2 Reasons I'd Buy Marvell Stock More Than 20% Below Its Record, and 1 Reason I'd Wait

Marvell Technology stock has dropped 21% from its June record to around $248, but the company raised its fiscal 2028 revenue forecast to $20 billion (up from $16.5 billion in May), representing 67% growth. The stock now trades at 34x fiscal 2028 earnings versus 43x at the June peak, making it a better value despite higher forecasts. However, customer concentration risk—with 10 customers accounting for 82% of revenue and cloud providers developing proprietary chips—warrants a cautious approach of buying gradually rather than all at once.