MRVL raised long-term revenue and EPS guidance; $30 EPS by 2030 implies a potential $600 share price under standard valuation multiples.

First, Marvell Technology. They held their own Investor Day today, which demonstrated just how crazy and advanced the field of AI semiconductors is.

Now, as I mentioned today, I believe Marvell was one of the main reasons why the market was feeling so optimistic. Marvell, as we shall see, held its own Investor Day and talked a lot about all the different products, and we will reserve our in- depth analysis for later.

But on a general level, they have raised expectations for the foreseeable future for the next few years. Expectations have increased significantly each year. They even gave us $30 per share earnings for the calendar year 2030, and with a simple calculation, right ?

A 30x30 ratio based on the forward price-to-earnings ratio puts Marvell at a potential future share price of $600, at least in my opinion.

I believe this is why the market liked seeing Marvell increase its revenue in the area of custom semiconductors.

Expect an in- depth analysis of Marvel. So, yes, if we look at this Marvel market, right ? But the market says if it's really that good for Marvel, isn't it? It's not even the third player, and probably not the fourth or fifth in AI data centers , so how good is it for companies like Broadcom, Micron, Nvidia, AMD, Credo, and Astera Labs?

If a company is not in first place and is still benefiting greatly, what will companies in first, second and third place get? So , once again, that's the prevailing positive feeling here.

Now, Marvel has raised its revenue forecast for fiscal year 2028 to around $20 billion on Investor Day today. This was an increase from their profits, which less than two months ago, amounted to $18 billion.

So, that's growth of about $2 billion . That was already an increase over previous expectations in the previous quarter, which was 16.5 . So, raising expectations twice in a row for the same fiscal year shows you how crazy this market is, doesn't it? So, the market is still very excited.

The administration says the latest $2 billion increase comes from horizontal expansion optics , vertical expansion optics , and switching. This same communication activity was also behind the increase in August.

Therefore, two major increases could now come from the network side.

But in this channel, the three companies that have established an exchange-traded fund (ETF) approach are Marvell, Credo , and Astera Labs. I am very happy to see this thesis being implemented in practice .

They then go on to talk about now expecting around $18 billion in data center revenue in fiscal year 2028, meeting the target they previously set for fiscal year 2029. So, there is a one-year lead in some of those numbers.

Now, custom chips are also seeing an increase . The fiscal year 2029 target is now more than $12 billion, compared to the $10 billion target confirmed in August. Therefore, they are seeing more and more enthusiasm.

Now, it was also great that they presented a model for fiscal year 2031, which requires between $70 and $90 billion in total revenue, and indicates earnings per share of more than $30 non-GAAP at the midpoint of revenue.

So, at the midpoint of revenues, $80 billion , they expect earnings per share exceeding $30. What will happen if they get close to $90 billion?

What was even more exciting about this was their mention that this sum of $70 to $90 billion does not require a new and crazy partnership in any of the markets, does it ? They do list certain partnerships and certain types of advertising coming in the future, but no extraordinary solution or partnership is needed to achieve this type of revenue figure.

To me, this means that management is being very conservative, and the actual figure will be much higher if things go as planned, right?

So, again, I'm not saying Marvell stock will hit $600, but if everything continues as expected based on these and typical semiconductor valuations, a P/E ratio of 34 is not impossible.

If that is true, then a share price of $600 would not be out of the question either.

So, overall, what we hear from Lisa Su hasn't changed, except that we just got further confirmation from the market today in October 2026 that Marvell and AMD still believe the market will see a major boom for several years in the semiconductor field.