Marvell lifts FY28 revenue outlook to about $20 billion as AI spending climbs
The chipmaker also sizes the AI market at $400 billion by 2030, with connectivity products doing much of the heavy lifting
Marvell Technology now expects about $20 billion in revenue for fiscal 2028. It also pegs the AI market at $400 billion by 2030.
The numbers behind the raise
When the company reported fiscal Q2 2027 results in late August 2026, it put fiscal 2028 revenue at approximately $18 billion.
That $18 billion figure was itself an upgrade from a previous estimate of $16.5 billion.
For the current year, Marvell expects fiscal 2027 revenue of roughly $12 billion. That would represent growth of about 45% year over year.
In fiscal Q2 2027, data center revenue reached $2.17 billion, up 46% from a year earlier. That figure made up 79% of Marvell’s total quarterly revenue of $2.739 billion.
Marvell expects that segment to keep accelerating. The company projects data center revenue will grow by more than 60% in fiscal 2027.
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Connectivity, not Google, is the main driver
According to CEO Matt Murphy, most of the fiscal 2028 uplift comes from Marvell’s connectivity products. That includes 1.6T optical signal processors and scale-up optics.
Murphy indicated the Google deal is expected to make a more substantial impact starting in fiscal 2029.
That agreement is multi-year and covers up to 58.97 million shares. It could be valued at $120 billion by fiscal 2033 if milestones are met.
Who Marvell is building for
Marvell’s custom silicon programs involve Amazon, Alphabet, Microsoft and Meta.
What this means
Marvell’s fiscal 2028 outlook has gone from $16.5 billion to approximately $18 billion to about $20 billion.
Because Murphy attributes most of the uplift to connectivity rather than the Google agreement, the fiscal 2028 number does not hinge on one marquee deal ramping on schedule. That leaves the Google relationship as a potential second leg of growth beginning in fiscal 2029.
With data center revenue at 79% of the total, Marvell is heavily exposed to a handful of hyperscaler budgets. If any of Amazon, Alphabet, Microsoft or Meta slows its AI capital spending, the effect on Marvell would be felt quickly.