Stock Market Today, Aug. 28: Marvell Slides 10% on Softer Fiscal 2028 Guidance and Google Deal Timing

Marvell Technology (MRVL) dropped 10.28% despite posting 37% sales growth and 50% earnings-per-share growth in its second quarter, both exceeding estimates. The sell-off stemmed from investor disappointment over weaker-than-expected fiscal 2028 guidance and a lack of detail surrounding a partnership deal with Alphabet (GOOG).

The stock trades at 53 times forward earnings, a premium valuation that leaves little room for guidance misses or delayed catalysts. Management has scheduled an Investor Day in October where analysts expect further clarity on the Google partnership structure and revenue contribution timeline.

The sharp decline underscores how high-multiple semiconductor names remain vulnerable to near-term execution concerns, even when underlying demand trends stay intact. Marvell's data center and AI infrastructure exposure had driven the stock higher into earnings, amplifying the reversal when management failed to provide the specifics investors wanted on the Google deal.