Marvell (MRVL) shares have risen 185% over the past year, driven by Nvidia's $2 billion investment, a deal giving Google a warrant for up to about 59 million shares, and a fiscal 2031 revenue target of $70 billion to $90 billion. Still, the stock is about 26% below its June high amid worries about how AI spending will be funded, even as analysts raised their fiscal 2031 revenue estimates to about $74.5 billion. The forward P/E has fallen from 48x to about 43x, still above its five-year average of about 33x. The author says it isn't too late to get in and sees the pullback as a possible opportunity for patient investors, with the next test being the fiscal third-quarter report due in early December.
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