New York, July 11, 2026, 18:05 (EDT)
Short interest in MaxLinear, Inc. NASDAQ:MXL rose 34.7% to 4.15 million shares as of June 30, when the stock closed at a record $128.03. Short interest tracks shares investors borrow and sell, aiming to profit if prices drop. U.S. markets are closed over the weekend. Shares ended Friday at $91.30, down 28.7% from that high.
The total short position was less striking, making up around 5% of shares available for trading — enough for shorts to cover in about a day at average volume. That signals more back-and-forth on the stock than big squeeze risk for now. But the data is from June 30 and might be outdated after last week’s drop.
MaxLinear moved just 2.0% lower for the week from the July 2 close to Friday, but the stock was volatile. Shares swung through a $26.24 band over the five sessions, which came to 28.2% of the July 2 close. Average daily absolute move was 5.9%, more than double the semiconductor index’s 2.4%.
| Security | Friday | July 2–10 | Average absolute daily move | July 6–10 range / July 2 close |
|---|---|---|---|---|
| MaxLinear, Inc. NASDAQ:MXL | dropped 4.7% | off 2.0% on the period | averaged a 5.9% move each day | range hit 28.2% of July 2 close |
| Credo Technology Group Holding Ltd. NASDAQ:CRDO | fell 3.0% | gained 6.6% | daily move averaged 5.5% | range was 18.6% |
| Marvell Technology, Inc. NASDAQ:MRVL | down 3.1% | lost 3.9% | averaged 3.5% a day | range at 15.3% |
| PHLX Semiconductor Index (INDEXNASDAQ:SOX) | inched up 0.1% | added 2.7% | average daily move 2.4% | 10.2% range on the period |
The mean is based on the absolute daily percentage moves from July 6 to July 10. The range takes each stock’s high and low intraday points in that period, measured against where it closed on July 2. All numbers use reported historical prices.
MaxLinear named Credo and Marvell as key semiconductor competitors, especially in high-speed interconnects. That split showed up in trading: Credo shares moved up, but MaxLinear and Marvell dropped, while the chip index was up. Traders focused on each AI connectivity name instead of bundling them together.
The tougher part is delivering on operations. CEO Kishore Seendripu told investors in April, “Q1 marks the start of a multi-year growth phase for MaxLinear, led by accelerating momentum in optical data center connectivity.” For the second quarter, management is calling for mid-point revenue to jump roughly 20% from the prior quarter.
GAAP refers to regular accounting rules. MaxLinear reports non-GAAP numbers that strip out things like stock-based pay and costs tied to deals. Gross margin is sales minus direct production expenses. Operating margin is after operating costs are taken out too.
| Measure | First-quarter actual | Second-quarter company outlook |
|---|---|---|
| Revenue | $137.2 million | $160 million to $170 million |
| Revenue growth | up 43% from last year; up 1% from Q4 | Midpoint points to about 20.3% growth over last quarter |
| Infrastructure revenue growth | up 136% year-over-year | — |
| Gross margin | 57.5% on GAAP; 59.5% on non-GAAP | 56% to 59% GAAP; 58% to 61% non-GAAP |
| Operating margin | -13% GAAP; 16% non-GAAP | — |
That difference between the operating-margin numbers puts the focus on two things for investors: if the optical ramp can deliver enough revenue, and how fast that turns into GAAP profit.
MaxLinear’s investor site still shows the July 1 earnings call notice as its most recent update. The next event listed is for July 23, when the company will report results after the bell and hold a call at 4:30 p.m. EDT. No other company events are on the calendar for next week, so the stock could be more sensitive to the sector and macro headlines.
Taiwan Semiconductor Manufacturing Co. Ltd. NYSE:TSM is set to report Thursday at 2 a.m. EDT. U.S. consumer inflation comes Tuesday, producer prices Wednesday, and retail sales Thursday. Investors will watch TSMC’s demand comments for signs on AI spending. Higher-than-expected inflation could lift rate forecasts and pressure expensive chip stocks.
“This is a high-bar quarter with a narrow margin of error,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, on Friday, commenting on earnings season. Chip stocks have run higher as data-center operators keep spending, but worries over valuations have hit shares hard on misses. Reuters
The short-interest read can go either way. If MaxLinear misses revenue or margins on July 23, the slide could get worse, especially after the stock’s choppy recent moves. But if the company beats, shorts might have to cover, pushing shares up fast. The main unknown is how quickly optical revenue shows up — and if that matches what’s priced into all this volatility.
So far, Friday’s small 2% weekly drop doesn’t tell the real story. The average daily swing has hit 5.9%, with a trading range almost triple the chip index and short positions up 35% at the June high. That points to investors betting on a much bigger spread of possible results.
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