Marvell's AI, Networking Growth to Drive Higher Revenue Through Fiscal 2028, UBS Says

12:17 PM EDT, 08/28/2026 (MT Newswires) -- Marvell Technology (MRVL) could see stronger growth as demand for custom AI chips, optical products and networking switches increases, while Alphabet's (GOOG, GOOGL) Google-related programs could provide more upside from fiscal 2029, UBS said in a note emailed Friday. Marvell now expects about $12 billion in fiscal 2027 revenue, up from its previous $11.5 billion outlook, while fiscal 2028 revenue could reach about $18 billion, above the previous $16.5 billion forecast, as data center revenue is expected to grow sharply and custom business anticipated to more than double, according to the note. The investment firm said it expects Marvell's custom chip business to speed up in H2 of fiscal 2027, helped by existing and new XPU programs, while Google-related projects could become a bigger source of growth from fiscal 2029. Strong demand for 800G and 1.6T optical products, along with growing AI networking needs, should support sales, while switching revenue could also exceed earlier expectations, the investment firm said. UBS raised its 2028 earnings estimate to $10.86 per share from $10.31, while keeping its buy rating and $310 price target for Marvell. Price: 216.87, Change: -24.58, Percent Change: -10.18