Marvell Technology (MRVL): The semiconductor company reported higher revenue and earnings and lifted its guidance for the current and upcoming fiscal years. Still, shares sank premarket, in the latest example of the high expectations that investors have for companies tied to the AI boom.

PayPal Holdings (PYPL): Shares tumbled 14% on reports that a consortium including Stripe and private-equity firm Advent International abandoned their pursuit of the fintech company.

Intel (INTC), Sandisk (SNDK) and Lumentum Holdings (LITE): Companies linked to AI followed Marvell lower in premarket trading.

Gap $(GAP)$: Shares rallied 15% premarket after the apparel company brought in a retail veteran to help boost flagging sales at Old Navy, its largest brand.