Marvell Technology (NASDAQ: MRVL) shares rose nearly 8% on Tuesday, October 6, reaching as high as $290.82 after CEO Matt Murphy presented the company’s long-term growth plan at its Investor Day in New York.

Murphy said Marvell expects to generate between $70 billion and $90 billion in revenue by Fiscal 2031. That would represent a substantial increase from the $8.2 billion in revenue recorded in Fiscal 2026, which ended in January, and implies roughly 55% to 60% annual growth over the next five years.

The company also raised its Fiscal 2028 revenue guidance to approximately $20 billion, up from its previous estimate of $18 billion. The new projection is above Wall Street’s prior forecast of $18.2 billion for the same year.

AI Demand Drives Long-Term Plan

Marvell’s growth strategy is centered on demand for chips and networking products used in artificial intelligence data centers. The company’s portfolio includes custom chip hardware and interconnect products that move data within and between data centers. Data movement between processors and across facilities has become a central consideration as AI computing systems grow in scale, which is where the company’s interconnect and networking lines are positioned.

Marvell $MRVL now expects “approximately $20B” in total FY28 revenue, up from $18B previously, and sees $70B-$90B by FY31. CEO Matt Murphy also said Marvell now sees a ~$400B AI market by 2030, more than 4x its prior $94B opportunity estimate for 2028. pic.twitter.com/RS7m3UxItH — Wall St Engine (@wallstengine) October 6, 2026

The company counts Alphabet and Amazon among its customers for custom chip components, silicon built to individual customers’ specifications rather than sold as standard products. Custom chips are expected to contribute $30 billion at the midpoint of Marvell’s $70 billion-to-$90 billion Fiscal 2031 revenue target, meaning custom silicon would account for more than a third of revenue at that midpoint.

Marvell’s networking business is projected to generate $37.5 billion by Fiscal 2031, which would make it a larger contributor than the custom chip business at the target’s midpoint. Its interconnect products support data movement both inside individual data centers and between separate facilities.

Murphy also said Marvell now estimates that the AI market will reach approximately $400 billion by 2030. That is more than four times the company’s previous estimate of a $94 billion opportunity for 2028, a revision that sharply enlarges the market backdrop against which the new revenue targets were set.

Marvell shares have risen almost 250% in 2026. The stock is trading at approximately 50 times projected earnings for the next year, according to the source article — a multiple that reflects the growth expectations embedded in the share price.

Analyst Ratings and Price Target

Analysts hold a Strong Buy consensus rating on Marvell, based on 23 Buy ratings and five Hold ratings issued during the past three months. The average price target is $299.29, representing approximately 2% upside from the stock’s current level at the time of the report. The target was set before Marvell announced its updated guidance.

TipRanks assigns Marvell a Smart Score of 9 out of 10, placing the stock in its Outperform category. The score reflects a Strong Buy analyst consensus, bullish blogger sentiment and very bullish news sentiment. Crowd wisdom is rated neutral, while hedge fund activity has recently declined.

Analyst coverage may change after the company’s updated revenue projections. Price targets and ratings could be revised as analysts incorporate the Fiscal 2028 guidance and the Fiscal 2031 revenue target into their models. The Fiscal 2028 projection also provides a nearer-term checkpoint, with the roughly $20 billion figure due to come into view well before the 2031 target date.

Marvell’s Tuesday share-price move followed the company’s presentation and represented one of its strongest single-day advances of the year. The guidance update established a higher revenue framework for the company’s AI-related businesses through Fiscal 2031.

X post: https://x.com/wallstengine/status/2107466297374392829?ref_src=twsrc%5Etfw

Source: https://coincentral.com/marvell-mrvl-stock-surges-8-after-ceo-unveils-massive-2031-revenue-target/