On September 2, Marvell Technology fell 3.02% in pre-market trading, trading at approximately $204.14 per share with turnover of $15.68 million, extending a multi-session decline since the company reported fiscal Q2 results on August 27.

The ongoing selloff reflects lingering investor disappointment despite a double beat on earnings. Marvell posted fiscal Q2 adjusted EPS of $0.94, above the $0.93 consensus, on revenue of $2.74 billion, up 37% year-over-year. Fiscal Q3 guidance of $3.15 billion in revenue also exceeded the $3.04 billion estimate. However, concerns over the delayed revenue ramp from its Google custom chip partnership overshadowed the results, with the stock plunging over 10% on August 29. President Capital cut its price target to $340 from $380 while maintaining a Buy rating; the FactSet analyst consensus target stands at $292.41.

The broader semiconductor sector remained under pressure, with Micron Technology down 1.26%, Intel down 1.43%, Advanced Micro Devices down 1.12%, Broadcom down 0.35%, and NVIDIA down 0.34%.

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