Marvell Technology Inc. on Tuesday increased its 2028 revenue forecast to approximately $20 billion, driven by robust demand for its chips used in AI data centers. The company's shares rose nearly 9% in early trading, extending their year-to-date gains to over 200%. This updated forecast surpasses the previous projection of $18 billion made in August.
Marvell's increased revenue forecast signals continued strong demand in the AI data center market, a key growth area for semiconductor companies. The company's stock performance indicates investor confidence in its ability to capitalize on this trend.
Marvell Technology Inc. on Tuesday increased its revenue forecast for 2028 to approximately $20 billion, citing strong demand for its chips utilized in data centers. This upward revision reflects a significant increase from the company's previous projection of $18 billion made in August. Analysts, on average, had anticipated revenues of $18.2 billion for 2028, according to data compiled by LSEG.
In early trading, Marvell's shares saw a notable surge of nearly 9%. The company's stock has experienced substantial growth throughout the year, more than tripling in value year-to-date.
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