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Additional Reading from MarketBeat Media Marvell's Big Earnings Win Could Be the Start of Something BiggerSubmitted by Leo Miller. First Published: 3/10/2026. 
Key Points - Marvell popped sharply after earnings, as the report delivered a clear beat-and-raise and improved visibility into near-term demand.
- The quarter came in ahead of expectations, but the bigger takeaway was a meaningful lift to the company’s multi-year outlook, reinforcing momentum in custom silicon.
- The update also helped shift Street sentiment, including a notable skeptic turning more constructive on the stock.
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In custom silicon, Marvell Technology (NASDAQ: MRVL) is often viewed as playing second fiddle to much larger semiconductor peer Broadcom (NASDAQ: AVGO). Recently, however, Marvell has been the stronger performer: over the past six months its total return is more than 30%, while Broadcom's is under 5%. A major contributor to Marvell's outperformance was its latest earnings release, which pushed the stock up more than 18%. San Francisco is the strangest city in America right now—you can hop into a self-driving car and be chauffeured by a robot, but out the window you see addicts slumped in doorways, open-air drug markets, the mentally ill screaming at the sky, and entire city blocks consumed by homeless encampments. It's ground-zero for the most disruptive technological forces of our age, and Erez lives in the Bay Area plugged into the capital, the connections, and the companies reshaping the world—the advancements in AI, blockchain, computing, and biosciences are unlike anything the world has seen before, and a tsunami of disruption is coming for everything all at once. During our most recent broadcast, we exposed what we're calling the most asymmetric opportunity of our careers: an overlooked financial company hiding a multi-billion-dollar blockchain asset Wall Street hasn't priced in—it's one of those rare situations Warren Buffett would describe as raining gold when all you have to do is step outside if you want to get rich. Watch the broadcast before the window closes now Marvell's beat-and-raise report not only clarified the company's near-term outlook but also suggested positive momentum for the broader custom silicon market. Marvell Posts Beats, Significantly Upgrades Two-Year Guidance In Q4 of fiscal 2026 (FY2026), Marvell reported revenue of $2.22 billion, up 22% year-over-year. (Marvell's fiscal calendar runs several quarters ahead of the calendar year.) Revenue slightly beat analysts' estimate of $2.21 billion. Adjusted earnings per share rose 33% to $0.80, showing meaningful operating leverage and topping the $0.79 estimate. The data center end market drove much of the company's growth in FY2026—sales in that segment climbed nearly 47% year-over-year, outpacing the company's overall 42% growth rate. Data center revenue represented 74% of total revenue for both the full year and the most recent quarter. More important, Marvell significantly raised its forward guidance. For FY2027 the company now expects revenue to approach $11 billion, implying growth of more than 30% year-over-year. Since Marvell's last call, cloud capital-expenditure expectations have continued to climb. Marvell now projects 40% year-over-year growth in its data center business for FY2027—well above the 25% growth it forecast in the prior call. This marks the second consecutive quarter in which Marvell has increased its data center growth expectations for FY2027. In September 2025, Marvell had modeled that growth at just 18%. Doubling (and then some) its outlook in under six months indicates substantial momentum in the company's most important market. The company also raised its FY2028 outlook, now forecasting roughly 40% year-over-year revenue growth to about $15 billion—$2 billion higher than the projection it gave three months earlier. Marvell expects adjusted EPS of "well over" $5 in FY2028; using $5 as a conservative baseline implies adjusted EPS could grow at a compound annual rate of at least 33% over the next two years. Even after the post-earnings pop, that guidance supports a constructive longer-term view of the shares. Marvell and Broadcom Align: Custom Chip Development Is on the Rise Marvell's leadership echoed comments from Broadcom's CEO Hock Tan, suggesting the trend toward custom chips is broad-based. During the call, Marvell CEO Matt Murphy said, "We are seeing an unprecedented level of activity across multiple new engagements as hyperscalers increase their cadence of custom chip development." Murphy added that custom chips are "proliferating across the hyperscale ecosystem" as inference-optimized hardware becomes more important. Hock Tan expressed a similar view on Broadcom's call, noting many custom-chip buyers are moving toward developing two chips a year simultaneously. This trend lines up with hyperscalers and large model developers increasingly seeking to monetize AI models, which requires efficient inference. Better training chips enable more capable models; better inference chips let companies monetize those models. If a firm trains the best model but lacks optimized inference hardware, it risks losing its edge by the time it's ready to commercialize. It's encouraging that the top two players in custom-chip design are reporting the same trend. Accelerating custom-chip development is a clear tailwind for both Marvell and Broadcom. MRVL Wins Over Key Skeptic, Robust Guidance Supports Outlook Marvell reiterated confidence in its relationship with leading custom-chip customer Amazon.com (NASDAQ: AMZN). It raised the revenue-growth contribution it expects from this partnership to 20% in FY2027, expects further growth in FY2028, and remains actively engaged to compete for the next generation of the program. Notably, Marvell's report appears to have changed the view of Benchmark analyst Cody Acree, who had been one of the more vocal skeptics of the Amazon relationship. He downgraded the stock to a Hold in December 2025. Now Acree has reversed course—upgrading Marvell to a Buy and assigning a $130 price target, well above the stock's recent trading level near $90. Marvell's valuation is more demanding after the post-earnings rally, but the shares currently trade at a forward price-to-earnings ratio of about 24x—roughly in line with the 52-week average near 24.5x. Given the company's bullish guidance and the momentum in custom-chip design, the outlook for Marvell remains constructive. | 
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