Marvell Drops 2.06% to $309.91 as Traders Take Profits After 102% Rally
Updated
Updated · Benzinga · Jun 5
Marvell Drops 2.06% to $309.91 as Traders Take Profits After 102% Rally
1 articles · Updated · Benzinga · Jun 5
Summary
Marvell shares fell 2.06% to $309.91 in Friday premarket trading after retail investors locked in gains from a sharp multi-day run.
The pullback followed a surge of nearly 102% from $160.01 on May 7 to a fresh 52-week high of $324.15, even as broader futures also weakened.
That rally was fueled by rising enthusiasm for custom AI chips, with investor Gary Black naming Marvell and Broadcom as key beneficiaries of specialized AI infrastructure demand.
Nvidia CEO Jensen Huang amplified the move at Computex, calling Marvell a potential trillion-dollar company as AI bottlenecks shift toward data movement and connectivity.
Data centers generate about 76% of Marvell's revenue, and the company recently posted $2.42 billion in quarterly sales while promoting products such as its Teralynx T100 switch.