Marvell Technology Raises Long-Term Revenue Outlook Amid Strong AI Demand
Stocks rose on Tuesday with the S&P 500 and Nasdaq heading for record closes. Treasury yields fell slightly, while oil prices remained below $90 per barrel. Utilities and industrials led gains after Google signed a major power deal with Constellation Energy, boosting shares of companies like GE Vernova and Eaton that support AI data centers. Marvell Technology saw its stock rise over 6% following optimistic guidance from an investor day event. The company raised its revenue outlook for fiscal 2028 to $20 billion, up from previous estimates, driven by strong demand in data center connectivity solutions like interconnect scale-up optics and switching. Marvell also expects significant growth in custom chip sales, with Amazon and Alphabet as key clients. Looking ahead, the company anticipates total revenue between $70 billion and $90 billion for fiscal 2031 — far exceeding analyst expectations. This optimism is supported by a projected surge in data center capital expenditures to $3 trillion by 2030.
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