Marvell shares jump up to 10% on ambitious revenue goals

Marvell Technology shares rallied on Tuesday following long-term revenue projections presented during its investor day. Although the stock initially dipped 3% at the start of the meeting, it reversed course to jump as much as 10% on the outlook before moderating to a 7.5% gain in recent trading.

During the presentation, CEO Matt Murphy told investors that Marvell expects a $400 billion total addressable market by 2030. To capture that growth, the company set financial guidance well above Wall Street expectations. Marvell projects roughly $20 billion in total revenue for fiscal year 2028, with targets climbing to between $70 billion and $90 billion by fiscal year 2031.

The $20 billion projection for fiscal 2028 exceeds consensus estimates. Heading into the event, analysts anticipated revenue of $12.05 billion for the current fiscal year 2027 and $18.2 billion for fiscal 2028. Reaching the new goal requires sharp acceleration from its fiscal year 2026 baseline of $8.2 billion.

Management attributed the upgraded guidance to the swift expansion of artificial intelligence data centers. CFO Dan Durn stated that the worldwide rollout of AI infrastructure continues at massive scale and speed, securing long-term demand for the company's custom compute and networking silicon.