Marvell’s AI Opportunity Could Expand To $625B By 2030, Says Cantor — Sees Up To 45% Revenue CAGR

• Cantor sees Marvell’s AI opportunity expanding across custom compute, optical connectivity, Ethernet switching and Nvidia’s NVLink Fusion ecosystem.
• The opportunities could support at least $20 earnings per share in 2030.
• Morgan Stanley expects Marvell could use Investor Day to frame fiscal 2030 revenue above $40 billion.

Marvell Technology Inc. (MRVL) could use its upcoming Investor Day to reframe its artificial intelligence opportunity around a data-center total addressable market of up to $625 billion by 2030, Cantor Fitzgerald said Monday.

According to TheFly, analyst C.J. Muse raised Marvell's price target to $330 from $300 while maintaining a ‘Neutral’ rating. 

Cantor said the larger opportunity could support a 40% to 45% compound annual growth rate (CAGR) for revenue between calendar 2025 and 2030 and at least $20 in calendar 2030 earnings per share (EPS).

Marvell’s AI Compute, Networking Opportunity Expands

Cantor highlighted several areas that could contribute to the larger opportunity, including XPU Attach, Celestial AI and co-packaged optics, 1.6-terabit optical products, Ethernet switching, and Marvell’s exposure to Nvidia’s NVLink Fusion, per TheFly.

Marvell joined Nvidia’s NVLink Fusion ecosystem in March, with the companies saying Marvell would provide custom XPUs and compatible scale-up networking for customers developing semi-custom AI infrastructure. Nvidia also invested $2 billion in Marvell as part of the partnership.

Marvell completed its acquisition of Celestial AI in February, adding its Photonic Fabric optical interconnect technology for high-bandwidth, low-latency connectivity across large AI deployments. Marvell said at the time that the deal adds a new addressable market in scale-up interconnects.

The company has also been expanding its optical portfolio as AI clusters require faster connections between processors and data centers, including products supporting 1.6-terabit connectivity.

Morgan Stanley Eyes Bigger 2030 Revenue For Marvell

Cantor is not alone in expecting Marvell to lay out a larger long-term opportunity. Morgan Stanley last week raised its price target to $268 from $246 while maintaining an ‘Equal Weight’ rating, according to TheFly. 

The firm expects the Oct. 6 event could frame fiscal 2030 revenue above $40 billion, with Google custom silicon and scale-up networking representing the largest potential sources of upside.

Marvell’s latest results show data centers already dominate its business. Fiscal second-quarter (Q2) data-center revenue rose 46% year-over-year to $2.172 billion, representing 79% of total revenue. Overall quarterly revenue increased 37% to a record $2.739 billion.

AI-related bookings remained exceptionally robust, and Marvell expects revenue growth to accelerate through the rest of fiscal 2027, with strength across connectivity and an acceleration in its custom business, CEO Matt Murphy said.

Retail Sentiment Around MRVL Stock

On Stocktwits, retail investor sentiment around MRVL stock remained in ‘bearish’ territory.

So far this year, Marvell stock has surged more than 184%. In comparison, the VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF (SOXX), which hold the stock, have risen around 60% and 78%, respectively, over the same period.

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