Marvell Technology's stock fell 20% in a market-wide semiconductor sell-off, but the company just raised guidance and holds exclusive custom chips for major cloud providers—a position with no practical substitute in AI infrastructure.

What happened

The Philadelphia Semiconductor Index dropped 10.3% on June 5, wiping out more than $1.3 trillion（約210兆円） in market value. Marvell Technology fell 20% over two days, caught in a sell-off driven by Broadcom missing its AI revenue target and a stronger-than-expected jobs report that killed rate-cut hopes. The company's actual business did not change.

What to watch

Marvell guided for Q2 fiscal 2027 revenue of $2.7 billion（約4300億円） (35% year-over-year growth) and raised its full-year outlook for both fiscal 2027 and fiscal 2028. The stock surged approximately 322% over the last 12 months, from around $73 to a recent price of $310.58 per share. The main risk is revenue concentration: if a major hyperscaler delays a custom chip program or builds that capability in-house, results move sharply.