What Does NVIDIA Offer That Marvell Does Not?

Investors buy Marvell Technology (MRVL) and NVIDIA (NVDA) to capture spending on artificial intelligence data centers, but the two companies generate revenue differently. NVIDIA sells the full AI system, while Marvell supplies custom chips for individual cloud customers and the components that connect chips inside a data center. Marvell has been the much stronger stock. It returned 222% over the past twelve months, compared with 25% for NVIDIA. What has each company told investors to expect from here?

What Marvell And NVIDIA Have Said Since August

Marvell recently raised its financial outlook, although NVIDIA still anticipates a faster pace of growth. On August 27, Marvell increased its fiscal 2027 revenue outlook to roughly $12 billion and lifted its fiscal 2028 outlook to about $18 billion, up from $16.5 billion a quarter earlier. This new outlook means revenue growth of about 50% in fiscal 2028, and it includes the custom business more than doubling.

Then, on October 6, Marvell raised its fiscal 2028 outlook again, to about $20 billion, and forecast fiscal 2031 revenue of $70 billion to $90 billion during its Investor Day. For context, the company generated $9.5 billion in revenue over the past twelve months.

NVIDIA delivered a different kind of update on August 26. Management provided a forecast a year ahead for the first time, projecting revenue growth of about 70% in fiscal 2028, though they noted supply constraints would hold that figure back….