JPMorgan Expects Marvell To Ride AI Wave Ahead Of Q4 Earnings

JPMorgan analysts anticipate that Marvell Technology will deliver solid financial results for its fourth quarter, primarily fueled by strong artificial intelligence (AI) demand within its datacenter business. The investment firm maintains an Overweight rating on Marvell’s stock with a price target of $130, reflecting confidence in the company’s growth prospects driven by accelerated spending on AI infrastructure.

Marvell is expected to report January quarter revenues around $2.204 billion, marking a sequential rise of approximately 6%, with optimistic guidance for the April quarter projecting low- to mid-single-digit revenue growth. JPMorgan highlights that the AI semiconductor sector is experiencing robust beats and upward guidance revisions, trends Marvell is well-positioned to capitalize on. Beyond AI, the non-cyclical segments of Marvell’s business are gradually improving, contributing to a comprehensive growth outlook.

Additionally, Marvell’s advanced AI ASIC projects are progressing, with its Microsoft AI ASIC MAIA 3nm expected to scale capacity in the latter half of fiscal 2026 and throughout 2027. Subsequent 2nm ASIC initiatives, including AWS’s Trainium 4 and Microsoft’s Maia, are on track for mass production around 2027–2028, supporting sustained innovation leadership in AI chip design.

JPMorgan also updated its fiscal year 2028 outlook to incorporate recent acquisitions of Celestial AI and XConn, which enhance Marvell’s scalable networking capabilities and broaden its portfolio across diverse network technologies. Overall, Marvell is positioned to benefit from the expanding AI market, combining strong demand, advanced product development, and strategic acquisitions into a promising growth narrative.