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Marvell Technology could be heading toward a significantly larger opportunity in AI infrastructure than previously expected, according to Cantor Fitzgerald. The investment firm estimates that the company’s addressable data-centre opportunity could expand to as much as USD 625 billion by 2030.
Cantor analyst C.J. Muse raised Marvell’s price target to USD 330 from USD 300 ahead of the chipmaker’s October 6 Investor Day, while maintaining a Neutral rating. The firm said the broader opportunity could support revenue growth of 40% to 45% annually between 2025 and 2030, along with at least USD 20 in earnings per share by 2030.
Cantor’s expanded estimate covers several areas of Marvell’s business that are benefiting from the growth of AI data centres. These include custom compute, XPU attach solutions, optical connectivity, Ethernet switching and scale-up networking.
The company has been increasing its focus on specialised chips and connectivity products as AI systems become larger and more demanding. Marvell’s custom silicon business, in particular, has grown rapidly and now represents about a quarter of its data-centre revenue, according to the company.
Its optical interconnect business is another major contributor. Marvell said the segment has grown at roughly a 50% compound annual rate over the past five years.
Marvell’s involvement in Nvidia’s NVLink Fusion ecosystem is also part of Cantor’s broader assessment. The companies announced the partnership earlier this year, with Marvell providing custom XPUs and scale-up networking solutions for customers developing specialised AI infrastructure.
Nvidia also invested USD 2 billion in Marvell as part of the partnership, strengthening the relationship between the two companies. Marvell has separately expanded its optical technology portfolio through the acquisition of Celestial AI, adding photonic interconnect technology aimed at moving data between processors and other components inside large AI systems.
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Marvell’s October 6 Investor Day is expected to provide more detail on how management views the company’s longer-term growth prospects. Morgan Stanley estimated that Marvell could frame fiscal 2030 revenue at more than USD 40 billion, with custom silicon and scale-up networking among the potential drivers.
The projections come as Marvell’s existing data-centre business continues to expand. The company reported record quarterly revenue of USD 2.739 billion in its latest quarter, while data-centre revenue reached USD 2.17 billion, up 46% year over year.
Cantor’s USD 625 billion figure represents an estimated market opportunity, not Marvell’s expected revenue. How much of that market the company ultimately captures will depend on customer adoption, competition and its ability to scale its custom silicon and connectivity businesses.
