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Marvell stock surges after company raises 2028 revenue outlook to $20 billion

Yahoo Finance • October 6, 2026 • business

Key Points:

Marvell Technology's stock surged about 8% to its highest level since June after the company raised its fiscal year 2028 revenue guidance to approximately $20 billion, surpassing analyst expectations.
CEO Matt Murphy highlighted a projected 67% year-over-year revenue growth, up from the previous guidance of $18 billion and analyst estimates of $18.2 billion.
The company anticipates significant growth in the AI market, targeting a $400 billion total addressable market by 2030 through custom silicon partnerships with major hyperscalers like Amazon, Google, and Microsoft.
Semiconductor stocks, including Marvell, have been key drivers of market gains this year, with Marvell's shares rising over 240% year-to-date and the company recently joining the S&P 500 index.
Marvell competes with Broadcom and is recognized for designing high-speed infrastructure and custom chips that facilitate AI computing communication, earning praise from Nvidia's CEO as a potential "next trillion-dollar company."

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