Economy / Markets
Marvell shares drop 10% after earnings despite CEO's 'robust' AI outlook
Marvell Technology fell 10.3% in Friday trading even as CEO Matt Murphy told investors the company's AI-related business is 'robust' and raised forecasts for upcoming revenue growth, with revenue and income for the quarter edging past analyst expectations. The selloff reflected investor skepticism that much of the optimism was already priced in — Marvell had entered the day with a year-to-date gain of 184% — and a broader cooling across chip stocks as the market questioned whether AI demand can keep outrunning supply.