Marvell Raises 2028 Revenue Forecast to $16.5B, AI Chips Over $10B by 2029
MRVL•Marvell Technology forecasted its custom AI chip business to exceed $10 billion in revenue by fiscal 2029 and raised its fiscal 2028 revenue target to $16.5 billion, up from $15 billion. In Q1, revenue climbed 28% to $2.42 billion and adjusted EPS reached $0.80, with Q2 guidance of about $2.70 billion.
1. Fiscal 2028 and 2029 Guidance
Marvell updated its long-term outlook by boosting its fiscal 2028 revenue projection to $16.5 billion from $15 billion and forecasting over $10 billion in revenue from its custom AI chip business by fiscal 2029.
2. First-Quarter Results
In the first quarter, Marvell reported revenue of $2.42 billion, a 28% year-over-year increase, and delivered adjusted earnings of $0.80 per share, both exceeding market expectations.
3. Custom AI Chip Opportunity
Rapid adoption of tailored AI processors by hyperscale cloud customers is driving Marvell’s confidence in surpassing $10 billion in AI chip revenue, reducing dependence on external GPU providers.
4. Expanding Networking and Interconnect
Beyond chips, Marvell’s networking and interconnect technologies link thousands of processors in advanced data centers, cementing its role in the growing AI infrastructure ecosystem.
