Marvell targets $18 billion FY2028 revenue, lifts outlook to $30 billion

The article argues that the more interesting shift at Marvell is not just another round of AI revenue acceleration, but a broadening of where that revenue comes from. Connectivity, switching, and storage drove most of the FY2028 forecast increase, which reduces the company's reliance on any single custom silicon program. That distinction matters because custom chip deals can be lumpy and concentrated, while a wider base of networking and storage products may prove steadier.

The numbers frame the scale of the ambition: $18 billion in FY2028 revenue, combined FY2027 and FY2028 expectations lifted from roughly $20 billion to $30 billion, and more than 20 XPU and XPU-attach design wins. The article also notes that FY2029 custom ASIC revenue could reach $10–$11 billion, tying the longer-term case to how those design wins convert into production volume. On valuation, the piece points out that at 42.5x forward EV/EBITDA, Marvell trades below AMD and Astera Labs while targeting approximately 40% operating margins.

Whether that story holds depends on execution: converting design wins into shipped custom silicon, sustaining the connectivity and storage contribution, and delivering the operating margins the article cites. For investors weighing Marvell against other AI-exposed chip names, the outcome hinges on whether this diversification is durable or simply a one-year mix shift.