마벨의 최고경영자(CEO)는 구글과의 수십억 달러 규모 맞춤형 실리콘 계약이 매우 잘 진행되고 있다며, 맞춤형 AI 칩 및 인터커넥트 수익이 현재 애널리스트 예상치를 크게 상회할 것으로 전망했다.
Marvell (MRVL) CEO Matt Murphy described the company’s agreement with Alphabet’s Google (GOOG, GOOGL) as “game-changing,” suggesting the partnership could generate billions in additional revenue beyond current forecasts. “This engagement and warrant is significant,” Murphy said during the company’s earnings call. “It’s very broad-based.” He added that the opportunity could be “massive” for Marvell, describing its potential peak performance over the next six to six-and-a-half years as “game changing.”
Murphy’s remarks followed Marvell’s quarterly report, which showed earnings of $0.94 per share, beating the consensus estimate of $0.93. Revenue came in at $2.74 billion, surpassing Wall Street’s expectations of $2.71 billion. Despite the positive results, MRVL shares fell as much as 8% in pre-market trading, erasing the stock’s weekly gains. The ticker was also among the top trending symbols on Stocktwits at the time of publication.
Investors are now assessing how much incremental revenue the Google agreement could deliver. When announced last week, Marvell stated the commercial arrangement could represent up to $120 billion in cumulative revenue over approximately six years, contingent on meeting various milestones. During the call, analysts noted that dividing this figure across the timeframe implies an annual revenue opportunity of roughly $18 billion. “Your math is not wrong,” Murphy responded. “It’s just a monster number.”
According to Murphy, the potential revenue is heavily weighted toward fiscal 2029 and beyond. “There’s a lot of upside bias in those numbers in fiscal ’29 and beyond in custom,” he said. “We should assume in that time frame that on the custom side, these numbers would be a lot larger than overall custom than anybody has been modeling so far.” While stopping short of issuing a new revenue target, Murphy indicated that further updates would be provided in October during Marvell’s Investor Day.
Marvell now projects fiscal 2027 revenue of approximately $12 billion, up from its previous forecast of $11.5 billion. For fiscal 2028, the company raised its outlook to roughly $18 billion, an increase of $1.5 billion from prior guidance. Additionally, Marvell expects data-center revenue to grow about 60% in fiscal 2027, revised upward from an earlier estimate of roughly 50%. For fiscal 2028, the company anticipates data-center revenue to expand by more than 60%, driven by custom silicon, connectivity solutions, and scale-up infrastructure.
Murphy emphasized that Marvell’s growth is not solely dependent on Google, noting the company maintains “significant engagements across the customer base.” However, he characterized the Google partnership as indicative of a broader shift in AI infrastructure. “We’re in a monetization era,” he said. “And so this stuff really matters.” Addressing past skepticism, Murphy added, “I think there’s been doubt for years that we could even do the $8 billion to $10 billion. This should give, I think, investors comfort that we secured a pretty big set of programs.”
Following the earnings release, Goldman Sachs analyst James Schneider raised his price target on Marvell to $220 from $195, maintaining a ‘Neutral’ rating. Schneider noted that elevated expectations and a premium valuation, compounded by the recent Google announcement, could keep shares range-bound in the near term. Similarly, Morgan Stanley increased its price target to $246 from $224, keeping an ‘Equal Weight’ rating. The firm described the quarter as “solid” but cautioned that there is little room for near-term surprises, as expectations were already lifted by the newly disclosed Google relationship.