Marvell Raises Multi-Year AI Revenue Outlook to $30 Billion

Marvell Technology raised its combined fiscal 2027 and 2028 revenue outlook to $30 billion at Citi's 2026 Global TMT Conference, driven by surging custom ASIC and data center demand. The upgraded projection marks an increase from the $20 billion target outlined a year prior, signaling accelerated adoption of the chipmaker's accelerated infrastructure.

"From a velocity standpoint, unbelievable growth, and that's just at the outset. Calendar 2028, 2029, we're going to see a big ramp in NPO with CPO also layering in. This is not an or, this is going to be an and," said Chief Executive Matt Murphy, according to a transcript of the Citi conference.

Data Center Growth and Margin Targets

The upward revision rests heavily on expansion within the company's data center segment. According to conference statements, data center revenue has climbed from $2.2 billion in calendar 2023 to a projected $15 billion to $16 billion next year.

Alongside top-line growth, management outlined profitability expectations for the multi-year period. Marvell anticipates operating margins will expand to reach 38 percent to 40 percent by the conclusion of fiscal 2027 and fiscal 2028.

Market Trading Data and Valuation

In public market trading, Marvell Technology Inc (MRVL) shares closed at $226.96, down 3.43% from its previous close of $235.01, according to Finnhub market data.

The pullback in the equity price contrasts with the upgraded long-term financial guidance presented by leadership, highlighting how broader semiconductor sector volatility can intersect with individual corporate growth trajectories.

What the Outlook Means for Custom Silicon

The revised forecast underscores the structural shift toward custom application-specific integrated circuits and advanced connectivity solutions among hyper-scalers. As artificial intelligence workloads demand specialized networking and computing hardware, suppliers like Marvell are positioning their product pipelines to capture multi-year infrastructure spending commitments.