Jim Cramer Says Marvell Is Expensive Unless Everything Works, and Then It Is Cheap

Jim Cramer discussed Marvell Technology's stock valuation on CNBC's Squawk on the Street, stating it is expensive unless everything works, in which case it becomes cheap. The stock closed down 10.28% on the day after reporting an earnings beat on August 27, 2026. Marvell's trailing PE ratio of 83x and price-to-sales ratio of 24.89x are high, and the stock's value is dependent on meeting fiscal 2028 revenue growth targets of approximately 50% and data center growth of over 60%.

Cramer likened Marvell to NVIDIA during its growth phase, stating the stock is a binary outcome; investors must assume a compelling story from the upcoming analyst meeting on October 6. Marvell has a custom silicon business, which is concentrated on a few customers, mainly data center, accounting for 79% of total revenue. A pullback from a top hyperscaler could jeopardize the stock's valuation.