Marvell (MRVL) Stock Jumps 9% After Hours - Here's What Investors Like

Marvell’s conference call is winding up, a few notes:

• Marvell CEO Matthew Murphy once again notes the strength of emerging categories like AECs.
• Says an updated long-term model will come at next year’s investor day.
• Finally reiterates that he is “all in,” which seems to once again address reports today that Intel may be targeting him as their next CEO.

As of 5:40 p.m. ET, Marvell shares are up 9.4%. Whether the stock rises or falls from these levels tomorrow will likely be driven by Wall Street upgrades and commentary. Several analysts tried to nail down more specifics around AI revenue contributions in the company’s conference call, but Marvell is holding off on a larger update (that will likely come at their next investor day).

That concludes our live blog of Marvell’s earnings. If you’re looking for more research and reading on the opportunity around the ‘next wave’ of AI spending that companies like Marvell are riding, make sure to download a complimentary copy of our ‘Discover the Next NVIDIA‘ report. 

Marvell addressed why custom TAM is growing at such a fast rate. Marvell CEO Matthew Murphy reiterated a $40 billion TAM around custom data center chips, saying the company hopes to achieve 20% or more market share. He cited one significant competitor – which is Broadcom (Nasdaq: AVGO) – in the space.

In terms of dynamics pushing more revenue to custom chips, Murphy cited TCO (total cost of ownership) and reducing power needs across the data center.

One of the questions on Marvell’s earnings call was whether the company could size revenue opportunities across networking. Marvell CEO Matthew Murphy called out active electronic cabling (AECs) as a big area of opportunity.

It is worth noting that Credo Technology Group (Nasdaq: CRDO) sees significant revenue from selling AECs and was up 48% after announcing earnings last night. It appears companies involved in AECs are seeing white-hot growth across the board right now.

The first question on Marvell’s earnings call asked about updated figures on AI revenue. Marvell has previously guided to $1.5 billion in AI revenue this year and $2.5 billion next year.

Marvell CEO Matthew Murphy said they’re tracking ‘hundreds of millions’ in revenue above that past guidance, but haven’t given an updated number.

Another question directly asked Matthew Murphy about his potential interest in the Intel (Nasdaq: INTC) CEO role. Murphy answered the question by saying he’s 100% committed to Marvell and that the AI TAM opportunity is the largest he’s ever seen in the industry.

Here are a few notable comments from Marvell’s third-quarter earnings release:

“Marvell’s fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell. ”

“The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026.”