Marvell raises outlook, AI payoff seen near 2029

The guidance raise for fiscal 2027 and 2028 ties Marvell's story even more tightly to Data Center growth, with management expecting about US$12.0 billion in revenue for 2027 and US$18.0 billion for 2028. This outlook hinges on broad data center strength, so any future order cuts, project delays, or hyperscaler insourcing could carry greater weight for the stock's short-term setup. The disclosure that much of the financial benefit from expanded hyperscaler partnerships, including Google, may arrive closer to 2029 adds a longer timeline to the AI payoff, which contrasts with the strong near-term guidance. Investors are weighing this tension, especially given the risk that concentrated data center exposure could hurt if hyperscalers slow AI capital spending. Analysts with lower estimates see slower growth, assuming revenue of about US$22.0 billion and earnings of roughly US$4.0 billion by 2029, highlighting different views on how to balance data center dependence versus long-term AI opportunity.