Marvell Technology (MRVL) shares are in focus as the semiconductor company prepares to report fiscal second-quarter 2027 results after the market closes on Thursday.
The timing could hardly be more important. Nvidia (NVDA) just delivered another blockbuster quarter and guided for about $108 billion in Q3 revenue.
For MRVL, therefore, the question is no longer whether AI spending remains strong, but how much of that spending is flowing into networking, optical and custom-chip infrastructure that sits behind the AI boom.
Heading into the earnings release, Marvell stock is up more than 150% versus the start of 2026.
Marvell earnings face a higher bar after Nvidia’s release
Analysts expect Marvell to record $2.7 billion in fiscal Q2 revenue, up about 35% year over year, with adjusted earnings of about $0.93 per share (EPS).
These expectations are broadly consistent with the firm’s own guidance. However, the bigger story is what comes next.
MRVL’s first-quarter data-center sales reached a record $1.83 billion – and management said fiscal 2027 data-center revenue could grow about 50%, with interconnect revenue rising more than 70%.
That makes the company’s forward outlook arguably more important than the headline beat.
Nvidia’s latest numbers strengthen the bull case. Its data-center revenue more than doubled year-on-year, while its forecast signals hyperscalers are still spending aggressively on AI infrastructure.
Investors will therefore be looking for Marvell to demonstrate that this spending is translating into accelerating demand for its optical interconnects, switches and custom silicon.
Rosenblatt raises price target on MRVL stock
Rosenblatt Securities has added another layer of optimism ahead of the Q2 report, raising its price target for Marvell shares to $300 while maintaining a Buy rating.
Analyst Sajal Dogra expects a strong print, featuring sequential growth of more than 25% in optical interconnects.
The firm’s bullish thesis extends well beyond the quarterly numbers.
Rosenblatt expects Marvell’s custom-silicon business to ramp significantly in fiscal 2028 and beyond – supported by programs involving Microsoft's (MSFT) Maia, Amazon's (AMZN) Trainium and the company’s strong ties with Google.
MRVL recently agreed to help develop Google's (GOOGL) custom AI chips, while the hyperscaler received warrants to potentially buy 58.97 million company shares at $206.58 apiece.
The arrangement could generate up to $120 billion in revenue for Marvell through fiscal 2033 if performance targets are achieved.
In fact, according to Dogra, the company could generate roughly $10.50 of fiscal 2029 earnings power; she applied a 29x multiple to reach the $300 price target.
How to play Marvell shares moving forward?
For investors, Marvell’s earnings are shaping up as a “test” of whether the company’s recent rally can transition into a durable re-rating.
Options markets have also been pricing in a potentially large post-earnings move – with estimates pointing to a swing of around 9% in either direction.
But a routine beat may not be enough after MRVL stock has already climbed sharply and investors have digested the Google deal.
The multinational needs to demonstrate that AI-driven growth is broadening across several product categories and, crucially, that fiscal 2028 and 2029 expectations remain intact.
Nvidia has effectively removed one major concern from the equation: AI infrastructure demand is still enormous. Now Marvell must prove it can capture a notable and growing slice of that spending
A strong quarter accompanied by an upbeat outlook could reinforce the case for $300 and beyond.
A cautious forecast, by contrast, could remind investors that even the strongest AI spending cycle does not automatically translate into unlimited upside for every chip supplier.
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