Marvell Technology (MRVL) shares plunged 5.04% during intraday trading on Monday, succumbing to heavy selling pressure that swept across the semiconductor sector.

The sharp decline was driven by sustained weakness in chip stocks, with the Philadelphia Semiconductor Index approaching bear market territory after pulling back nearly 20% from its historical high. Peer stocks tumbled broadly during the session, with Advanced Micro Devices down over 6%, SK hynix and Micron Technology each falling more than 5%, and NVIDIA and Intel also posting significant losses. Marvell, which carries elevated retail investor participation, bore the brunt of an ongoing unwind in momentum trading strategies that have suffered their largest drawdown in four years, with retail-heavy tech portfolios dropping over 25% from their June peaks.