Marvell Technology Group is trading 10.1% down now at $217.11 after investors focused on the delayed financial contribution from its Google custom-AI-chip agreement.
- Management said Google-related revenue would become significantly more meaningful in fiscal 2029, later than investors expected.
- Marvell reported $2.74 billion in quarterly revenue and raised its fiscal 2027 and 2028 outlooks.
- The timing disappointment overshadowed record quarterly results, triggered selling and weighed on semiconductor shares.