Marvell raises 2028 revenue forecast on strong AI data center demand
- On Tuesday, Marvell Technology raised its fiscal 2028 revenue forecast to about $20 billion during its investor day, citing strong demand for data center connectivity chips.
- The new target represents an increase from the $18 billion figure Marvell had provided in August, marking a roughly 54% revision over about 10 months.
- CEO Matt Murphy attributed the growth to strong demand for data center connectivity solutions, including interconnect scale-up optics and switching that manage data across server racks.
- Marvell also expects its custom chip business, which serves Amazon and Alphabet, to triple in fiscal year 2029 to more than $12 billion.
- Shares of Marvell rose over 6% on Tuesday in reaction to the upbeat guidance, while connectivity peers Astera Labs and Credo Technology gained 8% and 6% respectively.
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