Marvell Technology Raises 2028 Revenue Forecast to $20 Billion

Marvell Technology raised its fiscal 2028 revenue forecast to approximately $20 billion, exceeding Wall Street estimates, driven by increasing demand for its custom chips for data centers. The company has become a major beneficiary of the AI infrastructure investment boom, as tech firms aim to develop in-house AI processors to reduce reliance on NVIDIA chips, boosting demand for its custom solutions. Marvell expects its fiscal 2031 revenues to range between $70 billion and $90 billion, significantly surpassing Wall Street estimates, reflecting ongoing bets on expanding data center spending and demand for custom chips.