Marvell Technology Raises Revenue Targets and Unveils New AI Memory Chips
Marvell Technology, Inc. (NASDAQ:MRVL) shares slipped 2.65% to $268 on Monday as investors took profits following a strong multi-day rally. Despite the pullback, the semiconductor manufacturer raised its long-term financial guidance and introduced new artificial intelligence hardware designed for cloud data centers.
At its investor day, the company raised its fiscal 2028 revenue projection to $20 billion, up from $18 billion, and forecasted fiscal 2031 revenue of $70 billion to $90 billion. Marvell estimates its addressable market will reach $400 billion by 2030, with $385 billion focused on data centers. A BNP Paribas analyst indicated these refreshed targets could drive earnings per share to $33.40 by 2030, above management's target of over $30 and current market consensus.
To capture more market share, Marvell unveiled its second-generation Structera X memory line, which delivers faster response times for large AI workloads and begins sampling in early 2027. Market participants will also be observing the company showcase its networking, security, and storage hardware at the Open Compute Project Global Summit through October 15.
Key points
- Marvell Technology, Inc. (NASDAQ:MRVL) raised its fiscal 2031 revenue forecast to between $70 billion and $90 billion during its investor day.
- The company increased its fiscal 2028 revenue outlook to $20 billion, up from a previous target of $18 billion.
- Marvell introduced second-generation Structera X memory products for AI data centers, with sampling scheduled for the first quarter of 2027.
- Shares of Marvell dipped 2.65% on Monday due to profit-taking following a multi-day stock rally.
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Why did Marvell Technology stock fall on Monday?
Marvell Technology stock dropped about 2.65% on Monday as investors took profits following a multi-day rally, despite the company raising its long-term financial targets.
What are Marvell Technology's new revenue targets?
Marvell Technology raised its fiscal 2028 revenue forecast to $20 billion, up from $18 billion, and projected fiscal 2031 revenue of $70 billion to $90 billion during its investor day.
When will Marvell start sampling Structera X memory products?
Marvell plans to begin sampling its second-generation Structera X memory products in the first quarter of 2027 to help cloud customers handle larger AI workloads.