Shares of Marvell Technology surged Tuesday after the chip-design and networking company unveiled an ambitious growth plan at its investor day in New York City.

Marvell is targeting $70 billion to $90 billion in revenue in fiscal 2031, up from just $8.2 billion in fiscal 2026, which ended in January. That would represent roughly 55% to 60% annual growth for the next half-decade.

Marvell stock soared as soon as CEO Matt Murphy announced the target. Shares were up 7.2% to $290.82 in early trading Tuesday.

The company has emerged as a darling of the artificial-intelligence trade over the last year, which has driven high expectations among investors. Shares have climbed nearly 250% in 2026 and now trade at about 50 times projected earnings over the next 12 months.

Marvell's custom chip hardware business has been an essential part of that story. The company counts AI hyperscalers like Alphabet and Amazon.com among its custom chip customers. Of the $70 billion to $90 billion in projected 2031 revenue, $30 billion will come from Marvell's custom business at the midpoint.

Meanwhile, Marvell's interconnect business, which includes networking solutions to transfer data both within and between data centers, will account for $37.5 billion in 2031, the company projects.