Marvell Calls Itself the ‘Switzerland’ of AI, and Says It Works With Everybody

Marvell Technology Inc. (NASDAQ:MRVL) stock edged higher Wednesday in premarket trading as semiconductor stocks held steady. Nasdaq futures gained 0.05%, while S&P 500 futures were little changed.

Data Centers Power Marvell’s Revenue Surge

While no new company-specific announcement surfaced Wednesday morning, Marvell enters the session with fresh attention on its rapidly expanding artificial intelligence business.

Chairman and CEO Matt Murphy outlined sharply higher revenue expectations, deeper hyperscaler relationships and accelerating data center demand during a conversation with CNBC’s Jim Cramer on Tuesday.

Murphy told Cramer that Marvell’s growth outlook has improved significantly since December. At the time, the company expected about $10 billion in revenue this year and $13.5 billion in 2027.

Marvell now expects about $12 billion this year and $18 billion next year. That lifts its combined two-year revenue outlook to $30 billion from $23.5 billion.

Data centers are driving much of that acceleration. Marvell generated roughly $2 billion in data center revenue in 2023. Murphy now expects more than $15 billion of the company’s projected $18 billion in revenue next year to come from data centers.

“So basically, we’ve come in a full year and taken the company from $2 billion and change in data center revenue in 2023 to $15-$16 billion next year,” Murphy said.

AI Partnerships Expand

Murphy also highlighted Marvell’s partnership with NVIDIA and its recent warrant agreement with Alphabet Inc. (NASDAQ:GOOGL) unit Google.

Under the Google agreement, Marvell could issue warrants representing about 6.5% of the company if cumulative revenue reaches $120 billion.

“What it really says at a high level is we have customers that want to partner with Marvell. And they want to be part of our success,” Murphy said.

Marvell works with all four major U.S. hyperscalers on custom silicon, according to Murphy. It also has a significant position in optical connectivity, an increasingly important part of AI infrastructure as data centers connect larger clusters of computing power.

Murphy described Marvell as “the Switzerland of this entire market” because it can work across different GPU and XPU platforms.

“We are basically the Switzerland of this entire market right now. We work with everybody,” he said.

Cramer also raised NVIDIA CEO Jensen Huang’s suggestion that Marvell could eventually become a trillion-dollar company. Murphy called that valuation aspirational and emphasized execution instead.

“We’re just focused on driving the business, right, creating the value for the shareholders along the way,” Murphy said.

The next major fundamental checkpoint comes Oct. 6, when Marvell plans to present investors with a new four- to five-year roadmap at its investor day. Against that improving growth backdrop, the stock’s technical setup remains constructive.

Technical Analysis

Marvell remains in a multi-month uptrend. The stock trades 48.4% above its 200-day simple moving average of $152.50.

Shares are also above the 20-day SMA of $225.42, 50-day SMA of $219.84 and 100-day SMA of $216.52. The 20-day SMA remains above the 50-day SMA, suggesting the recent pullback has not broken the broader trend.

The relative strength index stands at 51.28. An RSI near 50 signals neutral momentum and suggests the stock is neither overbought nor oversold.

Key resistance: $254.50. A move above this level could put previous highs back in focus.

Marvell also remains in a long-term bullish setup after its 50-day SMA crossed above its 200-day SMA in October 2025.

Analyst Outlook

Marvell trades at a price-to-earnings ratio of about 74.6, reflecting a premium valuation. The stock carries a Buy consensus rating with an average price forecast of $296.35.

Craig-Hallum maintained a Buy rating and raised its price forecast to $300 on Aug. 28. B. Riley Securities maintained Buy but lowered its forecast to $315. TD Cowen maintained Hold and raised its forecast to $245.

Benzinga Edge Rankings

Marvell scores strongly on Benzinga Edge for Momentum at 98.64 and Growth at 99.56. However, its Value score is just 2.18.

The combination points to strong growth and momentum alongside a rich valuation. That premium could make the stock more vulnerable if growth expectations weaken.

Top ETF Exposure

Marvell has a 4.53% weighting in the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ), a 5.69% weighting in the State Street SPDR NYSE Technology ETF (NYSE:XNTK) and a 6.92% weighting in the First Trust Nasdaq Semiconductor ETF (NASDAQ:FTXL).

As a result, large inflows or outflows from these ETFs can contribute to buying or selling pressure in Marvell shares.

Price Action

MRVL Price Action: Marvell Technology shares rose 0.46% to $226.45 in Wednesday’s premarket session, according to Benzinga Pro data.

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