Citi Report: Marvell Raises Revenue Guidance for Two Consecutive Quarters, Google XPU-Attach Protocol Opens Long-Term Po

Marvell is evolving from an AI connectivity chip company into a custom computing platform provider. Citi reported that Marvell has raised its full-year revenue guidance for the second consecutive quarter, with FY2027 revenue expectations increased to approximately $12 billion and FY2028 to $18 billion. Management expects data center revenue to grow by over 60% in both fiscal years. Citi maintains a 'Buy' rating with a target price of $275. Key long-term growth drivers include a new custom chip agreement with Google covering the full XPU-attach category, new