MW Marvell's stock is falling. Here's why investors are spooked.

By Emily Bary

The semiconductor company just postponed its investor day, suggesting to one analyst that 'there is not too much good news to share'

Marvell Technology Inc. has postponed an investor day that was scheduled for next month, and some analysts view that as an ominous sign.

The company said in a Tuesday afternoon filing that due to the "dynamic macroeconomic environment," it would be moving the investor day to an unspecified date in 2026. The event had been scheduled for June 10.

In lieu of the investor day, Marvell $(MRVL)$ will host a June 17 webinar that discusses its custom-application-specific integrated circuits and how they can be used to power artificial intelligence. But the prospect of that event doesn't seem to be satisfying investors, with Marvell shares down 8.5% in premarket action Wednesday.

"We had hoped to hear about new potential wins at the coming Investor Day but with [management] delaying the event, we suspect there is not too much good news to share," Cantor Fitzgerald analyst C.J. Muse said in a note to clients.

Muse added that there's been both excitement and debate around Marvell's custom silicon business and its work with customers including Amazon.com Inc. $(AMZN)$ and Microsoft Corp. $(MSFT)$. He noted that "it appears that Amazon is working with both Marvell and Alchip," and there is "obviously great debate whether Alchip is only doing the back-end design and/or whether there are actually 2 devices for sure - but our work continues to point to 2 separate devices."

In his view, Marvell is in a position to sport "strong" revenue growth in calendar years 2025 and 2026 within its custom silicon business. But he worries, he said, that "without new wins, the business could decline precipitously" at some point in calendar 2027.

With that in mind, he downgraded Marvell's stock to neutral from outperform, adding that "it's hard to see [Marvell] catching a multiple until we have more clarity on other wins the company has secured." He slashed his price target by more than half, to $60 from $125.

William Blair analyst Sebastien Naji saw two sides to the situation. On one hand, he acknowledged that the delayed investor day "will only add to the wall of worry that has developed around the name, particularly around Marvell's ASIC opportunity following reports that Taiwanese competitor Alchip has won Amazon's next-generation Trainium 3 project."

Still, he noted that it's likely difficult for executives to give "multiyear targets in such a volatile and uncertain macro environment," and he said investors could get at least some new information from the newly scheduled webinar.

He kept his outperform rating on the stock.

Marvell's stock has declined precipitously in recent months, off 45% since the start of 2025. The S&P 500 has lost about 5% over the same span.

-Emily Bary

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May 07, 2025 08:43 ET (12:43 GMT)

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