On September 1, Marvell Technology fell 3.01% in regular trading, trading at approximately $205.01/share, with turnover of $460 million, extending the sustained pullback since the company's fiscal Q2 earnings release on August 28.

On the news front, President Capital lowered its price target on Marvell Technology from $380 to $340 while maintaining a Buy rating. FactSet data shows the stock's average analyst target price stands at $292.41. The downgrade adds to ongoing selling pressure that began after the company reported fiscal Q2 results — adjusted EPS of $0.94 and revenue of $2.74 billion both slightly beat expectations, while Q3 revenue guidance of $3.15 billion also topped the $3.04 billion consensus. However, investor concerns over the delayed revenue contribution from its Google custom chip deal triggered a sharp selloff of over 10% on August 29, and the correction has persisted since.

The broader semiconductor sector remains under pressure, with NVIDIA down 2.31%, Intel down 3.06%, Advanced Micro Devices down 2.89%, Broadcom down 1.91%, and Micron Technology down 1.91%.

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