Marvell Suffers Worst Drop Since 2001 on Disappointing Forecast

Marvell Technology Inc. suffered the worst stock drop in more than two decades after its revenue forecast that fell short of the highest estimates, disappointing investors who were looking for a bigger payoff from the AI boom.

Sales will be about $1.88 billion in the fiscal first quarter, which runs through April, the chipmaker said in a statement Wednesday. Though that was in line with the average analyst estimate, some projections ranged as high as $2 billion.