Marvell Technology projects $70 billion to $90 billion revenue by fiscal 2031

Marvell Technology (MRVL) projects revenue between $70 billion and $90 billion by fiscal 2031, a significant acceleration from the $8.2 billion reported for fiscal 2026. The company expects its top line to expand at a compound annual growth rate of 55% to 60% through that period, outpacing the 35% CAGR in data center capital expenditure projected through 2030. This guidance comes as the broader semiconductor sector experiences a correction, with the PHLX Semiconductor Sector Index losing more than 10% of its value in the past week. The recent decline follows comments from Intel CEO Lip-Bu Tan and Broadcom CEO Hock Tan regarding capital constraints and funding challenges for AI infrastructure. Despite these concerns, both executives remain bullish on AI demand, with Broadcom's Tan noting that supply constraints are expected to persist through 2030. Marvell positions itself as a key player in this space, manufacturing custom AI chips that help hyperscalers lower operating costs. Microsoft claims its latest custom AI chip is 40% more efficient than GPU-based systems, while other estimates suggest custom processors could reduce inference costs by 40% to 60%. Analysts have increased their forecasts for Marvell following the company's investor day presentation earlier this month. They estimate earnings per share could reach $12.50 in fiscal 2029. Assuming a 50% increase in the bottom line in fiscal years 2030 and 2031, earnings per share could hit $28.12. If the stock trades at 31.5 times earnings, in line with the Nasdaq-100 index's multiple, the stock price could reach $885. This would represent a 261% increase from Marvell's current price. The PHLX Semiconductor Sector Index has gained 440% over the past four years, significantly outperforming the Nasdaq Composite index's 159% gain during the same period. Marvell's revenue increased by 42% from the prior year to reach $8.2 billion in fiscal 2026, which ended on Jan. 31, 2026.