Marvell Technology (MRVL) shares rose sharply after the company unveiled an optimistic long-term revenue forecast at its Investor Day, citing surging demand for custom artificial intelligence chips.
Marvell projected approximately $20 billion in revenue for fiscal 2028. That forecast exceeded the prior analyst consensus of $18.2 billion.
The company aims to benefit from the large-scale build-out of AI data centers. Broadcom (AVGO), another major custom-chip supplier, also advanced as investors viewed Marvell’s outlook as a sign of strength across the AI chip sector.