Marvell Stock Soars on Rising Multiple, Connectivity Key to Revenue Growth

Marvell's stock price has increased significantly in recent months, driven by its forward P/E ratio roughly doubling from 23.7x to 48.0x since January.

This increase is largely due to the company's growing earnings and the rising multiple, rather than a single event or announcement.

The Google agreement signed on July 29 and disclosed on August 19 has received significant attention, but according to Marvell CEO Matt Murphy, revenue from warrant programs through fiscal 2028 was already inside the custom target the company had given before.

Murphy attributed the $1.5 billion increase in fiscal 2028 revenue guidance to connectivity, specifically citing 1.6T optical signal processors, scale-out switching, and scale-up optics as key drivers.