Marvell Is The Latest AI Infra Play To Raise Long-Term Targets: Here’s How Dell, HPE, CoreWeave And Broadcom Compare

• Marvell sees custom AI chips becoming a roughly $30 billion business by fiscal 2031.
• Dell, HPE, CoreWeave and Broadcom raised revenue expectations in their recent quarterly reports.
• Hyperscaler spending could approach $800 billion this year, creating a broad tailwind for the AI infrastructure ecosystem.

Marvell Technology, Inc.’s (MRVL) stock posted its best session in over a month on Tuesday after the chipmaker set long-term revenue targets at its investor day, joining several artificial intelligence infrastructure companies that have raised forecasts in recent months. 

But a closer look at the second-quarter results shows the signals were already on the wall.

Several key AI infrastructure companies, including CoreWeave (CRWV), Dell Technologies (DELL), Hewlett Packard Enterprise (HPE), and Broadcom (AVGO), have also raised their revenue expectations in recent months, indicating that the AI infrastructure buildout is far from over.

The common thread is becoming increasingly difficult to ignore. Companies across the infrastructure stack are starting to see stronger demand translate into more visibility for revenue several years out. 

From custom AI chips and networking equipment to AI-optimized servers and the data centers needed to house them, the spending cycle is broadening across the ecosystem.

MRVL stock jumped nearly 6% Tuesday following its outlook at its Investor Day event, although shares fell slightly in premarket trading Wednesday.

Marvell’s $90B Vision

Marvell laid out a fiscal 2031 revenue target of $70 billion-$90 billion, implying a massive expansion from the $8.2 billion it generated in fiscal 2026, which ended in January 2026. 

Marvell expects its custom-made AI chips business to generate about $30 billion in revenue by fiscal 2031. Beyond that, the company sees more opportunities in other data-center components, including networking chips and technology that helps AI systems process data faster.

The company also raised its fiscal 2028 revenue target to approximately $20 billion, from $18 billion previously, and expects more than $12 billion of custom revenue in fiscal 2029.  

Importantly, this was not a sudden change in tone. In Q2, Marvell reported record revenue of $2.74 billion, up 37% year over year, while data-center revenue surged 46%. CEO Matt Murphy said at the time that AI-related bookings remained “exceptionally robust” and that growth should accelerate through the rest of fiscal 2027.  

Analysts React To Marvell’s Lofty Outlook

Jefferies raised its price target on MRVL to $450 from $325, saying Marvell’s FY31 outlook puts “connectivity at the center of the story,” with interconnect potentially reaching $37.5 billion and custom revenue approaching $30 billion.

Evercore ISI lifted its target to $433 from $275, highlighting Marvell’s IP portfolio and flexible business model across merchant, semi-custom and custom solutions. 

Marvell is becoming more than a custom-chip play as networking and connectivity gain importance in AI infrastructure, the research firm said in its note to investors.

Raymond James similarly called the FY31 outlook “extraordinary,” saying scale-up connectivity and optics could prove “at least as important” to the long-term story as custom compute.

Morningstar raised its fair value estimate to $360 from $300, citing a roughly 40% increase in its fiscal 2031 revenue and EPS estimates. It acknowledged valuation concerns after the stock’s sharp run-up, but said the company’s expected growth makes the premium easier to justify.

On Stocktwits, the retail sentiment for MRVL flipped to ‘bullish’ from ‘bearish’ on Wednesday. MRVL shares have already gained 238% so far this year.

The AI Infrastructure Signal Is Getting Louder

Marvell is hardly alone. CoreWeave raised its FY2026 revenue outlook to $12.4 billion-$13.2 billion, while HPE lifted FY2026 revenue growth to 34%-37% and its FY2027 guidance to 13%-17%. Dell raised FY2027 revenue guidance by $25 billion to $192 billion

Broadcom, meanwhile, now expects AI semiconductor revenue of roughly $115 billion in fiscal 2027, up from its previous expectation of more than $100 billion.  

 

Source: Company statements, Stocktwits research<

Even Synopsys has raised its FY2026 revenue outlook, citing continued AI-driven demand for silicon IP and engineering solutions.  

Taken together, these upgrades suggest the AI trade is increasingly moving beyond near-term enthusiasm. 

Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL) and Meta Platforms (META) continue to ramp up capital spending to build the computing capacity needed for AI. As such, the hyperscaler capital spending is expected to approach $800 billion in 2026 and could top $1 trillion in 2027, creating a powerful multiplier effect for semiconductor and networking companies.

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