Marvell raises its fiscal 2028 revenue target to about $20 billion and sets a $70 billion to $90 billion range for fiscal 2031

On 6 October, at its Investor Day in New York, Marvell Technology raised its fiscal 2028 revenue forecast to about $20 billion, up from the roughly $18 billion outlook it gave in August, Reuters reported. Marvell also gave a fiscal 2031 revenue range of $70 billion to $90 billion. Reuters said analysts had expected $18.2 billion for fiscal 2028 (LSEG data) and $46.85 billion for fiscal 2031 (four analysts polled by Visible Alpha), so even the bottom of the new range sits well above that.

What Marvell makes. Marvell designs chips that move data inside and between data centers, and it co-designs custom AI processors with large cloud companies, which build their own chips to rely less on Nvidia. Stocktwits reported that Marvell expects about $18 billion of fiscal 2028 revenue from its data-center business, and that in an $80 billion fiscal 2031 scenario about $30 billion would come from custom chips and about $37.5 billion from interconnect, the networking products that link chips and racks.

What else changed. Marvell raised its target for custom-chip revenue in fiscal 2029 to more than $12 billion, from more than $10 billion, according to Stocktwits. Reuters noted that Marvell disclosed a deal with Google in August that could generate up to $120 billion in sales through fiscal 2033 if performance milestones are met.

Why we file it. Marvell sits on the map's AI chips and networking layer and has had no tracked signal, so it shows as gray. A company raising its own multi-year revenue outlook this far, on demand from the cloud companies building AI data centers, is a material demand signal for the layer. Marvell turns green.

How we read it. Meaningful. These are company targets, not results, and the fiscal 2031 range runs five years out. They rest on a small number of very large cloud customers and on custom chip programs that can be delayed or moved in-house. We read the figures through Reuters and Stocktwits; Marvell's own presentation was not reachable when we checked.

What would change this. Marvell's next quarterly results showing revenue on track for the fiscal 2028 outlook would firm it up. A cut to the outlook, the loss of a major custom chip program, or slower cloud spending on AI data centers would weaken it.