Marvell Targets Up to $90 Billion Revenue by 2031 as Shares Jump

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•  06 Oct 2026
 

$MRVL Marvell Technology set a fiscal year 2031 revenue target of $70 billion to $90 billion at its investor day, compared with $8.2 billion in 2026. Shares jumped about 7% after CEO Matt Murphy presented the forecast, which shows how heavily the company is betting on continued expansion of AI infrastructure. The stock had already surged nearly 250% since the start of 2026, so investors arrived with very high expectations, and the new targets still managed to surprise. Reaching the range requires an unusual annual growth rate of about 55% to 60% sustained over several years.

Custom silicon is one of the main growth engines. Marvell supplies chips to giant customers such as Alphabet and Amazon, which are building AI infrastructure at enormous scale and are looking more and more for dedicated solutions. According to the company forecast, about $30 billion of the expected 2031 revenue should come from custom chips. The figure shows how much Marvell wants to position itself as a central supplier of dedicated silicon to the cloud giants.

The advantage of a custom chip is the ability to tune performance, power consumption and cost to a specific workload. As AI usage expands, large cloud companies are working to reduce dependence on general purpose processors and move to solutions that fit their needs better. Marvell does not compete directly with Nvidia in every area, but builds its place in other layers of AI infrastructure. That includes both custom chips and communication solutions that move data quickly within and outside data centers.

Connectivity may be an even bigger business. The forecast has the connectivity operation reaching about $37.5 billion in 2031, covering network solutions that move enormous amounts of information between servers, accelerators and data centers. As the number of processors in each data center grows, communication between them becomes a bottleneck. That creates a large market for Marvell that depends not only on the number of AI chips sold, but also on the number of connections required to run them.

The company estimates its total addressable market will reach about $400 billion by 2030, including custom computing, connectivity and additional infrastructure required around data centers. In fiscal year 2028, Marvell is targeting revenue of about $20 billion, above the Wall Street forecast of about $18.2 billion before the event. Even this nearer target requires a significant acceleration relative to the current pace. Earnings momentum has to carry the company into that range, and the guidance sets a clear benchmark for execution.

Pricing already reflects a great deal of optimism. The stock trades at about 50 times expected earnings for the next 12 months after a very sharp move since the beginning of the year, and that multiple expansion leaves little room for error. The high forecasts are not only a promise of growth but also a commitment to meet a bar that keeps rising. Any slowdown in cloud giant spending or delay in projects could significantly hurt expectations. If AI spending continues to expand at the current pace, Marvell could be one of the main beneficiaries of the move to custom chips and advanced network infrastructure.

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