Marvell Technology is trading 10.12% down at ARS 24860.00 after investors reacted negatively to its August 27 earnings update, which indicated Google-related AI revenue would contribute much more significantly in fiscal 2029, later than anticipated.
- Fiscal second-quarter revenue reached $2.74 billion and beat expectations.
- Management guided to lower near-term gross margins as custom AI silicon becomes a larger revenue mix, intensifying pressure across semiconductors.
- SOXX is down 2.64%, but the company-specific earnings reaction is the primary catalyst.