While Nvidia (NVDA) may hog the artificial intelligence (AI) spotlight, Marvell Technology (MRVL) has been quietly scripting its own chapter in the semiconductor boom. The Wilmington-based chipmaker builds the backbone of our digital age, designing semiconductors that power everything from hyperscale data centers to 5G networks and advanced automotive systems.

The year began with fireworks, as Marvell delivered record revenue and earnings in Q1, propelled by AI’s insatiable appetite and Marvell’s surging custom silicon business. Now, all eyes are on Aug. 28, when the infrastructure semiconductor solutions leader unveils its Q2 results. Management is projecting robust growth, with investors eager for updates on AI momentum, new product rollouts, and market expansion plans.

Though MRVL stock sits nearly 40% below its 52-week high of $127.48, its 21% rally over the past three months signals that momentum is building, and Aug. 28 could mark another defining chapter in Marvell’s climb.

About Marvell Stock

Marvell, founded in 1995, set out to accelerate how the world moves and processes data. This Delaware-based company, valued at $67.2 billion by market capitalization, designs semiconductor solutions that reach from the heart of the data center to the farthest edge of the network. Today, with AI demand surging, Marvell’s technology powers high-speed networking, advanced storage, and 5G connectivity, quietly driving the backbone of our digital world. 

Marvell’s shares have been on a roller coaster worthy of Wall Street’s highlight reel. Over the past 52 weeks, MRVL stock climbed 23.8%, peaking at $127.48 earlier this year before tumbling to a bruising year-to-date (YTD) low of $47.08 in April. Down 28.2% in 2025, the chipmaker became a short-seller’s darling, until momentum flipped.

Over the past three months, MRVL has surged 21.2%, up 9.1% in the last month alone, and now sits nearly 70% above its lows. Meanwhile, the 14-day RSI is just above 60, signaling healthy buying interest. This rebound is not just technical – bullish management guidance, upbeat analyst calls, and Marvell’s ambitious goal of seizing 20% of the custom AI chip market by 2028 are fueling the rally. 

Marvell’s pullback in 2025 has opened a rare lane in the crowded chip space. Priced at approximately 36 times forward price-to-earnings (P/E) ratio and 11.58 times sales - well below its historical averages - this AI-driven chipmaker is priced like it is on clearance, despite heavyweight growth prospects.

Fueled by booming demand in custom chips, high-speed memory, and optical tech, Marvell’s data center momentum and hyperscaler alliances make its valuation look primed for takeoff.

A Closer Look at Marvell’s Mixed Q1 Earnings Report

Marvell’s fiscal 2026 Q1 earnings results, released on May 29, was the kind of report that keeps investors leaning forward in their seats. The chipmaker’s top and bottom lines beat Wall Street’s projections, with revenue surging 63% year over year (YoY) to $1.9 billion, well above its own guidance midpoint. Adjusted EPS came in at $0.62, rocketing 158% annually.

The primary growth driver was the Data Center segment, which generated $1.44 billion, 76% of total revenue, reflecting a 76% annual increase and 5% sequential growth. This momentum was fueled by high-volume production of custom AI silicon programs and strong electro-optics shipments supporting AI and cloud infrastructure. Enterprise Networking and Carrier Infrastructure each advanced 14% sequentially, continuing their post-pandemic recovery.

However, other areas softened. Consumer revenue declined 29% sequentially, though management anticipates a 50% rebound in Q2, supported by seasonal gaming demand. Automotive and industrial revenue fell 12% sequentially, with a flat outlook for Q2.

The balance sheet is looking healthy, with Marvell ending Q1 with $885.9 million in cash and cash equivalents and a conservative debt-to-equity ratio of 0.3x. Shareholder returns remained a priority, with $52 million paid in dividends and a sharp increase in stock buybacks to $340 million, up from $200 million in the prior quarter.

AI All the Way

Building on its strong Q1 results, Marvell is doubling down on its AI-led growth strategy. CEO Matt Murphy says AI now drives most of its data center revenue, with bigger gains ahead. As part of a broader strategic realignment, Marvell is selling its Automotive Ethernet business to Infineon (IFX.D.DX) for $2.5 billion, the deal is expected to close later this year.

On the innovation side, Marvell bolstered its custom silicon platform through a new collaboration with Nvidia, integrating NVLink Fusion into its XPU roadmap to enable more scalable AI architectures. It also rolled out a multi-die packaging platform, already in production, using its interposer technology for faster, cheaper system designs.

CEO Murphy sees Marvell at the heart of the custom AI infrastructure boom, with its silicon business set to fuel growth in Q2 and beyond. While the company is all set for the Q2 report on Aug. 28, after the bell, the management expects $2 billion in revenue (plus or minus 5%), up 57% YoY, fueled by AI momentum, expanded custom silicon programs, and stronger networking infrastructure. Additionally, adjusted EPS is estimated to land somewhere around $0.67 (plus or minus $0.05) per share, more than doubling last year’s figure.

Analysts tracking Marvell anticipate its Q2 revenue to rise to $2 billion, with adjusted EPS rising 325% YoY to $0.51. Looking further ahead, fiscal 2026 EPS is anticipated to surge by 133.7% YoY to $2.15, before rising by another 31.6% annually to $2.83 in fiscal 2027.

What Do Analysts Expect for Marvell Stock?

Analysts maintain a decidedly favorable view of this chip stock, assigning it an overall “Strong Buy” rating. Of the 32 analysts covering the stock, 24 recommend a “Strong Buy,” two stick to a “Moderate Buy,” and the remaining six are staying on the sidelines with a “Hold” rating.

MRVL stock’s mean price target of $92.17 hints at a 16.2% upside potential from where it’s trading now. The Street-high target of $149 implies the stock could rally as much as 87.8%.