On October 6, Marvell Technology rose 3.55% in regular trading, trading at $280.73 per share, with turnover of $860 million. The move was driven by the company's Investor Day event, where management was expected to update AI revenue guidance.

HSBC raised its price target on Marvell to $450 from $325, while UBS adjusted its target to $335 from $310, both maintaining Buy ratings. RBC Capital Markets noted in a preview that Marvell is one of the few semiconductor stocks with revenue acceleration potential in 2027 and 2028. Analysts expect management to raise its calendar year 2028 AI revenue forecast by at least $2 billion from the prior $10 billion plus guidance. The collaboration with Alphabet on custom silicon is projected to contribute approximately $1 billion in revenue by 2028, with initial ramps beginning in late calendar 2027.

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