Marvell Technology (MRVL) is set to report fiscal second-quarter results after Thursday's market close, with investors looking to see whether the company can convert Nvidia's massive AI infrastructure spending into accelerating demand for its networking and custom-chip solutions. The report comes on the heels of Nvidia's latest earnings, which featured a data-center revenue surge and a third-quarter revenue guide of roughly $108 billion, reinforcing that hyperscaler AI outlays remain robust.
Heading into the print, Marvell shares have climbed more than 150% since the start of 2026, reflecting optimism around its role in AI data centers. The stock's recent run has raised the bar for a positive reaction, as a routine beat may no longer be enough to justify further upside. Options markets are pricing in a potential post-earnings swing of about 9% in either direction.
What analysts expect from Marvell's Q2
Wall Street consensus calls for Marvell to post fiscal Q2 revenue of $2.7 billion, up roughly 35% year over year, with adjusted earnings of about $0.93 per share. These figures align closely with the company's own guidance. However, the more critical element for investors is likely the forward outlook, particularly for data-center and interconnect revenue.
In the first quarter, Marvell's data-center sales hit a record $1.83 billion, and management projected fiscal 2027 data-center revenue growth of about 50%, with interconnect revenue rising more than 70%. That guidance suggests the company is well positioned to benefit from the AI buildout, but the market will want confirmation that momentum is broadening across product lines.
Rosenblatt raises price target to $300
Rosenblatt Securities has added to the bullish sentiment, raising its price target on Marvell to $300 while maintaining a Buy rating. Analyst Sajal Dogra expects a strong quarterly report, including sequential growth of more than 25% in optical interconnects. The firm's optimism extends beyond the current quarter, citing Marvell's custom-silicon programs with major hyperscalers.
Marvell recently agreed to help develop Google's custom AI chips, with Google receiving warrants to potentially purchase 58.97 million Marvell shares at $206.58 each. The arrangement could generate up to $120 billion in revenue for Marvell through fiscal 2033 if performance targets are met. Rosenblatt's $300 target is based on roughly $10.50 of fiscal 2029 earnings power, applying a 29x multiple.
Key catalysts and risks
Investors will be watching for signs that AI-driven growth is expanding beyond optical interconnects into switches and custom silicon. Nvidia's latest results have effectively removed concerns about overall AI infrastructure demand, but Marvell must demonstrate it can capture a growing share of that spending. A strong quarter accompanied by an upbeat outlook could reinforce the case for further upside, while a cautious forecast might remind investors that even the strongest AI cycle does not guarantee unlimited gains for every chip supplier.
Related coverage: Nvidia's latest earnings showed continued strength, and memory suppliers are rallying on AI demand. Additionally, KeyBanc's pre-earnings forecast highlighted the scale of Nvidia's growth.
For Marvell, the earnings report is shaping up as a test of whether its recent rally can transition into a durable re-rating. The company needs to show that AI-driven growth is broadening and that fiscal 2028 and 2029 expectations remain intact. With Nvidia having set a high bar, all eyes are on Marvell's ability to deliver.
This article is for informational purposes only and does not constitute financial advice.
