Could Marvell Be the Next $100 Billion AI Stock?
Marvell just posted blowout earnings and locked in a landmark Google deal, yet shares fell 10% in a single session. Whether that selloff is a trap or a warning sign depends on what you believe about one very concentrated bet.
Marvell Technology (NASDAQ:MRVL | MRVL Price Prediction) already carries a market cap of roughly $189.96 billion. After a blowout quarter and expanded Google partnership, the real question is whether the stock can keep climbing. Our 24/7 Wall St. price target says yes.
Shares closed at $216.62 on August 28, 2026, after a 10.28% single-day drop on post-earnings profit-taking. The 24/7 Wall St. price target for Marvell is $312.55, implying 44.28% upside over the next 12 months, with a buy rating and 90% confidence.
| Metric | Value |
|---|---|
| Current Price | $216.62 |
| 24/7 Wall St. Price Target | $312.55 |
| Upside | 44.28% |
| Recommendation | BUY |
| Confidence Level | 90% |
A Wild Year for MRVL Shareholders
Marvell is up 181.09% over the past 12 months and 155.27% year to date, with a spike to $329.80 before a sharp pullback.
Q2 FY2027 was another beat. Revenue reached $2.739 billion, up 36.55% year over year, with non-GAAP EPS of $0.94 topping the $0.9289 estimate. Data Center revenue hit $2.1715 billion, up 46% year over year and now 79% of total revenue. Management raised guidance for fiscal 2027 and 2028, with Q3 revenue guided to $3.15 billion, implying more than 50% year-over-year growth.
Why Bulls See $357 or Higher
The bull case centers on custom silicon. Management said the custom business will more than double year over year in fiscal 2028 and accelerate in fiscal 2029. The expanded Google agreement, involving $120 billion in cumulative revenues over six years subject to milestones, adds validation. CEO Matt Murphy noted Wall Street’s highest target sits at $400. Our bull case scenario puts Marvell at $356.94 over 12 months, a 64.78% return.
What Could Go Wrong
Marvell trades at a forward P/E near 60, pricing in flawless execution. Customer concentration is real: Data Center is 79% of revenue with few hyperscalers dominating. The $4.963 billion long-term debt load and Google warrant for up to 7% of shares pose dilution and leverage risks.
Reddit sentiment turned bearish after the earnings pullback. Bulls counter that heavy capex ($1 billion in fiscal 2027 capacity prepayments) signals secured demand. Our bear scenario shows a $235.34 price, an 8.64% gain.
How Marvell Compares to Broadcom and NVIDIA
Broadcom (NASDAQ:AVGO) is the direct custom silicon competitor. AVGO trades at a forward P/E of 20 with 47.9% quarterly revenue growth and a 49% operating margin. Broadcom is cheaper and more profitable, but Marvell offers pure-play exposure to the custom ramp with faster growth.
NVIDIA (NASDAQ:NVDA) is the AI accelerator leader. NVDA carries a forward P/E of 26 with 105.9% revenue growth. NVIDIA is arguably the best AI infrastructure business at a lower multiple than Marvell, framing MRVL’s valuation as aggressive. Yet Marvell’s networking and custom silicon exposure complements NVIDIA’s GPU architecture. On peer multiples, our 24/7 Wall St. price target looks reasonable.
| Company | Forward P/E | Rev Growth YoY |
|---|---|---|
| Marvell | 60 | 36.5% |
| Broadcom | 20 | 47.9% |
| NVIDIA | 26 | 105.9% |
Why the Dip Looks Compelling
The 24/7 Wall St. price target of $312.55 with 90% confidence reflects accelerating growth, raised guidance, and a validating Google agreement. The October 6 Investor Day is the next key catalyst that could confirm the custom silicon trajectory, while softening hyperscaler capex plans remain the most obvious risk to the thesis. The setup is compelling.
| Year | 24/7 Wall St. Price Target |
|---|---|
| 2026 | $248 |
| 2027 | $316 |
| 2028 | $410 |
| 2029 | $478 |
| 2030 | $557 |
These projections assume Marvell executes on the custom silicon ramp and hyperscaler AI capex remains robust. A slowdown in AI infrastructure spending or vertical integration by key customers would be the main downside risk (we studied what the earliest signals of the next monster chip winner looked like and put them in a free playbook here: The Next Nvidia Playbook).
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Vandita Jadeja is a financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis. She has contributed to several publications, including the Joy Wallet, Benzinga, The Motley Fool and InvestorPlace.
