Stock Market Today, Oct. 6: Marvell Stock Is Up as the Company Raises FY2028 Revenue Outlook to $20 Billion
Marvell Technology (NASDAQ:MRVL), a data-center connectivity and custom AI chipmaker, closed at $287.01, up 5.81%. Investors were reacting to Investor Day guidance that lifted near- and long-term revenue targets, and they are watching custom AI growth next.
Trading volume reached 50.1 million shares, coming in about 122% above its three-month average of 22.6 million shares. Marvell Technology IPO'd in 2000 and has grown 1,927% since going public.
How the markets moved today
The S&P 500 (SNPINDEX: ^GSPC) closed at 7,818.93, rising 0.58%, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) closed at 27,599.79, rising 0.45%. Among data infrastructure semiconductors; networking, custom silicon, storage, and optical interconnects., Broadcom (NASDAQ:AVGO) closed at $375.81, up 3.67%, and Arista Networks (NYSE:ANET) closed at $215.36, up 4.12%, reflecting firmer AI infrastructure sentiment.
What this means for investors
Marvell Technology held an investor day conference on Oct. 6, where management shared updated revenue guidance that exceeded Wall Street expectations. This was behind its stock's 5.81% increase.
The company raised its revenue outlook for its 2028 fiscal year (FY), ended Jan. 31, 2028, to $20 billion. That's up from Marvell's prior guidance of $18 billion in August.
But that's not all. Management set a FY2031 target of $70 billion to $90 billion in sales, and an earnings per share (EPS) target of $30 or more. Marvell ended FY2026 with diluted EPS of $3.07, so its forecast anticipates spectacular growth ahead.
Investors are treating the update as a strong growth signal for the artificial intelligence sector's infrastructure buildout. Marvell's estimates are based on robust demand for its custom chips and networking gear for AI data centers.
Earlier this year, Nvidia invested $2 billion in Marvell Technology and launched an AI partnership. That deal remains a key strategic reference point for investors watching custom AI demand.
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Robert Izquierdo has positions in Arista Networks, Broadcom, Marvell Technology, and Nvidia. The Motley Fool has positions in and recommends Arista Networks, Broadcom, Marvell Technology, and Nvidia. The Motley Fool has a disclosure policy.
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