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.
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.
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.
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.
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.
