue will approach $18 billion in fiscal 2028, underscoring its growing exposure to AI infrastructure spending.

Marvell’s longer-term projections were even more aggressive. Management introduced a fiscal 2031 framework calling for revenue between $70 billion and $90 billion, while earnings per share could reach at least $30.

At the midpoint, Marvell would generate about $80 billion in annual revenue, far exceeding Wall Street’s current consensus forecast of approximately $47 billion. The company’s $30-plus EPS target also stands well above analysts’ estimate of around $19.

The bullish projections attracted positive attention from analysts. Raymond James analyst Simon Leopold maintained a Strong Buy rating on Marvell, saying the company had “substantially” increased the potential scale of its AI opportunity.

The investor-day targets position Marvell as an increasingly important beneficiary of the global AI infrastructure boom, with data center growth expected to play a central role in its long-term expansion.