Marvell stock surges after company raises 2028 revenue outlook to $20 billion

What happened: Marvell Technology (MRVL) stock surged roughly 8% on Tuesday, touching its highest level since June. What's behind the move: The semiconductor designer raised its revenue guidance for fiscal year 2028, exceeding the average analyst estimate. "We expect approximately $20 billion in total company revenue in FY28, representing about 67% year-over-year growth," CEO Matt Murphy said during the company's investor day conference on Tuesday. Marvell had guided to $18 billion in August, while Wall Street had anticipated $18.2 billion for the period, according to Bloomberg data.