New York, March 10, 2026, 10:19 EDT
Shares of Marvell Technology ticked about 0.5% higher Tuesday morning, changing hands at $93.11. Buyers kept showing up for the chipmaker, putting faith in its positive AI data-center demand outlook.
Why does it matter? Marvell stands out as a test case for whether spending is finally shifting toward ASICs—their specialty chips built for a single job—and the networking gear gluing together AI servers, instead of just Nvidia’s GPUs. The company highlights that Alphabet, Meta, Microsoft and Amazon are on track to invest north of $630 billion in AI infrastructure this year. Broadcom struck a similar upbeat tone last week. Marvell President and COO Chris Koopmans said demand for its interconnect hardware is “still growing massively.” Reuters
Marvell has set its sights on fiscal 2028 revenue approaching $15 billion, estimating first-quarter sales around $2.4 billion. CEO Matt Murphy said bookings are “at a record pace.” The company is anticipating a faster year-over-year sales growth rate as it moves into fiscal 2027. Marvell Technology, Inc.
Wall Street moved quickly after the announcement. Bank of America’s Vivek Arya and his group pointed to Marvell’s earnings call as a confidence boost, highlighting the company’s “solid leverage to AI optical connectivity” along with anticipation for a new Microsoft custom-chip effort. Benchmark’s Cody Acree also upgraded the stock, citing “broadly accelerating demand trends.” Investing.com
Fresh buying pushed Marvell (MRVL) up following Friday’s 18.4% jump, bucking the broader slide in U.S. stocks. The trigger: Marvell now sees fiscal 2028 revenue approaching $15 billion and bumped up its fiscal 2027 target to nearly $11 billion.
Rather than take on Nvidia across the AI chip landscape, Marvell is zeroing in on custom AI silicon, joining the likes of Broadcom in the process. In January, Marvell agreed to buy networking equipment firm XConn for $540 million. A month earlier, the company mapped out a $3.25 billion deal for Celestial AI. Both moves sharpen Marvell’s push into AI infrastructure.
Risks remain in the picture. Barclays pointed out roughly $2.8 billion of Marvell’s custom-ASIC revenue for fiscal 2028 is tied to just Amazon and Microsoft. Over at UBS, analysts say details around the Microsoft program are still thin and will need to take shape as the year progresses.
Up next: Marvell is set to pull the curtain back on its new 1.6-terabit optical series at OFC 2026 in Los Angeles next week, with sampling on track for the back half of 2026. This is the company’s latest attempt to prove that AI infrastructure demand is starting to translate into real shipment volumes.
