Updated:
Marvell Technology raised its fiscal 2028 revenue target to about $20 billion on Tuesday, October 6, citing demand for chips used in data centers as technology companies expand artificial-intelligence infrastructure. The updated forecast was announced at the company’s investor day in New York and exceeds the $18 billion outlook Marvell gave in August.
The new target also tops the $18.2 billion analysts had expected, according to LSEG data cited by Reuters. Marvell shares gained about 7% in early trading, while rival Broadcom shares rose about 4%, as investors responded to the raised outlook and the company’s longer-term targets.
Forecast raised from August outlook
The fiscal 2028 target marks a $2 billion increase from the $18 billion forecast Marvell had outlined in August. That earlier projection itself represented an increase from the $16.5 billion outlook the company had previously provided, Reuters reported.
In its August earnings announcement, Marvell said second-quarter fiscal 2027 revenue was $2.739 billion, up 37% from a year earlier. Data-center revenue grew 46% year over year, and Chief Executive Matt Murphy cited strong demand across the company’s data-center portfolio, including connectivity and custom products.
Those quarterly figures provide a recent operating backdrop for the new target, but they do not guarantee that the company will reach it. Marvell’s August filing noted that its data-center business depends partly on the timing and scale of customers’ AI infrastructure deployments.
Custom silicon and AI infrastructure
Marvell designs semiconductors and related technology for data infrastructure. Its data-center products include custom chips and connectivity solutions. Reuters reported that technology companies are developing their own AI processors, a trend that has helped make Marvell’s custom-chip business an important growth driver.
The company had described a strategy focused on custom and cloud-optimized silicon at its 2021 investor day. Reuters said Marvell has benefited from the subsequent AI infrastructure expansion; however, the latest reporting did not provide a detailed breakdown of how much of the $20 billion target is expected to come from individual product lines or customers.
Marvell also disclosed an agreement with Alphabet’s Google in August that could generate as much as $120 billion in sales through fiscal 2033 if performance milestones are achieved, Reuters reported. The potential amount is conditional, and the reporting does not establish that it is guaranteed revenue or specify how much, if any, is included in the fiscal 2028 target.
Longer-term target reaches fiscal 2031
At Tuesday’s event, Marvell also set a fiscal 2031 revenue target of $70 billion to $90 billion. The midpoint, $80 billion, is higher than the $46.85 billion average estimate reported by Visible Alpha for four analysts, according to Reuters.
The wide range underscores that the 2031 figure is a long-term company target, not a near-term result. The available reporting did not detail the assumptions, product contributions or customer commitments underlying that range, so it cannot establish how the company expects to bridge the gap between its fiscal 2028 and fiscal 2031 goals.
Investor response and what remains uncertain
Marvell’s early share gain followed a year in which its stock had already more than tripled, Reuters reported. The reaction came as the company raised its sales outlook, but the available reports did not provide a full account of investor-day presentations or management’s responses to questions about execution, costs or competitive risks.
The figures are revenue forecasts, not earnings guidance. Marvell’s August results included both GAAP and non-GAAP profit measures, but the newly reported fiscal 2028 target was stated in revenue terms; no corresponding profit target was included in the same-day reporting reviewed for this article.
The next scheduled corporate milestone identified in Marvell’s public disclosures is its third-quarter fiscal 2027 results. The company’s August announcement set that reporting date for November 24, 2026. Until then, the $20 billion figure remains management’s forecast, while the pace of customer deployments and the detail behind its longer-term targets remain key unknowns.
