Marvell (MRVL) Stock Hits Another All-Time High — And Earnings Haven’t Even Dropped Yet

TLDR

• MRVL stock hit its 15th record closing high of 2026 on Thursday, closing at $190.69, up 2.1% on the day.
• The stock is up 125% year-to-date and 209% over the past 12 months, fueled by AI chip demand from hyperscalers like Amazon and Microsoft.
• Bank of America raised its price target to $200, calling MRVL a “top pick,” citing optical networking growth and custom chip demand.
• Institutions now own 83.51% of MRVL, with Vanguard and Ameriprise among those increasing their positions recently.
• Marvell reports Q1 fiscal 2027 earnings on May 27, with analysts watching for updates on its Microsoft Azure chip deal and a potential Google partnership.

Marvell Technology (MRVL) Stock Hits 15th Record High of 2026 Ahead of Earnings

Marvell Technology, Inc., MRVL

Marvell Technology closed at $190.69 on Thursday, marking its 15th all-time closing high of the year. The stock briefly touched $194.58 intraday, also a new all-time high.

The move adds to an already eye-catching 2026. MRVL is up 125% year-to-date and has more than tripled over the past 12 months, gaining 209%.

That performance is being driven by strong demand for Marvell’s custom chips from hyperscalers. Amazon and Microsoft are among its biggest customers, using Marvell chips in their AI and cloud infrastructure.

Marvell’s optical networking business has also become a key growth driver as data center operators build out faster interconnects to support AI workloads.

Wall Street has taken notice. Bank of America recently lifted its price target from $125 to $200 and named MRVL a “top pick.” The firm pointed to growth in optical networking, broad demand for custom chips, and what it described as a conservative ramp estimate for Marvell’s chip deal with Microsoft’s Azure business.

BofA also flagged a potential new Google partnership and higher capital spending by hyperscalers as factors that “should drive upside to the datacenter business.”

Other analysts have followed suit. Wells Fargo lifted its target citing “significant AWS Trainium expansion ahead.” Evercore ISI raised its target on rising AI infrastructure demand. Citi also increased its forecast materially ahead of Q1 results.

Institutional Interest Remains Strong

Institutional ownership stands at 83.51% of the company. Vanguard Group increased its stake by 23.5% last quarter to 79.6 million shares. Ameriprise Financial grew its position by 59.7%, adding more than 6.2 million shares.

Franklin Resources lifted its stake by 47%, and Van ECK Associates raised its position by 12.1%. More recently, Fideuram Intesa Sanpaolo Private Banking opened a new position worth approximately $1.56 million.

That level of institutional accumulation suggests broad conviction in the MRVL growth story heading into earnings.

Earnings Due May 27

Marvell reports Q1 fiscal year 2027 results on May 27. The company guided for Q1 EPS of $0.74 to $0.84. For context, in its last quarter (Q4 fiscal 2026) it posted $0.80 EPS on revenue of $2.22 billion, both just ahead of consensus estimates. That revenue figure was up 22.1% year-over-year.

Analysts will be watching for updates on the Microsoft Azure chip deal, any details on a potential Google partnership, and forward guidance on optical networking revenue.

The company carries a market cap of approximately $171 billion. Its 50-day moving average price sits at $132.70, well below where the stock is currently trading, reflecting how sharp the recent move has been.

With 27 analysts at a Buy rating and just eight at Hold, the overall analyst picture heading into May 27 is firmly constructive.

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