Marvell sinks on Q2 data center miss, weak guidance

Marvell Technology slumped more than 13% in premarket trading after posting lower-than-expected data center results and a weak forecast for the third quarter.

Though Q2 revenues were up 58% year over year to a record $2.01 billion, in line with Wall Street estimates, its data center business, the key growth driver tied to AI demand, posted $1.49 billion and missed the $1.515 billion analysts expected.

The chipmaker’s Q3 revenue guidance of $2.06 billion also fell short of expectations, as management warned of “lumpiness” in its ASIC business, which builds custom chips for cloud giants like Amazon and Microsoft.

Marvell shares have sunk more than 30% so far this year.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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