Marvell Technology stock rallies following ambitious investor day targets

Investing.com -- Marvell Technology (NASDAQ: MRVL) shares rallied on Tuesday following long-term revenue projections delivered during the company’s investor day. While the stock briefly dipped 3% at the start of the meeting, shares sharply reversed course to jump as much as 10% on the outlook. Shares were last up 7.5% in recent trading.

During the presentation, CEO Matt Murphy outlined a massive expansion in the company’s market opportunity, telling investors that Marvell anticipates a $400 billion total addressable market (TAM) by 2030.

To capture this growth, management set guidance well above Wall Street’s expectations. Marvell projects approximately $20 billion in total revenue for fiscal year 2028, with targets escalating to between $70 billion and $90 billion by fiscal year 2031.

The new $20 billion FY28 target represents a significant leap over consensus estimates. Heading into the event, analysts were forecasting revenue of $12.05 billion for the current fiscal year (2027) and $18.2 billion for fiscal year 2028. Achieving management’s $20 billion goal would require substantial acceleration beyond the Street’s view, continuing an aggressive growth trajectory that stems from a fiscal year 2026 baseline of $8.2 billion.

Driving these upgraded forecasts is the rapid expansion of artificial intelligence data centers. CFO Dan Durn emphasized that the global AI infrastructure buildout is continuing at a massive scale and speed, securing long-term demand for Marvell’s custom compute and networking silicon.

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