Marvell raises 2028 revenue forecast on AI demand

The new target is above Wall Street expectations, and Marvell shares gained roughly 6% following the announcement, while custom-AI-chip rival Broadcom rose about 4%. 

The company is benefiting from an expanding custom-chip market as major cloud providers develop proprietary accelerators as alternatives and complements to Nvidia GPUs. Marvell now expects custom-chip revenue to reach $12 billion in fiscal 2029, up from its previous $10 billion target.

Marvell also projected $70 billion to $90 billion in fiscal 2031 revenue, underscoring its expectation that AI infrastructure demand will remain strong for years. The higher forecasts signal accelerating investment in custom silicon at hyperscale data centers and provide a positive demand read-through for the broader AI semiconductor ecosystem, including Broadcom.