Marvell Technology (MRVL) stock fell 5% amid broader AI profit-taking and technical weakness. Get the latest market analysis.
Marvell Technology Inc.
(NASDAQ:MRVL) stock fell more than 5% on Thursday as investors took profits in semiconductor and artificial intelligence stocks amid a broader risk-off market.
The Nasdaq Composite fell 1.25%, while the S&P 500 slipped 0.41%.
Investors rotated out of high-valuation AI and chip stocks after a strong rally over the past year.
The stock also remained under pressure following a recent analyst downgrade from Erste Group, which lowered its rating to Hold from Buy.
Marvell stock slips 6% premarket. While the long-term trend stays bullish, technical indicators warn MRVL is heavily overbought.
Marvell ($MRVL) stock dips 3% amid tech profit-taking. Shares hold strong uptrend near $273 despite market pressure.
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