Marvell Technology raised its revenue outlook for fiscal 2028 to $20 billion from $18 billion, driven by strong demand for its data center connectivity solutions. The company expects its custom chip business to triple between fiscal 2029 and fiscal 2028, surpassing $12 billion, with Amazon and Alphabet among its major customers. Longer term, Marvell projects total revenue in the range of $70 billion to $90 billion in fiscal 2031, well above the FactSet consensus estimate of $47 billion. This bullish outlook is supported by the company’s view that data center capital expenditures will reach $3 trillion by 2030, growing at about a 35% compound annual rate. Nvidia rose about 0.5% and Broadcom gained more than 4% in reaction to these favorable prospects for the sector.
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