Core Viewpoint - Wall Street analysts expect Marvell Technology (MRVL.US) to experience substantial growth over the next two years, driven by the increasing demand for customized AI ASIC chips in large AI data centers as global AI infrastructure expands rapidly [1][2]. Financial Performance - Marvell's Q3 FY2026 earnings report exceeded Wall Street's expectations, with a revenue forecast for Q4 of approximately $2.2 billion, significantly higher than the analyst average of $2.18 billion [2]. - The company projects a Non-GAAP EPS range of $0.74 to $0.84, with a Non-GAAP gross margin expected between 58.5% and 59.5% [2]. - Management anticipates total revenue of around $10 billion for the next fiscal year, with a 25% growth in data center business revenue [2]. Market Dynamics - The surge in generative AI has accelerated the development of AI chips by cloud computing and chip giants, with Marvell and its competitor Broadcom focusing on customized AI ASIC solutions for major cloud providers like Amazon and Google [3]. - The AI ASIC market is witnessing explosive growth, with significant investments from companies like Meta and Anthropic in AI infrastructure [3]. Analyst Sentiment - Analysts have raised their target prices for Marvell, with Morgan Stanley increasing its target from $86 to $112, citing a realistic 20% growth rate for 2026 and a remarkable 100% growth for 2027 [4][5]. - Jefferies analyst Blayne Curtis noted that confidence in Marvell's customized ASIC chip business is rising, with expectations of a 20% growth next year and strong order backlog [5]. - Analysts from Needham and other firms have also raised their target prices significantly, indicating a strong outlook for Marvell's revenue growth in the semiconductor industry [6].