Stock Track | Marvell Technology Plummets 8.55% Intraday on Downgrade and S&P 500 Exclusion

Stock Track12-08 22:32

Marvell Technology's stock plunged 8.55% during Monday's intraday trading session, driven by a combination of a downgrade from Benchmark and its unexpected exclusion from the S&P 500 index.

Benchmark Research downgraded Marvell to Hold from Buy, citing a "high degree of conviction" that the company lost Amazon's Trainium 3 and 4 chip designs to Taiwanese rival Alchip Technologies. This overshadowed recent optimism around Marvell's data-center growth forecasts.

Additionally, Marvell was widely expected to join the S&P 500 after meeting financial eligibility criteria, but the snub further dampened investor sentiment. The stock had rallied 10% last week on news of its $3.25 billion acquisition of Celestial AI, but the dual disappointments triggered a sharp sell-off.

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