Marvell raises 2027 revenue outlook to $12B as Google deal expands custom silicon
Marvell Technology raised its fiscal 2027 revenue outlook to $12 billion and expects 50% growth in fiscal 2028, citing robust AI-related demand. The company’s stock surged 7.24% last week and 6.86% over the past month, tripling year-to-date gains to 208.68% (as of the article’s date). Revenue in August hit $2.739 billion, up 36.5% from the prior year and exceeding the $2.707 billion consensus…
Key points
- Marvell raised fiscal 2027 revenue outlook to $12B, up from prior guidance, citing AI demand
- Google deal includes a warrant for up to 7% of Marvell’s shares tied to revenue milestones
- Custom silicon revenue expected to more than double in fiscal 2028, targeting $10B+ by 2029
The company expanded its custom silicon deal with Google, including a warrant for up to 7% of Marvell’s shares if revenue milestones are met. CEO Matt Murphy noted AI-related bookings remain strong, while management guided Q3 revenue to $3.15 billion—a 50%+ year-over-year jump—with non-GAAP EPS targeting $1.10 ± $0.05. Custom revenue is projected to more than double in fiscal 2028, aiming for a ‘$10 billion kind of plus number’ by fiscal 2029. However, risks include hyperscaler concentration, supply chain constraints, and $4.963 billion in long-term debt. Analysts split between bullish forecasts (e.g., $353.74 target) and bearish concerns (e.g., $217.32 target), with Marvell’s 19x forward earnings multiple outpacing peers like NVIDIA (25x) and AMD (40x). An Investor Day on October 6, 2026, could clarify the path forward.
The story so far
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This AI Infrastructure Stock Is Flying Under the Radar
247wallst.com · 27 September 2026
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