Market Flux Event
Marvell Raises FY28 Revenue Target to $20 Billion and Sets $70B-$90B FY31 Goal on AI Surge
Read this in the Market Flux appMarvell Technology used its Investor Day on October 6 to sharply lift its financial outlook, raising its fiscal year 2028 revenue target to approximately $20 billion from a prior forecast of $18 billion set in August, and setting a longer-range FY31 target of $70 billion to $90 billion. CEO Matt Murphy attributed the upgrade to AI-driven demand for the company's chips used in data centers, particularly in optics and switching, which he said is accelerating faster than previously expected.
Murphy also dramatically expanded Marvell's total addressable market estimate, now projecting a roughly $400 billion AI market opportunity by 2030, compared to a prior estimate of $94 billion for 2028, representing more than a fourfold increase. The revised figures signal that Marvell views AI connectivity infrastructure as a sustained, large-scale growth driver rather than a near-term cycle.
Shares of Marvell rose nearly 9% in early trading following the announcements, extending the stock's year-to-date gains to more than 200%. The broader market also moved higher on the day, with the S&P 500 and Nasdaq hitting record highs as AI-driven tech stocks surged.
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Sources
- FaststocknewssMARVELL CEO: WE SEE AN APPROXIMATELY $400 BILLION TOTAL ADDRESSABLE MARKET FOR MARVELL BY 2030 - INVESTOR DAY $MRVL
- FinancialjuiceMarvell CEO: We expect approximately 20 billion in total company revenue in fy28.
- FirstSquawkMARVELL CEO: TOTAL REVENUE SEEN BETWEEN $70 BLN - $90 BLN IN FY31
- WallstengineMarvell $MRVL now expects “approximately $20B” in total FY28 revenue, up from $18B previously, and sees $70B-$90B by FY31. CEO Matt Murphy also said Marvell now sees a ~$400B AI market by 2030, more than 4x its prior $94B opportunity estimate for 2028.
- Crypto BriefingMarvell lifts FY28 revenue outlook to about $20 billion as AI spending climbs
- PiQMarketsMarvell raises 2028 revenue forecast to $20 billion on AI data center demand Marvell Technology Inc. on Tuesday increased its 2028 revenue forecast to approximately $20 billion, driven by robust demand for its chips used in AI data centers. The company's shares rose nearly 9% in early trading, extending their year-to-date gains to over 200%. This updated forecast surpasses the previous projection of $18 billion made in August.
- Briefingcom$MRVL: Marvell is surging after raising its FY28 revenue outlook to $20 bln as AI-driven optics and switching demand accelerate faster than expected. The bigger story is the runway: Marvell sees a path toward $70–$90 bln in FY31 revenue as AI connectivity becomes increasingly critical. #AI #optics #GOOG #tech #Semiconductors #DataCenters #hyperscalers
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