Marvell Technology shares soar premarket on AI chip demand forecast

Shares of chipmaker Marvell Technology MRVL.O rise nearly 13% to $85.21 premarket

Co forecast fiscal 2028 revenue above Wall Street estimates on Thursday, signaling robust demand for custom chips and interconnect solutions used in artificial intelligence data centers

Melius Research raises PT to $140 from $135; maintains a "buy" stance on the stock

Brokerage says MRVL kept raising its expectations for custom silicon (XPU and XPU‑attach) and optics every year, even though some investors worried it might lose share in digital signal processors or custom chips, and similar to Nvidia NVDA.O, AMD AMD.O, and Broadcom AVGO.O

For the fourth quarter, co reported a 22% increase in revenue to $2.22 bln, slightly above estimates of $2.21 bln

44 analysts rate the stock "buy" on average; median PT is $115 - data compiled by LSEG

As of last close, MRVL is down ~11% YTD