New York, March 5, 2026, 06:13 EST
Shares of Marvell Technology (MRVL.O) ticked up 0.8% in premarket action to $78.09 on Thursday, with investors looking ahead to earnings slated for release after the U.S. close. The chipmaker’s earnings call is set for 1:45 p.m. Pacific.
The report drops while Wall Street weighs if Big Tech’s AI investment binge is still ramping up or beginning to strain budgets. Over at Broadcom, executives on Thursday projected AI chip revenue would pass $100 billion by 2027—though investors remain uneasy about the payoff from that kind of outlay.
Marvell makes networking gear and custom silicon for data centers, including ASICs—chips tailored for specific tasks—in partnership with cloud providers. Options traders have braced for roughly an 11% move in MRVL shares following the earnings release, according to TipRanks data.
FactSet’s analyst consensus calls for Marvell to deliver adjusted earnings of 79 cents per share, with revenue hitting $2.21 billion—both figures outpacing last year’s 60 cents and $1.82 billion, according to Barron’s. Stifel’s Tore Svanberg highlighted that cloud players are still signaling “compute capacity constraints through most or all of 2026.” Barron’s
Marvell’s communications segment posted a 25.7% year-over-year gain last quarter, according to Zacks. Data center revenue climbed 38%, and carrier revenue saw a jump of 98%. On the flip side, consumer demand softened. Automotive and industrial revenue came in at $35 million, down 58%, following the sale of the Automotive Ethernet business.
Srini Pajjuri of RBC Capital Markets noted in a memo quoted by TheStreet that Amazon’s AI chip, Trainium, is “mostly booked for the year.” Marvell is looking for roughly $2.2 billion in fourth-quarter revenue, give or take 5%, with non-GAAP earnings projected at 79 cents per share, plus or minus 5 cents. That non-GAAP figure strips out items like stock compensation. TheStreet
The hurdle, though, is significant. Marvell counts on just a handful of cloud clients—any slowdown in data-center budgets or a turn toward proprietary chip development could tighten the screws on growth, particularly if sluggish consumer and industrial appetite drags on.
Marvell’s push into data-center infrastructure isn’t coming cheap. The company wrapped up its XConn Technologies deal in February, and now it’s targeting the third quarter of fiscal 2027 for the business to begin contributing to revenue. By the fourth quarter, Marvell is looking for XConn to hit a $50 million annual run rate.
Marvell is set to deliver results after the bell, a time when U.S. trading usually quiets down and price swings can hit hard. Investors are tuning in for any details on high-speed optics demand and updates on the custom chip programs’ pipeline.
The sector will be watching the numbers for clues about demand in the often-overlooked pieces of the AI infrastructure — switches, interconnects, and data shuttles — a space where Marvell, along with Broadcom and Nvidia, are all competing for a bigger slice.
