Marvell raises AI chip revenue forecast, targeting more than $10 billion in custom chip business by fiscal 2029

Marvell Technology raised its fiscal 2028 revenue forecast to about $16.5 billion, up from an earlier target of $15 billion. First-quarter revenue rose 28% to $2.42 billion, and the company expects second-quarter revenue of about $2.70 billion.

The company's custom chips—processors built specifically for cloud companies' data centers—help support AI workloads while reducing dependence on Nvidia processors. Marvell's networking and interconnect technology links thousands of processors inside advanced data centers.

Demand remains strong from hyperscale customers building large AI data centers. The forecast reflects how quickly cloud companies are moving toward chips built for their own data center needs.