Stocks
Marvell Technology's Stock Price Drops 10.3% Amid AI Ambitions
Marvell Technology's stock price fell by 10.3% in regular trading despite delivering strong quarterly results.
The company reported record revenue of $2.74 billion, with data center sales accounting for 79% of total revenue and reaching $2.17 billion.
Management raised their multi-year revenue and margin targets, guiding to about $12 billion in revenue for FY27 and $18 billion in FY28.
The expanded Google warrant, tied to future custom chip purchases, is another tangible milestone that connects the AI narrative to contracted demand.