Marvell Technology raises 2028 revenue forecast to US$20bn on AI data center chip demand

Marvell Technology raised its fiscal 2028 revenue forecast to about US$20 billion on 6 Oct 2026, surpassing Wall Street estimates, as demand for its custom data center chips surges alongside rising AI spending. The company also forecast fiscal 2031 revenue of US$70 billion to US$90 billion, far abov

Marvell Technology raised its fiscal 2028 revenue forecast to about US$20 billion on Tuesday (6 Oct 2026), above Wall Street estimates, as demand for its custom data center chips grows along with a surge in AI spending. Shares of the company rose about 7 per cent, while those of rival Broadcom advanced about 4 per cent in early trading.

Marvell had outlined a strategy centred on custom and cloud-optimised silicon — chips specifically designed for use in data centers — at its 2021 investor day. It has been one of the biggest beneficiaries of the AI infrastructure boom since then. The company's custom chip business has become a major growth engine, with technology companies developing in-house AI processors to reduce reliance on Nvidia chips. The chipmaker's stock has more than tripled in value so far this year.

Marvell disclosed a deal with Alphabet's Google in August that could generate up to US$120 billion in sales through fiscal 2033, if performance milestones are achieved. That same month, it raised its full-year revenue outlook to about US$18 billion from US$16.5 billion.

On Tuesday, Marvell forecast fiscal 2031 revenue of US$70 billion to US$90 billion. At US$80 billion, the midpoint of that range exceeds Wall Street estimates of US$46.85 billion, according to four analysts polled by Visible Alpha. Analysts were expecting revenue of US$18.2 billion for 2028, according to data compiled by LSEG.