Stock Market Today, Oct. 6: Marvell Stock Is Up as the Company Raises FY2028 Revenue Outlook to $20 Billion

Marvell (MRVL) jumped 5.81% on October 6 after the chipmaker raised its FY2028 revenue guidance to $20 billion, up from $18 billion. That is a $2 billion lift to the near-term outlook, and it drove the session's move.

Marvell paired the raise with a long-range target: $70-90 billion in sales by FY2031, with EPS of $30 or more. The company ties the guidance to demand for custom AI chips and data center networking equipment, areas where it competes alongside AVGO and ANET.

Nvidia (NVDA) is part of the backdrop. The source cites a $2 billion investment partnership between NVDA and MRVL announced earlier in the year as support for the demand picture.

Interpretation: a roughly 11% upward revision to FY2028 revenue ($18 billion to $20 billion) signals management sees visibility in AI-related orders. The FY2031 range is wide, spanning $20 billion between its low and high ends, so the market is likely pricing direction rather than precision.