Is Marvell Stock a Buy on the Dip as AI Revenue Soars?

Marvell Technology stock declined 10% despite reporting strong fiscal Q2 earnings with 37% revenue growth to $2.74B and 40% EPS growth to $0.94, driven by 46% year-over-year data center revenue growth. The company raised full-year guidance and announced a major partnership with Alphabet for custom chips starting in fiscal 2029. While the stock has surged 150% YTD and now trades at a forward P/E of 34x, the analyst suggests waiting for further pullbacks before buying.