Fantastic News for Marvell Stock Investors

MRVL has surged 205% this year, and management just handed investors a much bigger long-range target: $70-90 billion in revenue by fiscal 2031.

At its investor day, the company raised fiscal 2028 revenue guidance to $20 billion. It also projected its data center segment will grow 55-70% annually. The rally rests on custom chips built for AI infrastructure, with hyperscaler demand as the stated driver. One named partnership anchors that thesis: Amazon's Trainium chip program, which ties MRVL to AMZN's in-house silicon effort.

Valuation is the tension. MRVL trades at 63.3x forward earnings, a steep multiple after a 205% run. The bull case, as the source frames it, is that hyperscaler demand signals justify paying up.

Interpretation: the guidance sets a high bar. Moving from the $20 billion fiscal 2028 target to $70-90 billion by fiscal 2031 implies sustained execution, and a 63.3x multiple leaves little room for a miss. The Trainium tie also means MRVL's trajectory is linked to AMZN's capital commitment to custom silicon, a different lane than the merchant GPU story associated with NVDA.