Marvell's Custom AI Silicon Deals With Hyperscalers Could Redefine Its Growth Story

Marvell (MRVL) lifted its fiscal 2028 revenue outlook to $18 billion, with custom silicon revenue expected to more than double. The headline number anchors the bull case: hyperscaler demand for custom AI chips is now driving the company's guidance rather than sitting at the edge of it.

The centerpiece is a Google deal worth $120 billion in cumulative revenue over six years. The agreement spans accelerators and controllers, which broadens the scope beyond a single product line. Google parent Alphabet trades under GOOG and GOOGL, so the deal ties MRVL's growth path to one of the largest buyers of data center silicon.

The setup rests on hyperscalers investing heavily in custom AI chips for data centers. Interpretation: a six-year, $120 billion commitment, if it holds, gives MRVL multi-year revenue visibility that few chip suppliers can claim. It also concentrates exposure. A deal of this size makes MRVL's results sensitive to Google's execution and spending decisions, and the figure is cumulative, not an annual run rate, so it should not be read as a single-year number.