Marvell Technology Stock After the Bell on December 10, 2025: What MRVL Investors Should Know Before the December 11 Open

Marvell Technology, Inc. (NASDAQ: MRVL) just delivered one of its most closely watched trading sessions of 2025, as the stock rebounded sharply on December 10 following days of anxiety over potential customer defections in its AI chip business. With the market now digesting fresh CEO commentary, new analyst calls, and a major Federal Reserve rate cut, MRVL investors heading into the December 11, 2025 U.S. open have a lot to process.

Below is a structured look at how Marvell traded, what moved the stock, the latest forecasts and analyses dated December 10, 2025, and the key things to watch before the bell on December 11.

1. How Marvell Technology (MRVL) Traded on December 10, 2025

After several bruising sessions earlier in the week, Marvell shares staged a strong rebound on Wednesday, December 10.

Multiple real‑time and end‑of‑day feeds show MRVL closing around $92.5 per share, up roughly 4% on the day. Zacks’ “Top Movers” list, for example, has Marvell at $92.47, up 4.02%, putting it among the day’s notable gainers. ^[1]
Technical site StockInvest reports a 4.06% gain, with the stock rising from $88.86 to $92.46, noting that Marvell has now risen in 7 of the last 10 sessions and is up more than 10% over the past two weeks, albeit on declining volume. ^[2]

Intraday, trading‑oriented outlet StocksToTrade described MRVL “trading up by about 3%” mid‑session amid a wave of positive sentiment tied to AI growth and recent corporate moves, framing the stock as experiencing an “unexpected surge” as traders reacted to fresh catalysts. ^[3]

Takeaway: Heading into the after‑hours session, Marvell looked like a classic relief rally: strong percentage gains, decent volume, and a partial unwind of earlier fear‑driven selling.

2. After-Hours Action: What Happened Once the Bell Rang

While the regular session ended on a high note, after-hours trading on December 10 was more muted and slightly negative:

Public.com’s after‑hours history shows that for December 10, 2025, MRVL’s after‑hours price settled around $91.64, down about 0.9% from the regular close near $92.47. ^[4]

The modest pullback looks like profit‑taking rather than a trend reversal. It came against the backdrop of a Federal Reserve rate decision later in the day, which can cause short‑term volatility in high‑beta tech names as traders rebalance risk around interest‑rate expectations. ^[5]

For pre‑market on December 11, that after‑hours dip suggests:

Some traders locked in Wednesday’s gains.
The market is waiting to see whether buyers step back in once the reaction to the Fed and broader tech sentiment becomes clearer.

3. Why Marvell Stock Rebounded: CEO Matt Murphy Fights Back

The single biggest narrative shift on December 10 was CEO Matt Murphy’s aggressive pushback against rumors that Marvell had lost key AI chip business with Amazon and Microsoft.

Earlier in the week:

A Benchmark downgrade argued that Marvell had likely lost Amazon’s Trainium 3 and 4 chip designs to Taiwan‑based Alchip, sparking a 7% drop in the stock. ^[6]
Reports from The Information suggested Microsoft was exploring Broadcom as a design partner for future custom chips, fueling concern that Marvell’s Maia accelerator business could also be at risk. ^[7]

On December 10, Murphy hit back hard. According to Investing.com’s recap of his CNBC interview:

Murphy told Jim Cramer that “we didn’t lose any business”, stressing that from earlier in the week nothing fundamental had changed for Marvell’s AI pipeline. ^[8]
He described the sell‑off as a buying opportunity, arguing that the company’s data center business is “rock solid” with no “air pockets” expected in Amazon revenue for fiscal 2026. ^[9]

Investing.com notes that Marvell shares “surged over 2.7%” intraday on Wednesday as investors reacted to Murphy’s rebuttal, helping to reverse some of the benchmark‑driven losses from earlier in the week. ^[10]

Murphy also leaned heavily on Marvell’s latest AI‑infrastructure initiatives:

The company announced broad industry adoption of its “Alaska P” PCIe 6 retimers, crucial components for high‑speed, low‑latency AI servers, with partners like Super Micro Computer and TE Connectivity integrating the technology. ^[11]
Marvell launched its “Golden Cable” active electrical cable (AEC) initiative, designed to accelerate the ecosystem around short‑reach connectivity in dense AI racks and make it easier for partners (including large OEMs and cable makers) to adopt its designs. ^[12]

Net effect: On December 10, Murphy’s media blitz and the company’s connectivity announcements helped reframe the narrative from “Marvell is losing key AI customers” to “Marvell is doubling down on AI infrastructure and still has deep ties with hyperscalers.”

4. Customer-Defection Fears Are Still a Real Risk

Even after the rebound, the bear case didn’t vanish—it just got more nuanced.

A widely shared piece from 24/7 Wall St. on December 9, titled “Will Customer Defections Crumble Marvell Technology’s AI Empire?”, lays out the key concerns: ^[13]

Data center revenue accounts for roughly 73% of Marvell’s total sales and has been the main driver of its AI‑fueled turnaround.
Losing Amazon or Microsoft could force double‑digit growth downgrades, given their outsized contribution to Marvell’s custom chip business.
Benchmark’s downgrade, based on alleged Amazon Trainium design losses and Microsoft exploring Broadcom, was framed as a serious warning for a company whose AI roadmap depends heavily on a few hyperscalers. ^[14]

The same article, however, also notes:

Marvell management has consistently guided to “no air pockets” in Amazon revenue for fiscal 2026 and projects data center revenue could double by 2028. ^[15]
Some analysts see the Celestial AI deal and broader design‑win momentum as powerful offsets even if Marvell did lose part of one hyperscaler program. ^[16]

Bottom line: December 10 didn’t eliminate the risk that Marvell is over‑dependent on a small number of hyperscale customers. It did, however, make clear that management and several major analysts strongly dispute the worst‑case “lost business” narrative.

5. Fresh Analyst Calls and Long-Term AI Thesis (All From December 10, 2025)

Stifel: Reiterated Buy, $114 Target

On the morning of December 10, Stifel reiterated its Buy rating on Marvell and maintained a $114 price target, citing the company’s “comprehensive connectivity portfolio for AI infrastructure.” ^[17]

Key points from Stifel’s note (as reported by Investing.com): ^[18]

Marvell is seen as one of the only vendors offering a vertically integrated connectivity stack for modern AI systems, from electrical chip‑to‑chip links to AECs and optical PAM4 DSPs up to coherent pluggables for data center interconnect.
The firm highlighted strong revenue growth of nearly 45% over the past twelve months, supported by AI‑driven demand.
Stifel explicitly pushed back on rumors about customer losses, aligning with Murphy’s public comments and framing concerns about losing a single XPU socket as “unfounded.”

The report also notes that consensus on MRVL remains firmly bullish, with an average recommendation around 1.77 on a 1–5 scale (1 = Strong Buy) and price targets spanning roughly $67 to $156 per share, underscoring high—but not unanimous—conviction in the AI story. ^[19]

Motley Fool: “Surprise AI Winner of 2026”

A Motley Fool article syndicated via Finviz on December 10 argues that Marvell could be the “surprise artificial intelligence (AI) winner of 2026.” ^[20]

Highlights:

Q3 FY2026 results show revenue up 37% year‑over‑year to about $2.1 billion, with adjusted EPS jumping nearly 77% to $0.76 per share, driven by improved mix and operating leverage. ^[21]
Data center revenue grew 38% year‑over‑year and now represents almost three‑quarters of total sales, reflecting the strength of Marvell’s AI and networking solutions. ^[22]
The article notes that Marvell has more than 50 custom AI chip opportunities across 10+ customers, with design wins already secured in 20+ sockets, and a potential lifetime revenue opportunity of around $75 billion for custom AI silicon. ^[23]
At roughly 35x earnings, the author argues the valuation is reasonable relative to growth expectations, especially with Celestial AI adding a powerful photonic interconnect platform. ^[24]

Simply Wall St: Earnings Quality Concerns

Balancing that optimism, Simply Wall St published a December 10 piece titled “Marvell Technology’s Earnings Are Weaker Than They Seem.” ^[25]

The core argument:

Over the past year, Marvell’s statutory profit has benefited from roughly $1.8 billion of “unusual items”, which may not recur and therefore inflate headline earnings.
As a result, the article cautions that statutory profit may be a poor guide to underlying earnings power, and investors should factor in potential normalization of these one‑off benefits. ^[26]

Takeaway for investors: December 10 research flow skews bullish—Stifel reiterated Buy, The Motley Fool emphasized long‑term AI upside—but there is a credible counter‑argument that current profits overstate the core earnings engine.

6. Earnings, Celestial AI, and the Photonics Play

Although Marvell’s Q3 FY2026 earnings came earlier in the month, they are central to every December 10 analysis: ^[27]

Q3 FY2026 revenue: about $2.075 billion, up 37% year‑over‑year.
Adjusted EPS: roughly $0.76, up nearly 77% year‑over‑year.
Data center: up about 38%, now close to 75% of revenue, powered by custom AI accelerators and advanced interconnect solutions.

On December 2, Reuters reported that Marvell would acquire Celestial AI for $3.25 billion (cash plus stock) and simultaneously issued a bullish outlook for next fiscal year and beyond: ^[28]

Marvell expects around $10 billion in total revenue next fiscal year, with data center revenue up about 25% and custom chips up roughly 20%.
Celestial AI brings silicon photonics–based “photonic fabric” technology designed to connect AI chips to memory over optical links—critical for next‑generation high‑bandwidth AI clusters.
Management expects Celestial AI to contribute $500 million in annualized run‑rate revenue by Q4 FY2028, rising to $1 billion by Q4 FY2029, as photonics is adopted at scale in data centers. ^[29]

A brief AI‑generated summary of Marvell’s Barclays Global Technology Conference (December 10) on TradingView/Quartr reinforces that message: AI infrastructure is still early in a long investment cycle, and Marvell expects strong growth in both scale‑up (within the rack) and optical (between racks/campuses) markets as its custom silicon and photonics roadmap plays out through 2028. ^[30]

For long‑term investors, this is the core story heading into December 11: Marvell wants to be the connectivity and custom‑silicon backbone of AI data centers, with a multi‑year, multi‑billion‑dollar revenue pipeline to back it up.

7. Short-Term Technical Picture and Trading Levels for December 11, 2025

Traders looking specifically at December 11’s session have plenty of fresh technical data from December 10:

According to StockInvest’s technical analysis, updated December 10: ^[31]

Rating: MRVL was downgraded from “Buy” to “Hold/Accumulate.”
Trend: The stock remains in the middle of a wide, strong rising short‑term trend, with the model projecting about 19% upside over the next three months, with a high‑probability range between approximately $95 and $121.
Support and resistance:
- Short‑term support around $92.00 (accumulated volume).
- Near‑term resistance near $92.89, just above the December 10 close.
Volatility: MRVL is classified as “high‑risk”, with around 3% intraday swings recently and average weekly volatility above 4%.

For Thursday, December 11, StockInvest’s model projects: ^[32]

Predicted fair opening price: about $91.82.
Expected trading range (based on 14‑day ATR): roughly $89.83 to $95.09, implying a possible ±5.86% intraday move from the prior close.

StockInvest concludes that, at this level, the intraday risk/reward is not particularly attractive because the price sits closer to nearby resistance than to nearby support, and therefore rates the stock as a “hold or accumulate” rather than an outright buy. ^[33]

Important: These are model‑based technical projections, not guarantees. Short‑term price action can deviate sharply, especially around macro events like a Fed decision.

8. Macro Backdrop: Fed Cut and Bond Yields Supportive for Growth Stocks

December 10 wasn’t just about Marvell—the Federal Reserve also cut interest rates by 25 basis points, its third cut this year, moving the policy range to around 3.5%–3.75%, and signaled only one more cut expected in 2026. ^[34]

Key macro points that matter for MRVL and other AI/growth stocks:

The Fed’s “hawkish cut” tone suggests limited further easing, but it does lower the discount rate used to value long‑duration growth assets like AI semiconductors. ^[35]
The 10‑year U.S. Treasury yield fell to around 4.13% on December 10, one of its larger single‑day drops in recent weeks, easing some pressure on tech valuations. ^[36]
Equity indices rose modestly after the decision, indicating that markets largely took the cut as supportive but not overly dovish, leaving room for stock‑specific stories—like Marvell’s AI pipeline—to drive relative performance. ^[37]

For MRVL specifically, lower long‑term yields and a non‑threatening Fed are generally a tailwind, provided risk‑off sentiment doesn’t suddenly return.

9. What to Watch Before the Opening Bell on December 11, 2025

Putting it all together, here are the key factors MRVL traders and investors should monitor before U.S. markets open on December 11:

1. Pre-Market Reaction to Fed and Tech Sentiment

Watch Nasdaq futures and large‑cap AI peers (Nvidia, Broadcom, AMD, Super Micro). If the group extends Wednesday’s post‑Fed strength, MRVL could benefit from sector‑wide risk‑on flows.
Conversely, any sharp reversal in yields or macro sentiment could overwhelm stock‑specific positives.

2. Follow-Through on CEO Murphy’s Message

Look for any additional commentary from Marvell, Amazon, or Microsoft—even silence will be interpreted by the market.
If no negative confirmation emerges, Murphy’s “we didn’t lose any business” stance may continue to underpin the stock in the near term. ^[38]

3. Price Action Around Support/Resistance

On a micro level, traders will be watching whether MRVL:
- Holds above or near the $92 support area highlighted by technical models.
- Can break and sustain levels above ~$93 and challenge near‑term resistance, confirming Wednesday’s bounce. ^[39]

4. Ongoing Narrative Around Hyperscaler Exposure

The “customer defections” debate is not over. Any new analyst notes or media pieces suggesting further risk to Amazon or Microsoft relationships could hit the stock quickly. ^[40]
On the flip side, more bullish research (like Stifel’s and The Motley Fool’s pieces from December 10) could help reposition MRVL as undervalued relative to its AI potential. ^[41]

5. Long-Term Story vs. Short-Term Volatility

For investors with a multi‑year horizon, the big questions remain:

Can Marvell execute on its $10 billion revenue ambition and its AI connectivity roadmap through 2028? ^[42]
Will the Celestial AI photonics acquisition and Golden Cable/AEC ecosystem materially differentiate Marvell from rivals like Broadcom and Nvidia in AI data center infrastructure? ^[43]

These are not questions the market will answer in a single session, but they frame how investors interpret every dip and rally—including whatever happens on December 11.

10. Final Thoughts (and a Quick Reminder)

As of the close and after‑hours on December 10, 2025, Marvell Technology sits at the intersection of intense short‑term volatility and a powerful long‑term AI narrative:

Bullish side: record revenue growth, a multi‑year AI custom‑chip pipeline, a photonics‑heavy acquisition, new interconnect initiatives, and supportive analyst commentary. ^[44]
Bearish side: concentrated customer exposure, credible rumors about potential design losses, and concerns that reported earnings overstate sustainable profitability. ^[45]

Before the bell on December 11, MRVL watchers should focus less on guessing the exact opening tick and more on whether the narrative continues to shift back toward “AI infrastructure leader” rather than “hyperscaler‑dependent risk story.”