MRVL Stock Pauses After $20B Target: What Marvell's Investor Day Changes

MRVL stock rose sharply after Marvell Technology raised its fiscal 2028 revenue target to about $20 billion from roughly $18 billion at an Investor Day on Tuesday, October 6, and it has since pulled back as the broader AI chip group cooled. Shares traded at $282.12, down 0.90%, at 9:47 a.m. Eastern on Thursday, October 8, after touching $329.88 within the past year, according to exchange data. The move is the direct aftereffect of guidance that Wall Street called ambitious.

Marvell told investors it expects annual revenue to reach $70 billion to $90 billion by fiscal 2031, with data center demand the engine of the growth. The company said about $18 billion of the fiscal 2028 target would come from its data center business alone, and it projected its custom silicon effort could contribute roughly $30 billion of the fiscal 2031 figure while interconnect could add about $37.5 billion, according to the company's presentation and analyst notes from the event.

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