Marvell shares climb after CEO sets $70 billion to $90 billion revenue goal for fiscal 2031

Marvell is up 7.0% at $290.16 after the target, given at the company's Investor Day in New York, briefly erased an earlier premarket loss

Marvell is up 7.0% at $290.16 in early trading, extending a gain that had been negative earlier in the premarket before turning positive by 9:32 am. The move follows comments from chief executive Matt Murphy at the company's Investor Day in New York, where he said Marvell expects total revenue of between $70 billion and $90 billion in fiscal 2031.

That range is four to five times the roughly $9.5 billion in revenue Marvell has posted over its last four reported quarters, according to The Motley Fool. The company's revenue stood at $2.3 billion a decade ago, the same outlet reported.

Murphy's fiscal 2031 figure builds on targets the company has already been raising. In August, Marvell forecast around $18 billion in revenue for fiscal 2028, up from an earlier estimate of $16.5 billion, and said its custom chip business would more than double that year, according to The Motley Fool. On the same call, Murphy pointed to more than $10 billion in custom silicon revenue expected by fiscal 2029, and said he saw room for that number to go higher. At the Investor Day, he said the fiscal 2028 target of $18 billion still understates the growth he expects once custom-chip programs ramp up past 2029, Startup Fortune reported.

Custom AI chips are central to that growth. Marvell's custom silicon revenue was about $1.5 billion in fiscal 2026, roughly 18% of total sales, and management expects that share to grow more than 20% this year and double again the year after, reaching $10 billion annually by fiscal 2029, according to Startup Fortune. The company's custom chip agreement with Google has been reported at roughly $120 billion in value, which Murphy has called "game changing." Ahead of the Investor Day, RBC Capital Markets had expected Marvell to raise its fiscal 2029 AI revenue forecast by at least $2 billion from its prior estimate of $10 billion, and to lift its 2030 market and market-share guidance, the Motley Fool reported, citing the bank.

The fiscal 2031 figure stretches six years out, longer than any target Marvell has given before, which gives management room to show progress without being held to it in the near term. Investors will be watching quarterly bookings and new hyperscaler commitments to see whether the business tracks toward the low end of that range or the high end.