TLDR
- Marvell reported record fiscal 2026 revenue of $8.195 billion, up 42% year-over-year
- Q4 revenue hit $2.219 billion, also a record, driven by a 46% jump in data center sales
- Google is reportedly in talks with Marvell to develop two AI-focused chips, including a new TPU-related design
- Marvell sold its automotive ethernet unit to Infineon for $2.5 billion and acquired Celestial AI and XConn to sharpen its AI infrastructure focus
- MRVL trades at roughly 32.7x earnings with a market cap near $80.8 billion; analyst consensus sits at Moderate Buy with an average price target of ~$121.06
Marvell Technology has been building quietly in the background of the AI boom. While Nvidia grabs the headlines, Marvell has been stacking wins across custom chips, optical networking, and data-center connectivity. Now, the market is starting to pay attention.
Marvell Technology, Inc., MRVL
The company posted record fiscal 2026 revenue of $8.195 billion, a 42% jump from the prior year. Fourth-quarter revenue came in at $2.219 billion, also a record. Non-GAAP diluted EPS for the full year landed at $2.84.
Data center demand was the engine behind those numbers. Marvell said data center revenue grew 46% in fiscal 2026, while communications and other end markets added another 31%. That’s not a one-quarter spike ā it points to a company getting more embedded in AI infrastructure over time.
For Q1 fiscal 2027, Marvell guided revenue to approximately $2.4 billion, signaling the momentum hasn’t faded.
Custom Silicon Is the Bigger Opportunity
The custom chip story is where things get interesting. Cloud giants are increasingly designing their own AI hardware rather than relying solely on off-the-shelf processors. Marvell is positioning itself as a key partner in that shift.
Reuters reported in March that Marvell’s upbeat multi-year outlook was linked to strong demand for custom AI chips from major cloud customers. Then on April 20, 2026, Reuters reported that Alphabet’s Google is in talks with Marvell to develop two AI-focused chips ā including a memory processing unit and a new TPU-related design.
If confirmed, that would be a major win. It also fits a broader pattern of hyperscalers diversifying their silicon strategies, where Marvell keeps showing up as a name in the mix.
The company already holds a Moderate Buy consensus on MarketBeat, with 2 Strong Buy, 27 Buy, and 8 Hold ratings from analysts.
Reshaping the Portfolio
Marvell hasn’t just been growing ā it’s been reshaping what it is. The company sold its automotive ethernet business to Infineon for $2.5 billion in cash, a move that cleared the decks and sharpened its focus on core data infrastructure.
After the fiscal year closed, Marvell completed the acquisitions of Celestial AI and XConn. Management said both deals would accelerate its strategy for next-generation AI and cloud data-center interconnect.
That focus on connectivity matters. As AI clusters scale up, moving data efficiently between processors, racks, and memory becomes just as critical as the chips themselves. Marvell is trying to own that layer too.
MRVL now trades at roughly 32.7x earnings with a market cap near $80.8 billion.
The average 12-month analyst price target sits at around $121.06 ā which, based on recent trading levels, suggests the stock has already moved past where many models had it priced.
The most recent development remains the Reuters report from April 20, 2026, pointing to active Google chip talks ā a potential catalyst that hasn’t yet been fully priced into analyst models.
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