On August 24, Marvell Technology fell 3.69% in regular trading, trading at $222.905/share, with turnover of $365 million. The decline reflects ongoing profit-taking pressure following the stock's 14%-plus surge on the Google custom chip partnership announcement, compounded by cautious sentiment ahead of the August 27 earnings release.

The company disclosed via SEC filings that it signed a commercial agreement with Google on July 29 to co-develop custom semiconductors, including TPU-related AI inference accelerators, storage controllers, and network interface controllers. Marvell issued warrants granting Google the right to purchase up to 58.97 million shares at $206.58 per share. While multiple institutions raised price targets — UBS to $310, Wells Fargo to $310, Oppenheimer to $300, and Citi to $275 — maintaining buy ratings, the stock has retreated from post-announcement highs as investors lock in gains.

The broader semiconductor sector is under pressure, with Micron Technology down 5.54%, Intel down 3.60%, AMD down 2.82%, and SK Hynix down 5.54%, amplifying selling momentum across the group.

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