Marvell Technology stock (MRVL) has got Wall Street talking. It is suddenly back on the radar. And interestingly, this time, Wall Street is turning more bullish.
Shares of Marvell closed at $99.05 on March 31 after jumping 12.8% that single day, as per Yahoo Finance, extending an already strong run. In fact, Marvell is now up more than 60% over the past year, far beyond the broader S&P 500.
So what’s behind the latest single-day bull run? A fresh price target hike from one of the biggest banks on Wall Street, and a powerful new partnership with Nvidia that could reshape the artificial intelligence (AI) infrastructure space.
Marvell and Nvidia are key players in the semiconductor space, driving advances in data infrastructure and AI.
Founded in 1995 and headquartered in Santa Clara, California, Marvell has built a strong presence in data infrastructure. It develops semiconductors and related technologies that support networking, storage, and connectivity solutions.
NVIDIA, founded in 1993 by Jensen Huang and others, leads in GPUs and AI computing. Powering everything from gaming to data centers. Together, they highlight the growing importance of chipmakers in shaping the future of technology.
Photo Illustration by Jonathan Raa/NurPhoto via Getty Images
Marvell stock jumps after BofA raises price target on Nvidia deal
Bank of America just raised its price target on Marvell stock to $125 from $110, while maintaining a Buy rating. The reason? A newly announced partnership with Nvidia that’s getting serious talk across Wall Street.
Under the deal, Marvell will help power a new generation of AI infrastructure through Nvidia’s NVLink Fusion ecosystem. That’s the platform designed to enable more flexible, high-performance computing systems.
Here’s what each company brings to the table. Marvell brings custom XPUs and networking switches. For Nvidia, we have CPUs, networking chips, and AI interconnect technology
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The goal is just simple. To build heterogeneous AI systems that can scale faster and handle increasingly complex workloads. And for this, it isn’t just a short-term play.
Both companies are also expanding their collaboration into advanced technologies like silicon photonics and co-packaged optics. Targeting deployments through 2028 and beyond. This matters so much. Why? Because it positions Marvell right at the center of the next phase of AI infrastructure growth.
AI demand and big tech customers fuel Marvell’s growth outlook
The partnership could unlock major opportunities. In fact, it could do it with some of the biggest names in tech. According to BofA, potential adoption candidates include Amazon (with its Trn4 chip expected in late 2026 or early 2027) and Microsoft (with Maia-3 launching in a similar timeframe).
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That’s a big deal because these companies are spending billions to build AI infrastructure. And Marvell could become a key supplier. BofA estimates Microsoft alone could generate around $600 million in revenue for Marvell by fiscal 2029, even as the tech giant plans massive capital expenditures.
And the fundamentals already look strong
On March 5th, Marvell recently reported record fiscal 2026 revenue of $8.195 billion, up 42% year-over-year, driven largely by AI demand.
Other key highlights included:
- Q4 revenue: $2.219 billion (22% year-over-year increase)
- GAAP EPS: $3.07 (up 81% YoY)
- Non-GAAP EPS: $0.80, exceeding the $0.79 expected.
- Data Center Revenue: $1.65 billion, representing 74% of total revenue and rising 21% from the previous year.Â
- Fiscal Year 2026 Performance: Achieved record annual revenue of $8.195 billion, up 42% year-over-year.Â
All told, the numbers tell how strong the fundamentals are. Marvell Technology is on a powerful wave of AI-driven demand. With record revenue, strong earnings growth, and data center sales doing most of the heavy lifting, it isn’t just participating in the AI hype but becoming a key beneficiary.
Here is what is next for Marvell
The stock is already surging, and there seems to be more upside left. BofA’s new $125 price target suggests there is, based on a higher valuation multiple tied to future earnings growth.
And there are reasons to stay optimistic.
Marvell has significantly outperformed the market, as per Yahoo Finance
- YTD return: up 16.6% vs. 4.6% drop for the S&P 500
- 1-year return: 61.4% gain vs. 16.3% gain
- 3-year return: up 131% vs. 58.8% gain
That kind of outperformance doesn’t happen by accident. It reflects a company riding one of the most powerful AI infrastructure trends in tech today.
Marvell is no longer just another semiconductor company. It’s actually becoming a key player in the AI race. With a major Wall Street upgrade, a deepening partnership with Nvidia, and strong financial momentum, the story is gaining strength fast.
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