Reported about 15 hours ago
Marvell Technology Inc. saw its shares plummet by 16% in late trading after announcing a revenue forecast of approximately $1.88 billion for the fiscal first quarter, below some analysts' expectations that reached as high as $2 billion. The disappointing outlook has left investors concerned about the effects of the AI boom on the company's performance, especially since Marvell had previously reported stronger-than-expected results that drove its stock to record highs. This trend follows a broader decline in AI-related stocks amid worries over decreased spending by customers.
Source: YAHOO