Marvell shares rise 247% YTD on AI demand and earnings

Shares of Marvell Technology have surged dramatically in 2026, driven by explosive demand for its artificial intelligence infrastructure products. The stock has gained approximately 247% year-to-date, with shares trading in a range around $271 to $279 as of late June. This remarkable performance follows the company's strong first-quarter earnings report and bullish forecasts for its custom AI chip and optical networking businesses.

The rally accelerated after Marvell reported fiscal first-quarter 2027 results on May 27, 2026. Revenue reached $2.42 billion, a 27.6% increase from the same period last year and slightly ahead of analyst expectations. Earnings per share were $0.80. A key driver was data center revenue, which grew to $1.83 billion and now represents about 76% of the company's total business. CEO Matt Murphy cited exceptional AI-related bookings and raised the company's financial outlook for fiscal years 2027 and 2028.

Looking ahead, Marvell provided guidance for the second quarter of fiscal 2027, projecting earnings per share between $0.88 and $0.98. The company anticipates full-year revenue growth of approximately 40%, which would bring fiscal 2027 revenue to around...