NEW YORK, July 2, 2026, 15:04 EDT
- Marvell Technology, Inc. NASDAQ:MRVL dropped 10.8% to $242.78 during afternoon trading. The Philadelphia SE Semiconductor Index was down 6.7%.
- Marvell’s equity value is now about 29 times its annualized Q1 data-center revenue, compared to roughly 39 times at the 52-week peak, according to Google Finance and company filings.
- UBS hiked its Marvell target to $340 from $230 this week, leaving the new target about 40% ahead of where the stock closed on Thursday.
- Nasdaq will be open on Thursday, but shut on Friday, July 3, for the Independence Day holiday.
Marvell Technology, Inc. NASDAQ:MRVL dropped 10.8% to $242.78 on Thursday afternoon, leading losses among chip stocks. Broadcom Inc. NASDAQ:AVGO, NVIDIA Corp. NASDAQ:NVDA and the broader market also slipped as traders sold semiconductors ahead of the long U.S. market holiday.
Valuation is more clear cut. Marvell posted $1.83 billion in data-center revenue for the first quarter, making up 76% of total sales. With 874.8 million shares outstanding, according to Google Finance, that puts the equity market paying roughly 29 times Marvell’s current annualized data-center run rate. At the 52-week peak, the multiple was about 39.
| Marvell reference price | Implied equity value | Multiple of annualized Q1 data-center revenue |
|---|---|---|
| 52-week high at $329.88 | $288.6 billion | 39.4x |
| Closed at $272.05 on July 1 | $238.0 billion | 32.5x |
| Trading Thursday afternoon at $242.78 | $212.4 billion | 29.0x |
| Hit an intraday low of $238.93 Thursday | $209.0 billion | 28.5x |
The drop since Wednesday wiped out around $25.6 billion in market value by that count. That’s about 3.5 times Marvell’s annualized first-quarter data-center revenue. The takeaway for investors: the selloff is bringing down the valuation on AI connectivity sales, not just pulling back a chip name.
| Stock or index | Latest move | Price or level |
|---|---|---|
| Marvell Technology, Inc. NASDAQ:MRVL | fell 10.8% | $242.78 |
| Broadcom Inc. NASDAQ:AVGO | dropped 2.8% | $359.12 |
| NVIDIA Corp. NASDAQ:NVDA | was down 2.1% | $193.36 |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | lost 0.3% | $743.26 |
| Nasdaq Composite | slipped 1.5% | 25,636.99 |
| Philadelphia SE Semiconductor Index | sank 6.7% | — |
Marvell stock picked up fresh analyst backing this week. UBS’s Timothy Arcuri bumped his price target up to $340 from $230 and kept his Buy rating. UBS expects CXL-linked revenue to hit nearly $1 billion in 2027, then $2 billion in 2028. Arcuri said Marvell has the top market share for CXL, according to Invezz.
Marvell hasn’t updated its guidance since its May 27 earnings report. The chipmaker is still calling for second-quarter revenue of $2.7 billion, give or take 5%, and non-GAAP diluted EPS at 93 cents, plus or minus 5 cents. CEO Matt Murphy said Marvell saw “exceptional AI-related bookings” and expected “revenue growth to continue accelerating each quarter.” Marvell Technology, Inc.
The company has brought in more people with backgrounds in custom silicon. SDxCentral reported Thursday that Jay Kirkland, who used to lead EPYC and Instinct platform engineering at Advanced Micro Devices, Inc. NASDAQ:AMD, is now senior vice president of custom silicon engineering at Marvell. Kirkland told the outlet that AI opportunities are “expanding faster than our industry’s ability to deliver them.” SDxCentral
Stocks were down. Reuters said the Philadelphia semiconductor index gave up 6.7%, with the Nasdaq Composite off 1.54%. This came even as a weaker jobs print cut some Fed risk. U.S. payrolls grew by 57,000 in June, missing the 110,000 forecast. “It just takes the pressure off the Fed,” said Adam Sarhan, CEO at 50 Park Investments. Reuters
Nasdaq will run regular trading hours Thursday, open from 9:30 a.m. to 4 p.m. Eastern. The exchange shuts down Friday, July 3, for Independence Day.
