By Trefis Team
Publication Date: 2026-05-29 14:08:00
Marvell Technology (MRVL) is emerging as one of the most important behind-the-scenes architects of next-generation AI infrastructure. The market has noticed. The stock is up more than 2.3x year to date, and the valuation has re-rated, moving from under 10x trailing sales in early January to near 22x today. See how Marvell’s price-to-sales multiple changed over time.
A move of that size requires the business to keep validating the multiple. Did the company’s Q1 results do that?
Marvell reported record revenue of $2.418 billion, up 28% year over year and 9% sequentially, above the midpoint of its own guidance. Data center revenue set a record at $1.833 billion, up 27% year over year. Management also raised its revenue forecast for both fiscal 2027 and fiscal 2028, citing AI-related bookings across optics, switching, and custom silicon.
Interconnects
The interconnect thesis received direct support in the quarter. AI systems now…