Marvell Tech Poised for Growth with Potential Google Boost

Marvell Technology's AI data center business may see significant growth starting in fiscal 2029, according to RBC Capital Markets. The investment bank believes that Marvell's demand will rise as operators upgrade to faster optical connections and scale-up networking grows.

RBC also expects the custom silicon business to accelerate through fiscal 2028 and take another step up in fiscal 2029 if Alphabet's Google becomes a bigger customer. This could lift Marvell's custom-chip revenue above its current target of more than $10 billion.

Despite the stock sliding nearly 8% on Friday, RBC kept an outperform rating and a price target of $360. The bank's target leans on a fiscal 2029 Google ramp, which could make Marvell's stock more sensitive to interest rates and shifts in confidence about execution.