Marvell Technology shares are in the spotlight as the semiconductor firm prepares to report fiscal second-quarter 2027 results after Thursday’s closing bell, with investors watching whether AI infrastructure spending is broadening beyond Nvidia’s dominant GPU business. The report lands one day after Nvidia delivered another blowout quarter, posting $96.2 billion in revenue, with data-center sales up 117% year over year and third-quarter guidance of about $108 billion.
Ahead of the print, Marvell stock traded near $242.86, down about 0.9% on the day but still up 188% year-to-date and more than 217% over the past 12 months. Wall Street expects adjusted earnings of $0.93 per share on revenue of about $2.72 billion, roughly 35% higher than a year earlier. Marvell has beaten EPS estimates in seven of the past eight quarters and matched or exceeded revenue expectations in all eight.
The most important part of the report is expected to be data-center momentum. Marvell’s fiscal first-quarter data-center revenue hit a record $1.83 billion, and management has said fiscal 2027 data-center revenue could grow about 50%, with interconnect revenue rising more than 70%. After Nvidia’s strong print, the key question is whether hyperscaler spending is translating into accelerating orders for Marvell’s optical interconnects, switches and custom silicon.
Rosenblatt Securities added to the bullish tone, raising its price target on Marvell to $300 and maintaining a Buy rating. Analyst Sajal Dogra expects a strong quarter with more than 25% sequential growth in optical interconnects. The firm also sees Marvell’s custom-silicon business ramping meaningfully in fiscal 2028 and beyond, supported by programs including Microsoft’s Maia, Amazon’s Trainium and expanded work with Google.
The Google relationship is a central part of the story. Marvell recently agreed to help develop Google’s custom AI chips, while the hyperscaler received warrants to potentially buy 58.97 million Marvell shares at $206.58 each. If performance targets are met, the arrangement could generate up to $120 billion in revenue for Marvell through fiscal 2033, according to the company and analysts.
Still, valuation leaves little room for error. After rising nearly 30% in the past month, MRVL trades at roughly 84 times trailing earnings and about 25 times sales. Options markets are pricing in a post-earnings swing of about 9% in either direction, and the stock has historically moved sharply after results—rising in six of its last eight post-earnings sessions, but also falling 19.81% and 18.6% in the two negative sessions. Among 39 analysts, the consensus price target sits near $258.42, with a separate group of 27 analysts carrying a Strong Buy consensus and an average target of $295.42; the most bullish target on the Street is $400.
