Marvell's shares end worst day in 24 years as tepid revenue forecast reignites AI spending fears
Marvell Technology's shares closed down 19.8%, marking their worst day in more than two decades and weighing on rival chipmakers' stocks on Thursday, after an in-line revenue forecast gave investors another reason to be jittery about spending on AI infrastructure as a years-long rally shows signs of cooling.
Marvell’s latest earnings beat Wall Street’s estimates, but the company’s outlook was roughly in line with expectations.
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Marvell beat expectations with its latest quarterly results and outlook, but that wasn’t enough to lift the stock.
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