US stocks: Marvell raises 2028 revenue forecast on strong AI data center demand

Marvell raised its 2028 revenue forecast to about $20 billion on Tuesday, citing strong demand for its chips used in data centers.

Shares of the company rose nearly 9% in early trading. The stock has more than tripled in value so far this year.

Marvell had forecast $18 billion in revenue in August. Analysts were expecting revenue of $18.2 billion, according to data compiled by LSEG.