Stock Market Today, Aug. 28: Marvell Slides 10% on Softer Fiscal 2028 Guidance and Google Deal Timing
Fiscal Q2 results beat estimates, but investors zeroed in on near-term monetization risk tied to a major customer partnership, today, Aug. 28, 2026.
On August 28, Marvell Technology (NASDAQ:MRVL) saw its stock price drop by 10.28% to $216.62 after delivering better-than-expected fiscal second-quarter results. Investors, however, were more focused on the company's softened guidance for fiscal 2028 and the lack of clarity surrounding a potential deal with Google. The trading volume for Marvell shares hit 47.7 million, which was nearly 18% higher than its three-month average of 40.3 million shares.
With a history dating back to its IPO in 2000, Marvell Technology has witnessed an impressive growth of 1,430% since going public. The S&P 500 (SNPINDEX:^GSPC) closed at 7,710, slipping by 0.27%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) ended at 26,402, down 0.52%. Among competitors in the semiconductor design for data infrastructure, networking, and custom AI chips, Broadcom (NASDAQ:AVGO) closed at $368.79, falling by 0.74%, and NXP Semiconductors (NASDAQ:NXPI) dropped to $223.58, declining by 1.01%.
Despite surpassing Wall Street expectations with a 37% increase in sales and a 50% rise in earnings per share (EPS), investors demanded more from Marvell's guidance for 2028. The company had raised its 2027 revenue expectations to $12 billion and increased the 2028 projection to $18 billion, up from $9.5 billion over the previous year.
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