Marvell Technology

Marvell designs chips that move, switch and store data, mostly in data centers. About 70% of its fiscal 2026 revenue came from connectivity chips, such as optical interconnect, network switching and storage chips. About 30% came from custom AI chips that Marvell builds for a small number of large cloud companies. Management expects the custom chip business to grow faster than the rest of the company.

In the quarter that ended August 1, 2026, data center chips gave 79% of revenue. Marvell does not run its own factories. TSMC makes all of its chips on the most advanced processes.

The market still prices Marvell's custom chip business as unpredictable and unproven. Revenue depends on a small number of big customer programs starting up. Growth in this business has swung sharply before, which makes investors cautious about counting on the pace management now guides. At its Investor Day on October 6, 2026, management raised its targets.

It now guides fiscal 2028 revenue to about $20 billion. It expects custom chip revenue to more than double in fiscal 2028 and then to more than triple in fiscal 2029, to more than $12 billion. It also set a path to $70 billion to $90 billion of revenue in fiscal 2031. These are targets, not results.

For the gap to close, the custom programs must ramp up on schedule, including the added Google programs that bring more revenue from fiscal 2029 onward. The 2-nanometer optical technology that Marvell demonstrated in September 2026 must also turn into design wins and shipments. The next checkpoint is the Q3 fiscal 2027 report, expected near December 1, 2026, and the fiscal 2028 outlook follows near March 2027. If these programs ramp up as planned over the next three to five quarters, Marvell's growth can catch up to faster-growing peers, and the gap can close.

If a large customer moves work in-house or to a rival like Broadcom, the gap could persist.

1. Oct 6, 2026Passed

   Investor Day: custom silicon roadmapClear multi-year custom revenue targets with named program ramps pass; vague targets or a lower fiscal 2028 outlook fail.Outcome: Marvell raised its fiscal 2028 revenue outlook to about $20 billion and its fiscal 2029 custom revenue outlook to more than $12 billion.
2. Dec 1, 2026 · est.Pending

   Q3 fiscal 2027 results against $3.15 billion guidanceRevenue at or above $3.15 billion and a held fiscal 2027 outlook of about $12 billion pass; a miss or a lower outlook fails.
3. Mar 2027 · est.Pending

   Q4 fiscal 2027 results and fiscal 2028 outlookA confirmed fiscal 2028 revenue outlook of about $20 billion with custom revenue more than doubling passes; a cut or a lost program fails.

Every passed and failed checkpoint across all picks

Marvell has modest debt for its size, all unsecured fixed-rate senior notes. Its bigger cost to shareholders is more likely dilution than interest, because some items do not show as debt. Read more

• Marvell's revenue depends on a small number of large customers. In the quarter that ended August 1, 2026, one distributor gave 44% of revenue and one direct customer gave 16%. If one of them moves its next chip generation in-house or to a competitor, Marvell's growth outlook can fall quickly.
• Marvell competes with Broadcom, which has a larger and more established custom chip business. Marvell must keep winning new programs to grow at the pace management has guided.
• Marvell does not own the factories that make its chips. TSMC is its only source of wafers on the most advanced processes. A capacity shortage at its manufacturing partners can delay Marvell's own product ramps.

• October 6, 2026At its Investor Day, Marvell raised its fiscal 2028 revenue outlook to about $20 billion, from about $18 billion. It raised its fiscal 2029 custom chip revenue outlook to more than $12 billion, from more than $10 billion. Management also set a path to $70 billion to $90 billion of annual revenue by fiscal 2031.
• September 21, 2026At the ECOC 2026 optical-networking conference in Málaga, Spain, Marvell demonstrated 2-nanometer optical interconnect technology for AI data centers. The demonstrations included 800G and 1.6T pluggable optics and a 102.4-terabit co-packaged optics platform. Marvell gave no shipment dates.
• September 17, 2026Marvell and GlobalFoundries expanded their multi-year deal for silicon germanium chip capacity at GlobalFoundries' plant in Burlington, Vermont. Marvell will use it for optical products such as pluggable optics and co-packaged optics.