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Marvell Technology raised its fiscal 2028 revenue forecast to about $20 billion on Tuesday, above Wall Street estimates, as demand for its custom data center chips grows along with surge in AI spending. At least 11 analysts raised PT; median PT of 45 brokerages covering stock is $325.
Marvell Technology Inc. raised its 2028 revenue forecast to about $20 billion, citing strong demand for its chips used in data centers. The company had forecast $18 billion in revenue in August. Analysts were expecting revenue of $18.2 billion.
Marvell has raised its 2028 revenue forecast to approximately $20 billion, driven by robust demand for its chips used in AI data centers. The company's shares saw an early trading surge of nearly 9%.