Marvell Technology Raised Revenue Targets

The company has set ambitious growth goals as demand for custom artificial intelligence chips continues to rise.

Updated on Oct. 7, 2026 in Semiconductors

Isometric editorial illustration of a polished silicon semiconductor wafer featuring an intricate gold circuit lattice, symbolizing technical infrastructure. — Marvell Technology raised its fiscal 2028 revenue target to $20 billion, citing strong demand for custom artificial intelligence hardware. AI Illustration. Upload story photo >

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Marvell Technology has increased its revenue target for fiscal 2028 to $20 billion. The firm also projected total revenue between $70 billion and $90 billion by fiscal 2031.

Why it matters

The updated guidance reflects an aggressive expansion in the custom-chip sector driven by the global surge in artificial intelligence infrastructure. Marvell is positioning itself to capture a significant portion of an addressable market it expects to reach $400 billion by 2030.

Marvell projects its addressable market to reach $400 billion by 2030, necessitating a compound annual growth rate of 52% to 65% to hit its long-term targets. The firm also anticipates an adjusted gross margin between 57.5% and 58.5% for the third fiscal quarter.

The players

Marvell Technology

This company is a leading designer and producer of semiconductors and infrastructure hardware for the data center and automotive sectors.

Google

This major technology firm maintains a collaboration with Marvell Technology to develop custom-chip hardware solutions.

The details

At its investor day, the company detailed an expansion of its custom-chip business model and strategic collaborations, including a partnership with Google involving warrants valued at up to $120 billion. Despite these high-value arrangements, the firm noted that purchasing agreements do not constitute binding order commitments.

In May 2026, the company projected its fiscal 2028 revenue at $16.5 billion.
During August 2026, the fiscal 2028 revenue target was updated to $18 billion.
The firm projects total revenue of $12 billion for fiscal 2027.
The addressable market is expected to reach $400 billion by 2030.
A revenue target of $70 billion to $90 billion is set for fiscal 2031.

The Tech Race

Marvell is accelerating its shift toward custom silicon as the industry moves away from generic, off-the-shelf processors toward specialized AI hardware. This transition positions the firm as a direct rival to established chip manufacturers in the burgeoning custom-data-center market.

Investors and stakeholders should note that the company's long-term targets depend heavily on the continued growth of AI-driven cloud infrastructure. Because the collaboration with Google lacks binding orders, future revenue remains subject to the fluctuating capital expenditure cycles of major tech clients.

The takeaway

The firm is banking on the long-term sustainability of the artificial intelligence boom to justify its multi-year revenue growth targets. Readers should monitor future quarterly earnings to see if current non-binding collaborations translate into consistent, verifiable order growth.