Marvell Technology (MRVL) Investor Day 2026 summary

Strategy and market opportunity

• Since 2017, data-infrastructure strategy backed by ~$40B investment (~half acquisitions, ~half organic); focus on top 10 hyperscalers, with the top four U.S. customers supporting most long-term goals alongside broad product and socket diversity.

• AI reasoning, agentic workloads and inference at scale increase data movement, bandwidth and power-efficiency demands; FY26 revenue was $8.2B, with 75% from data center and ~70% from connectivity.

• Connectivity-first portfolio spans interconnect, switching and storage, and custom silicon, linking AI infrastructure from package to distributed data centers across copper and fiber.

• CY30 data center TAM is ~$385B with ~50% CAGR from CY25; total TAM is $400B, growing 45% from CY25 and including $15B for communications and other.

• CY30 TAM by business: interconnect ~$65B, switching and storage ~$85B, custom ~$235B, communications and other ~$15B.

Revenue outlook

• FY28 total revenue outlook raised to ~$20B from $18B in August, up 67% YoY; data center outlook is ~$18B, up ~80%, pulling the prior FY29 target forward one year.

• Custom revenue expected to exceed $12B in FY29, more than tripling from FY28 and exceeding the prior >$10B target; broader XPU attach wins drove the increase.

• FY31 revenue target is $70B–$90B, implying 55%–60% CAGR from FY26; data center revenue target is $67.5B–$87.5B, with ~65% CAGR, and communications and other contributes ~$2.5B.

• FY31 midpoint revenue by business: interconnect ~$37.5B, custom ~$30B, switching and storage ~$10B, communications and other ~$2.5B.

Business and technology developments

• Interconnect TAM reaches ~$65B by CY30, growing ~65% annually; data center interconnect revenue rises from ~$500M in FY26 to safely over $1B in FY28, with a path to multiple billions in FY29–FY31.

• Scale-out switching exceeds $1B in FY28 with a multi-billion-dollar trajectory; Teralynx T100 is a 100T monolithic switch with 20%+ lower latency and power than leading competitors.

• FY26 custom silicon was a ~$1.5B business, shipping to all four U.S. hyperscalers; XPU attach spans networking, memory, storage, infrastructure management and inference acceleration.

• XPU attach opportunities are sticky, multi-generational sockets, with estimates of 1–2 sockets per XPU and ~$1,000 ASPs; individual categories could reach billions.

• Roadmaps include 200T, 400T and UALink switching; scale-up optics with 200G/400G light engines and NPO/CPO products for 2027; and interconnect advancing from 1.6T to 3.2T, including 2nm PAM and coherent-lite DSPs.