Marvell Technology blew past Wall Street's expectations on Tuesday, unveiling a long-term financial roadmap so aggressive that traders bid the stock up within minutes of the opening bell. At its Investor Day in New York, CEO Matt Murphy and his leadership team told analysts the company now sees a path to $70 billion to $90 billion in annual revenue by fiscal 2031, built almost entirely on the artificial intelligence data-center boom.

Shares of Marvell jumped as much as 6% in morning trading, touching $287 and extending a run that has already more than tripled the stock's value this year. Rival chipmaker Broadcom, which competes with Marvell in the custom AI-silicon business, rode the wave too, climbing roughly 4% even though it had no news of its own that day.

The Numbers Behind the Hype

Marvell raised its fiscal 2028 revenue target to about $20 billion, up from its own prior $18 billion guide and ahead of Wall Street's $18.2 billion consensus. The company also lifted its fiscal 2029 custom-chip revenue target to more than $12 billion, up from the $10 billion-plus figure it had floated over the summer. By fiscal 2031, management projects non-GAAP earnings per share above $30 — well ahead of the roughly $19 analysts had been modeling — alongside gross margins of 56% to 59% and free cash flow margins above 36%.

Underpinning all of it is a dramatically bigger view of the market itself: Marvell now pegs its total addressable opportunity at roughly $400 billion by 2030, more than four times the $94 billion figure the company cited for 2028 just two years ago. Custom silicon accounts for the largest slice at about $235 billion, followed by high-speed interconnect technology and switching and storage silicon.

A central pillar of the pitch is Marvell's expanding relationship with Google, which earlier this year received warrants tied to as much as $120 billion in cumulative custom-chip orders placed with Marvell over time. Murphy argued hyperscale cloud operators are increasingly choosing chips custom-built for their own workloads over general-purpose accelerators, positioning Marvell — alongside Broadcom — as a prime beneficiary as Amazon, Microsoft, Google and Meta chase AI capacity.

"Marvell substantially raises the ceiling on its AI opportunity," Raymond James analyst Simon Leopold wrote, reiterating a Strong Buy rating after the presentation.

Not every reaction was pure euphoria. Marvell shares actually dipped as much as 3% briefly after the targets were first disclosed before rallying through the session, a reminder that the stock had already priced in lofty expectations after its 239% year-to-date surge. Some analysts noted the new fiscal 2031 framework depends heavily on Marvell successfully executing multi-year, multi-billion-dollar design programs with a handful of hyperscale customers — concentration that cuts both ways if even one program slips.

What happens next will play out over several quarters rather than days. Marvell's next scheduled earnings report will be the first test of whether near-term bookings are tracking toward the new fiscal 2028 and 2029 marks, while investors will be watching for any additional detail on Google's order pace and whether other hyperscalers follow with comparable custom-silicon commitments.