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Marvell Technology (NASDAQ: MRVL) shares have tripled in 52 weeks but sit 20% below their 2026 high. Some investors see the pullback as a chance to buy. The chipmaker's latest quarter was a record, with revenue up 37% year over year and data center revenue up 46%. Data center sales make up about four-fifths of revenue, and Marvell raised its outlook for fiscal 2027 and fiscal 2028. Custom silicon is a key growth driver. Marvell is working on 18 custom AI chip projects for four major hyperscalers and several AI companies, and has expanded its work with Alphabet. It also completed its acquisition of Celestial AI, adding optical connectivity technology that should begin contributing revenue in the second half of fiscal 2028. The stock trades at 37 times forward earnings.

The best stock to invest $10,000 in right now. Marvell's stock dipped, but its custom AI chips and optical connectivity products make the sell-off look like a buying opportunity. By Rick Orford - Oct 11, 2026 at 12:19PM EST Key points. * Marvell's custom silicon business for hyperscalers like Alphabet is poised to accelerate sharply in the back half of fiscal 2027. * The Celestial AI acquisition gives Marvell new optical connectivity technology that should start contributing revenue in fiscal 2028. * Despite a 20% pullback from its 2026 high, Marvell's expanding AI infrastructure portfolio keeps its long-term growth story intact. * Motley Fool Issues First-Ever 9X Buy Alert" Marvell Technology (MRVL +0.25%) could be a perfect opportunity to buy with $10,000. While the stock has tripled in 52 weeks, it's also down 20% from its 2026 high. Many investors see the pullback as a chance to add to their position. Indeed, behind the sell-off are major developments that could make Marvell's AI story more attractive than it appears today, such as its custom silicon business, which could become one of its biggest growth drivers. Custom silicon could become a much bigger growth engine. Marvell just delivered another record quarter, with revenue accelerating 37% year over year and data center revenue growing 46%. Management said AI-related bookings remain exceptionally strong and raised its revenue outlook for both fiscal 2027 and fiscal 2028. AI demand is clearly a key driver of Marvell's business, with its data center business now accounting for around four-fifths of revenue, giving Marvell much greater exposure to the AI build-out. So it should be no surprise that Marvell is becoming a key supplier of custom silicon for hyperscalers. A perfect example of this is Marvell's expanded relationship with Alphabet, for example, which covers a broad range of custom products connected to Google's Tensor Processing Unit (TPU) ecosystem, including AI chips, storage and networking hardware, and memory interface products. Marvell is also working on 18 custom AI chip projects for four major hyperscalers and several fast-growing AI companies. That includes both AI chips and the supporting devices needed to connect and power them. Missed Nvidia in 2009? This rare signal is flashing again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. If you'd invested $5,000 then, you'd be sitting on $2,980,404 today.* Now, for the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. It's a key player in the $1.8 trillion space race, and with the stock recently sitting 20% off its highs, the window to get in early is closing fast. *Stock Advisor returns as of October 11, 2026. Marvell Technology Premium Feature Moneyball Superscore Today's Change ( 0.25 %) $ 0.68 Current Price Key data points. Market Cap Day's Range $ 267.70 - $ 283.78 52wk Range $ 70.69 - $ 329.88 Gross Margin Dividend Yield Management also said that its Custom business should accelerate in the second half of fiscal 2027. That gives investors a major growth engine just as the company's existing data center connectivity business picks up. That shows the breadth of opportunity. Marvell isn't simply betting on one piece of the AI stack. It's also building out the connectivity layer that allows all this AI compute to work together. Optical connectivity gives Marvell another growth catalyst. Perhaps one of the most exciting parts of Marvell's strategy is its push into optical connectivity. The company completed its acquisition of Celestial AI to add Photonic Fabric technology, which is designed to provide high-bandwidth, high-speed connections across large-scale AI systems. That matters because AI systems are becoming more distributed. As clusters grow, moving information between chips becomes just as important as the chips themselves. Marvell is positioning itself to benefit from that trend by supplying hardware that facilitates the flow of information between these chips. Celestial AI also gives Marvell exposure to a new market rather than simply adding another product to an existing one. Marvell sees the technology as opening up more opportunities in scale-up interconnects. The company expects the acquisition to begin contributing revenue in the second half of fiscal 2028. That said, Marvell's expansion into optical doesn't end with Celestial AI. The company also announced an expanded agreement with GlobalFoundries to increase production capacity for semiconductors used in high-speed optical connections. With that, Marvell is better positioned to offer a full connectivity stack. Its portfolio now spans optical links, switching, PCIe, and CXL, helping AI systems move data more efficiently as workloads become more demanding. Taken together, Marvell's portfolio appears better aligned with the complexities of AI infrastructure, from custom silicon and optical connectivity to memory interfaces. And demand for these components will only pick up as AI clusters scale, giving Marvell a much stronger growth outlook. Is Marvell stock still a buy after the pullback? Marvell stock experienced a sharp pullback from its 2026 high, but its investment case is still intact. Wall Street agrees, pricing the stock at a generous 37 times forward earnings. Data center demand remains strong, custom silicon is becoming a bigger growth driver, and Marvell is expanding its connectivity business. Plus, add in its growing relationships with major hyperscalers and new technologies from recent acquisitions. With its broadening portfolio, the company has multiple ways to benefit from the AI build-out, especially as AI systems scale. That's why, for investors with $10,000, Marvell looks like a compelling place to put it. This pullback serves as a timely opportunity to buy more Marvell shares, adding some breathing room under a heavy valuation. Is Marvell Technology a smart long-term play? Before you buy stock in Marvell Technology, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Marvell Technology wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of its recommendation, you'd have $379,123!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of its recommendation, you'd have $1,408,822!* Now, it's worth noting Stock Advisor's total average return is 950% - a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. *Stock Advisor returns as of October 11, 2026.

Marvell Investor Day: connectivity lifts outlook to $20 billion. I attended Marvell Investor Day in New York on October 6, 2026. Marvell Technology (MRVL), a designer of data infrastructure chips, set a long-term target of $70 billion to $90 billion of revenue for fiscal 2031, which roughly matches calendar 2030. It also raised its fiscal 2028 outlook to about $20 billion and sharply increased its estimate of the market it can serve, to about $400 billion by 2030. Marvell is a constituent of our ROBO Global Artificial Intelligence Index (THNQ), in its Semiconductor subsector. Marvell President and COO Chris Koopmans speaks at Marvell Investor Day at The Pierre in New York on October 6, 2026. Photo by Zeno Mercer. Key takeaways. * Marvell Technology (MRVL), a THNQ constituent, set a target of $70 billion to $90 billion of revenue for fiscal 2031 at its October 6, 2026, Investor Day, and raised its fiscal 2028 outlook to about $20 billion, from about $18 billion in August. Both are management forecasts for years ending in early 2031 and early 2028. * Marvell sells custom processors, optical connections, and memory products that ease bottlenecks in AI systems. It says all five U.S. hyperscalers - the largest cloud operators - buy its modules linking separate data centers, and it sizes its potential market at about $400 billion by calendar 2030. * Marvell's acquisitions of Celestial AI and XConn both closed in February 2026, and Polariton - announced in April 2026 - add optical links between AI chips, memory-sharing switches, and faster optical components. Management expects optics that link processors inside AI systems to begin growing strongly in fiscal 2028 and puts plasmonics products, the technology Polariton brings, three to five years out. What changed at Marvell Investor Day? Marvell's new long-term target calls for $70 billion to $90 billion of revenue in fiscal 2031. The $80 billion midpoint is about 10 times fiscal 2026 revenue of $8.2 billion. Nearer term, Marvell's fiscal 2028 revenue outlook rose to about $20 billion, from about $18 billion in August. Management also raised its fiscal 2029 custom chip target to more than $12 billion, from more than $10 billion, mainly on demand for chips that surround AI processors. All are management forecasts, dependent on customer spending and product execution. Marvell now sizes the chip market its products can compete for at about $400 billion by calendar 2030. Chairman and CEO Matt Murphy said that is about four times the last estimate Marvell gave investors. He credited the higher fiscal 2028 outlook to optical links and switch chips, saying, "It's connectivity leading the race." What does Marvell supply to AI data centers? Custom processors are chips built for one cloud operator's workloads. XPU is the industry's umbrella term for such AI accelerators. Marvell designs them with customers, then sells the finished chips along with custom chips that surround them. Switch chips route data to its destination. Marvell's optical chips run the modules that carry data as light over fiber. Its Ara chips, which the company says are shipping in volume, clean up signals inside modules that move 1.6 trillion bits per second. The Ara line I saw on stage spans several versions, each tuned for a different job, such as lower power, link reliability, or built-in security. Marvell's memory controllers and switches set how much data processors can reach, and how fast. Idle processors waiting on data are costly, especially during inference, when a trained AI model answers questions or takes actions. What do scale-up & scale-out mean? Scale-up connects processors so they work as one giant machine. Today that usually happens inside a rack, the cabinet holding computing equipment, and increasingly across several racks. Scale-out networks many of those machines into a cluster, like crews across a factory floor. Scale-across connects separate data centers, like factories at different sites. Co-packaged optics (CPO) places optical components inside the same package as a computing or switching chip, cutting the power needed to move data. Marvell said customers are deploying its CPO today. It also offers near-package optics, which sit just outside the chip package and, Marvell says, can be swapped out if they fail. Marvell customers & the NVIDIA partnership. Marvell says it supplies data-center interconnect modules, its scale-across products, to all five U.S. hyperscalers. Russ Esmacher, who runs the broader data-center interconnect business, expects its revenue to grow from roughly $500 million in fiscal 2026 to more than $1 billion in fiscal 2028. NVIDIA (NVDA), a THNQ constituent that designs AI processors and systems, said on March 31, 2026, that it had invested $2 billion in Marvell as part of a strategic partnership. Marvell will supply custom processors and networking that work with NVIDIA's NVLink Fusion platform, so customers can combine their own chips with NVIDIA equipment. What Celestial AI, XConn & Polariton add to Marvell. Celestial AI, whose acquisition closed in February 2026, brings Photonic Fabric - optical technology that links AI chips across racks - beyond the reach of copper wiring. Marvell has merged Celestial's team with its own optics engineers. Dave Lazovsky, Celestial's former CEO and now a Marvell executive, said scale-up optics could amount to thousands of dollars of spending per AI processor. He added that Marvell has design wins with leading hyperscalers. That means customers have selected the product, though production orders come later. Murphy said Marvell has virtually no scale-up optics revenue today and expects strong growth to begin in fiscal 2028. Photonic Fabric also targets memory. High-bandwidth memory sits about 1.5 millimeters from the AI processor, inside the same package, so adding memory usually means adding processors. Lazovsky said this turns AI processors into "the world's most expensive memory controller." Marvell's Photonic Fabric memory module is designed to give many processors optical access to a shared memory pool. Marvell cites up to two to three times more AI output from the same footprint and power, and customer samples planned for 2027 will test that claim. Marvell's Structera S memory switch, announced in March 2026, uses switch technology from XConn Technologies, acquired a month earlier. It is designed to pool memory across a rack, letting cloud operators get more from installed memory while supply is tight and prices are high. XConn's engineers also work on Marvell's UALink switches, built on an open standard for linking AI processors. In April 2026, Marvell announced the acquisition of Polariton Technologies, a Swiss developer of plasmonics. The technology builds tiny, fast, low-power modulators, the parts that encode data onto light. Marvell said it is investing in plasmonics for scale-across links at 3.2 trillion bits per second and beyond, with products three to five years out. For Marvell, the milestones to watch are customer qualification, production shipments, and recognized revenue from custom processors, optical connections, and memory products. Qualification establishes whether a product meets customer requirements. Shipments and revenue show commercial delivery and help assess progress toward Marvell's fiscal 2028 outlook and fiscal 2031 ambition. THNQ is the underlying index for the ROBO Global Artificial Intelligence ETF (THNQ) and the L&G Artificial Intelligence UCITS ETF (AIAI.LN). VettaFi LLC ("VettaFi") is the index provider for THNQ and AIAI.LN, for which it receives an index licensing fee. However, THNQ and AIAI.LN are not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of THNQ or AIAI.LN. Related topics.