Here's What a $10,000 Investment in Marvell Stock Could Be Worth in 2031 (Hint: It's a Lot)

At its 2026 Investor Day, Marvell Technology (NASDAQ: MRVL) said it expects fiscal 2031 revenue to land between $70 billion and $90 billion. At the midpoint, this represents nearly 10 times the $8.2 billion in sales the company generated in fiscal 2026. Perhaps even more striking is that Wall Street had been expecting less than $50 billion in revenue.

Marvell already trades at a premium following a spectacular rally earlier this year, fueled by Jensen Huang calling the semiconductor company the next trillion-dollar stock. Nevertheless, if management comes anywhere close to its new forecast, today's price might not look so expensive.

So, what could $10,000 invested in Marvell today actually become? Spoiler alert: Marvell could be a multibagger in the making.

Marvell sees a $400 billion opportunity

Management's optimism revolves around the amount of money being poured into AI infrastructure. Marvell estimates its total addressable market (TAM) between data centers and communications will grow by a compound annual growth rate (CAGR) of 45% through calendar 2030, ultimately reaching $400 billion.

The company's revenue forecast for fiscal 2031 is broken down into the following categories:

Data source: Marvell Investor Relations. Table by author.

I think this forecast is achievable thanks to some powerful partners. Marvell's relationship with Alphabet includes custom chips surrounding Google's Tensor Processing Unit (TPU) ecosystem, including inference accelerators, networking, storage, memory interfaces, and near-memory compute. Moreover, Google's purchasing commitments could reach as much as $120 billion through fiscal 2033.

Then there's Nvidia, which invested $2 billion in Marvell earlier this year as part of an expanded partnership around NVLink Fusion. Marvell will provide custom XPUs and scale-up networking that plug into Nvidia's broader AI ecosystem, while the companies also collaborate on silicon photonics. This is particularly interesting because Nvidia itself estimates NVLink Fusion's opportunity surrounding AI factories could reach roughly $250 billion annually by the end of the decade.

Wall Street underappreciates Marvell

Marvell increased its fiscal 2028 revenue target from $18 billion to approximately $20 billion. For reference, Wall Street had been modeling $18.2 billion. As referenced, the company expects revenue between $70 billion and $90 billion by fiscal 2031. At the midpoint, this implies 70% upside to Wall Street's consensus estimate of $47 billion.

Management is confident in its forecast because the figures are built around visibility into existing customer orders, current design wins, and programs already under development. If the company reaches $80 billion in revenue, management is guiding to earnings of $30-plus per share.

Image source: The Motley Fool.

Marvell could triple your money by 2031

At roughly $281 per share, Marvell trades at a rich valuation based on forward price-to-earnings (P/E). Moreover, a company approaching $80 billion in revenue isn't going to grow by high-double-digit percentages every year forever.

MRVL PE Ratio (Forward) data by YCharts

For this reason, I will assume some valuation compression. If Marvell earns $30 per share and trades at a 22 P/E ratio -- which is much closer to the broader semiconductor industry average -- the stock would be worth roughly $660. At a more aggressive multiple, say 30 times earnings, Marvell stock could be worth around $900.

This analysis implies an upside of roughly 135% to 220% from today's prices, turning a $10,000 investment into approximately $23,500 to $32,000 by the end of fiscal 2031. This arguably leaves some upside out of the equation because management's actual target is greater than $30 of earnings per share.

All told, management's new forecast just changed the conversation for Marvell stock. For investors looking for less obvious names in the AI chip value chain, Marvell is emerging as a compelling stock to buy and hold throughout the AI infrastructure era.

Adam Spatacco has positions in Alphabet and Nvidia. The Motley Fool has positions in and recommends Alphabet, Marvell Technology, and Nvidia. The Motley Fool has a disclosure policy.