Ines Ferré · Senior Business Reporter
What happened: Marvell Technology (MRVL) stock surged roughly 8% on Tuesday, touching its highest level since June.
What's behind the move: The semiconductor designer raised its revenue guidance for fiscal year 2028, exceeding the average analyst estimate.
"We expect approximately $20 billion in total company revenue in FY28, representing about 67% year-over-year growth," CEO Matt Murphy said during the company's investor day conference on Tuesday.
Marvell had guided to $18 billion in August, while Wall Street had anticipated $18.2 billion for the period, according to Bloomberg data.
The company sees a total addressable AI market expected to reach approximately $400 billion by 2030, driven by custom silicon programs with hyperscalers such as Amazon (AMZN), Google (GOOG, GOOGL), and Microsoft (MSFT).
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