Marvell Technology jumps on new long-term revenue targets

Marvell Technology shares climbed nearly 9.7% in morning trading on Tuesday after the company outlined long-term financial targets at its Investor Day event in New York.

Chief Executive Officer Matt Murphy said the company expects total revenue of approximately $20 billion for fiscal year 2028. The projection marks an increase from previous estimates that ranged between $15 billion and $18 billion.

Murphy also presented a longer-term outlook, forecasting total revenue between $70 billion and $90 billion by fiscal year 2031. The company said the projections are supported by a total addressable AI market expected to reach approximately $400 billion by 2030.

The CEO indicated that custom silicon programs with hyperscalers including Google, Microsoft, and Amazon could push revenue beyond current guidance as those programs scale after 2029.

Marvell has secured a multi-year custom chip agreement with Google and received a $2 billion investment from Nvidia, according to reports.

The stock initially fell around 3% at the market open before reversing course as details of the financial targets were disclosed.

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