Marvel boosts 2028 revenue forecast

Marvell Technology has raised its revenue forecast for 2028 to around $20 billion, surpassing Wall Street estimates, based on increasing demand for its chips dedicated to data centers amid a surge in AI-related spending. The increase is attributed to the company's success in delivering custom processors that support AI technology, especially following its partnership with Google, which could generate sales of up to $120 billion by 2033. This has led the company to revise its long-term revenue expectations upwards, anticipating revenues between $70 billion and $90 billion by 2031. This outlook reflects performance exceeding current market expectations and confirms continued growth driven by investments in chips and data centers.

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