Marvell Technology Shares Drop 7% After Broadcom Revenue Shortfall
MRVL•Marvell Technology's shares plunged roughly 7% in premarket trading following Broadcom's 15% slide after a fiscal-quarter revenue miss and affirming a $100 billion AI chip sales target. Chip sector futures fell over 1% on profit-taking and geopolitical risk reassessment.
1. Broadcom Miss Leaves Chip Stocks Under Pressure
Broadcom reported a fiscal-quarter revenue shortfall and maintained its long-range AI chip sales target of $100 billion, triggering a 15% slump in its shares. This sell-off spilled into broader semiconductor sectors, with networking, memory and AI-focused chipmakers all seeing significant declines ahead of the market open.
2. Marvell Technology Falls 7% in Premarket Trading
Marvell Technology's stock dropped about 7% in premarket trading as Nasdaq 100 futures slid over 1%, reflecting profit-taking after a record rally. Investors cited stretched valuations and renewed Middle East geopolitical tensions as key factors driving the sector-wide pullback.
