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Core Viewpoint - The significant drop in Marvell Technology's stock price is attributed to disappointing earnings guidance, leading to a broader sell-off in the semiconductor sector [2][3]. Financial Performance - Marvell Technology expects third-quarter revenue of $2.06 billion, below the market expectation of $2.12 billion, with no growth anticipated in the data center business [3]. - The company reported second-quarter revenue of $2.01 billion, a 58% year-over-year increase, meeting analyst expectations, with data center revenue contributing $1.49 billion, a 69% year-over-year increase [3]. - Adjusted earnings per share for the second quarter were $0.67, in line with analyst expectations [3]. Market Reaction - Following the earnings report, Marvell's stock price fell nearly 19% intraday, closing down 18.6% at $62.87, marking a three-month low and reducing its market capitalization to $54.2 billion (approximately 386.4 billion RMB) [2]. - The Philadelphia Semiconductor Index dropped over 3%, with major companies like NVIDIA, Broadcom, and AMD also experiencing declines of over 3% [2]. Analyst Insights - Analysts attribute the volatility in Marvell's stock price to previously high expectations for AI chip stocks, which left little room for error in earnings reports [2][6]. - Morgan Stanley analysts expressed surprise at the ongoing decline in ASIC (Application-Specific Integrated Circuit) revenue, while also noting the strength of Marvell's optical solutions for data center applications [6][7]. - Summit Insights analysts highlighted Marvell's lack of scale compared to larger competitors, which may pressure profit margins due to multi-vendor procurement strategies from major clients [6]. Strategic Moves - Marvell's CEO, Matt Murphy, indicated that the company's custom chip business growth is expected to be "non-linear," with a stronger performance anticipated in the fourth quarter [3][4]. - The recent divestiture of the automotive Ethernet business is part of Marvell's strategy to focus on data center opportunities and enhance flexibility for stock buybacks [7][8]. - Marvell's data center segment currently accounts for three-quarters of total revenue, and the company plans to consolidate non-data center markets into a single reporting segment starting in the third quarter [8].