Marvell Shares Fall as Micron-Led Selloff Hits Semiconductor Sector

Marvell Technology's shares declined approximately 7% on Wednesday amid a broader semiconductor selloff.

Micron Technology's stock dropped 8%. This followed reports of intensifying competition from Chinese memory-chip manufacturers.

Market concern focused on China-based ChangXin Memory Technologies (CXMT). CXMT is rapidly gaining market share in the DRAM sector.

The news prompted a risk-off sentiment for the semiconductor industry. This impacted major chipmakers including Intel, AMD, and Marvell.

The iShares Semiconductor ETF (SOXX) fell 4%.