NEW YORK, July 5, 2026, 16:03 EDT
- Marvell Technology, Inc. NASDAQ:MRVL dropped 9.84% in the last session, wiping out roughly $23.4 billion in market cap.
- U.S. stock markets were closed Friday for the Independence Day holiday. July 5 falls on a Sunday.
- The stock has dropped roughly 20% since the June 22 close, which was its first trading day after joining the S&P 500.
- Marvell has set July 10 as the record date for its $0.06 per share quarterly dividend next week.
Marvell Technology, Inc. NASDAQ:MRVL starts the week facing a clear issue: it’s in the S&P 500 now, but traders are getting more cautious on the value of its AI revenue story.
U.S. markets didn’t open Friday, July 3, for the Independence Day holiday. Nasdaq’s normal schedule is Monday to Friday, 9:30 a.m. to 4 p.m. Eastern. So the last cash-market close was Thursday, before trading starts again on Monday.
Marvell ended Thursday at $245.29, dropping 9.84%. Shares hit an intraday low of $237.20. The stock lost 8.05% for the short week, despite jumping 7.25% on Tuesday. Marvell’s two-day decline from Tuesday’s close totaled 17.66%, according to historical price data.
| Last available session | Ticker | Price | Move | Gap versus Marvell |
|---|---|---|---|---|
| Marvell Technology | NASDAQ:MRVL | $245.29 | -9.84% | — |
| VanEck Semiconductor ETF | NASDAQ:SMH | $592.29 | -4.59% | -5.25 pct pts |
| Invesco QQQ Trust | NASDAQ:QQQ | $712.60 | -1.70% | -8.14 pct pts |
| NVIDIA Corp. | NASDAQ:NVDA | $194.83 | -1.47% | -8.37 pct pts |
| Broadcom Inc. | NASDAQ:AVGO | $360.45 | -2.48% | -7.36 pct pts |
| Advanced Micro Devices, Inc. | NASDAQ:AMD | $517.82 | -4.24% | -5.60 pct pts |
The peer table lays out the main point. Marvell dropped more than just the overall chip sector ETF, and it slid more than NVIDIA Corp. NASDAQ:NVDA, Broadcom Inc. NASDAQ:AVGO, or Advanced Micro Devices, Inc. NASDAQ:AMD, according to the last market data.
Google Finance had the stock’s market cap at roughly $214.58 billion, with 874.80 million shares out. The $26.76 tumble from Wednesday to Thursday wiped out about $23.4 billion in value. The P/E ratio showed up near 84, and the 52-week range was $61.44 to $329.88.
The market is focusing more on Marvell’s next AI cycle than on last year’s sales. Marvell posted $8.195 billion in fiscal 2026 revenue, but as of Thursday, shares still traded at about 26.2 times that figure.
| Valuation bridge | Figure | Read-through |
|---|---|---|
| Market value after the selloff | $214.58 bln | Shows equity worth after drop |
| Projected 2026 revenue | $8.195 bln | Works out to about 26.2x sales |
| Marvell 2028 revenue estimate | $16.5 bln | Implied at 13.0x the target |
| Q1 ’27 revenue | $2.418 bln | 28% higher versus last year |
| First quarter ’27 data center revenue | $1.83 bln | Makes up 75.7% of total |
| Custom chip 2029 revenue goal | Over $10 bln | Key long-term trigger for stock |
Marvell reported first-quarter fiscal 2027 revenue of $2.418 billion on May 27 and told investors it expects second-quarter revenue to come in at $2.700 billion, plus or minus 5%. “We are seeing exceptional AI-related bookings,” CEO Matt Murphy said in the release. Marvell Technology, Inc.
Marvell now sees its custom-chip business going over $10 billion in fiscal 2029 and bumped its 2028 revenue outlook to about $16.5 billion from $15 billion, Reuters reported after the results. “We have custom engagements across the board at all the U.S. hyperscalers,” CEO Murphy told analysts, according to Reuters. Morningstar’s William Kerwin called the custom-chip target “$5 billion in incremental revenue from FY28 to FY29 exclusively from one business.” Reuters
Marvell’s S&P 500 entry is a recent angle. Reuters said last month the chipmaker would join the index before trading on June 22 after making the profitability cut. Marvell stock finished June 22 at $307.86, then dropped to $245.29 by July 2. That’s down around 20.3% in under two weeks.
Marvell is set to pay its next quarterly dividend, $0.06 a share, on July 30 to holders of record by July 10. The payout looks small versus the share price drop, but the July 10 record date is key for indexing and income funds after the selloff.
The product story is still on AI data-center networking and custom silicon. Marvell rolled out its Teralynx T100 switch silicon on June 1, touting 102.4 Tbps of bandwidth. Sampling to customers is set for this quarter. Rishi Chugh, who runs Marvell’s data-center switch business, said the chip was “designed without the legacy baggage that inflates power.” Marvell Technology, Inc.
NVIDIA has backed its AI ambitions here with cash and hardware. In March, NVIDIA and Marvell rolled out their NVLink Fusion collaboration. Marvell said at the time that NVIDIA had put $2 billion into the company. “The inference inflection has arrived,” NVIDIA boss Jensen Huang said. Marvell’s Murphy said the deal brings Marvell’s optical, analog, and custom silicon technology into NVIDIA’s AI world. Marvell Technology, Inc.
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