Marvell Raises AI Chip Revenue Outlook
Marvell forecasts $70-$90B in FY2031 revenue, far exceeding Wall Street estimates, driving shares up.
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Marvell Technology Inc (NASDAQ:MRVL) shares rose 6.5% on Tuesday after the company issued long-term revenue guidance that significantly exceeded analyst expectations.
The company forecast fiscal 2031 revenue of $70 billion to $90 billion, with a midpoint of $80 billion. This is well above the $46.85 billion consensus estimate from analysts polled by Visible Alpha.
Marvell stated its total addressable market could reach $400 billion by 2030, driven by spending on AI infrastructure. The company previously disclosed a deal with Alphabet that could generate up to $120 billion in sales through fiscal 2033 if performance milestones are met.
Achieving these targets requires a sharp acceleration from current levels. Marvell expects fiscal 2027 revenue of about $12.05 billion, compared with $8.2 billion in fiscal 2026.