Marvell Technology Inc (MRVL): 2026 Investor Day Review: Firing on All Cylinders; Substantial Upward Revisions to Forward TAM, Revenues, and LT Earnings Power; Credible Path to $35+ of EPS by CY30

Marvell Technology Inc. (MRVL) hosted its 2026 Investor Day in NYC, outlining significant upward revisions across its total addressable market (TAM), custom silicon opportunity, and multi-year revenue framework. Management raised its FY28 revenue outlook to ~$20B, upsized its FY29 custom silicon target to >$12B, and introduced a new FY31 (CY30) long-term operating model that calls for $70-90B of total company revenues by 2030 (nearly 2x current Street estimates) and LT operating margins of 44-46%. MRVL now sees a path to >$30 of EPS by 2030, and J.P. Morgan believes there is a credible path to $35+ of EPS by CY30. Custom silicon revenue target was upsized to ~$30B by FY31, supported by multi-generation design wins across all 4 major US hyperscalers; interconnect TAM is sized at ~$65B by CY30 with revenues potentially reaching ~$37.5B by FY31;