Marvell Technology (MRVL) shares tumbled 5.43% in pre-market trading on Wednesday, caught in a broad semiconductor selloff triggered by mounting concerns over AI infrastructure spending returns and a disappointing revenue forecast from optical-component leader Corning.

The decline extended the prior session’s 7.77% drop, as the Philadelphia Semiconductor Index fell over 4% and broke below key near-term support. Corning’s third-quarter revenue guidance, which fell short of elevated expectations tied to the AI boom, sparked a chain reaction across optical and data-infrastructure stocks. Given Marvell’s exposure to electro-optical products and data-center spending, the stock was swept up in the downdraft alongside peers.

Additional pressure came from a momentum-trading unwind that has been weighing on retail-heavy tech names since July, with sector-wide selling showing no signs of abating. Despite a wave of analyst target-price upgrades, the technical and sentiment-driven correction has kept Marvell under pressure in the near term.