Marvell Technology reported first-quarter fiscal 2027 revenue of $2.4 billion and said it expects growth to keep speeding up through the rest of the year. The chip maker also guided to about $2.7 billion in the current quarter, a target that would mark roughly 35% year-over-year growth.
That forecast is why Marvell is drawing so much attention now. The stock has climbed more than 130% since the start of 2026, recently touched a new all-time high and has become one of the market’s sharper debates: how much growth is already priced in, and how much is still ahead.
Matt Murphy said Marvell expects revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in its data center business. The company said first-quarter revenue rose 28% from a year earlier, a pace that helps explain why investors have rushed into the shares even after a steep run.
Murphy’s message lands against a valuation that is hard to ignore. Marvell is trading at around 70 times trailing earnings and more than 50 times forward earnings, well above the broader market’s average of 26 times trailing earnings and 22 times forward earnings. For a company tied to one of the market’s hottest themes, that kind of multiple leaves very little room for a stumble.
Marvell makes custom chips that help companies diversify away from Nvidia’s expensive hardware, and its products can also integrate with the rack-scale platform NVLink Fusion. That keeps the company embedded in the AI infrastructure trade, but it also means investors are paying for a story that still has to keep delivering quarter after quarter. Marvell’s next test is the current period it guided to, when it will need to turn that $2.7 billion target into another step higher in the growth curve.
