Marvell Technology CEO Matt Murphy raised the company’s two-year revenue outlook to $30 billion during a CNBC interview Wednesday. This updated forecast marks a significant increase from the previous $23.5 billion estimate.
Accelerating demand from AI data centers serves as the primary growth driver. Murphy expects data center revenue to climb from $2 billion in 2023 to over $15 billion next year. The company projects total revenue of $18 billion for the coming year.
Marvell positions itself as a critical custom silicon supplier for major U.S. hyperscalers. The company’s shares edged up 0.46% in Wednesday premarket trading. Marvell stock has surged approximately 241% over the last 12 months.