Marvell Technology Raises Outlook, Projects $70-90 Billion Revenue by Fiscal 2031

Marvell Technology increased its fiscal 2028 revenue guidance to $20 billion from $18 billion and unveiled an aggressive long-term target of $70-90 billion in fiscal 2031 revenue, nearly double analyst expectations. The semiconductor company plans substantial growth from custom chips, targeting more than $12 billion in custom revenue by fiscal 2029, plus a Google deal potentially worth up to $120 billion through fiscal 2033. Management projects the company will grow at 55-60% annually while capturing an expanding portion of a $400 billion data center market expected to grow 35% yearly.

Marvell Technology's announcement represents a significant recalibration of investor expectations for the semiconductor industry's data center segment. The company's projection that annual revenue growth will outpace overall market expansion—targeting 55-60% yearly increases against a projected 35% industry growth rate—suggests management believes it can capture substantial market share from competitors. This growth narrative rests heavily on custom chip development, where the company aims to nearly double its revenue contribution in just over a year.

The announcement carries particular weight given Marvell's existing performance trajectory. The stock has already appreciated substantially in 2024, and management's guidance extends five years into the future—a timeframe inherently subject to technological shifts and competitive pressures. The company notably emphasized that achieving these targets does not depend on a single customer win, instead relying on expansion across its existing customer base and programs.