Marvell had a strong quarter.
Revenue hit $2.74 billion, up 37%.
Data center revenue jumped 46% to $2.17 billion.
Adjusted EPS came in at $0.94.
Management raised FY2027 revenue guidance to about $12 billion and FY2028 to $18 billion.
Then the stock got hammered.
Why?
Expectations.
Marvell’s expanded Google deal could eventually generate up to $120 billion through FY2033.
But the really big revenue contribution isn’t expected until FY2029 and beyond.
That was the problem.
The market had already priced in a huge AI future.
So a great quarter wasn’t enough.
The stock had nearly tripled this year before earnings.
This is what makes AI stocks dangerous right now.
You don’t just need the business to grow.
Reality has to beat what investors already paid for.
Marvell didn’t suddenly have a bad business.
The problem was that the future investors were buying wasn’t arriving fast enough.
That’s why the earnings call mattered more than the headline numbers.
Great company. Great numbers. Still not good enough for the stock.