Marvell Shares Jump as Chipmaker Lifts Fiscal 2028 Revenue Target to $20bn

Marvell Technology (NASDAQ: MRVL) shares jumped about 7% today after the chipmaker lifted its fiscal 2028 revenue target to about $20bn at its investor day. The company designs semiconductors for data centres, including custom chips for large cloud providers.

At 15:23 UK time the stock was at $290.40, against $271.25 at the previous close, with an intraday high of $301.27. Shares had dipped 3% early as the event began, touching a low of $267.26, before reversing.

According to reports from Seeking Alpha and Investing.com, chief executive Matt Murphy set the new target at about $20bn, up from about $18bn previously. Analysts had expected $18.2bn. The company also reportedly sees revenue of $70bn to $90bn by fiscal 2031 and an AI addressable market of about $400bn by 2030.

The driver is demand for AI data centres, where Marvell sells custom silicon for hyperscalers (the largest cloud operators), optical connectivity and switching. In the quarter reported on the 27th of August, total revenue was $2.74bn, up 37% from a year earlier. Data centre revenue was $2.17bn, up 46%, or 79% of the total. Adjusted earnings per share were $0.94, against $0.67 a year earlier.

The company guided third-quarter revenue of $3.15bn, plus or minus 5%. Fiscal 2026 revenue was $8.2bn.

Closes in that period ranged from $163.40 on the 29th of July to $272.29 on Friday, and today’s intraday level sits above every one of them. The shares are up about 220% this year.

That run leaves a high multiple on the stock, so a higher target raises the bar as much as it lifts expectations. The target is a goal, and delivery will matter more than one session’s move.

Customer concentration is the main risk. In the second quarter one distributor accounted for 44% of revenue and one direct customer for 16%, so a slowdown at either would weigh heavily on results.