Chipmaker Marvell’s weak data center forecast prompts AI investors to dump its stock

Chipmaker Marvell Technology forecast quarterly revenue below market estimates on Thursday, disappointing investors who are accustomed to strong results from artificial intelligence-facing firms and sending its shares down 12% after hours.

Shares of the company – which designs custom chips to power AI workloads for big tech companies including Microsoft and Amazon – have fallen 30% this year, as investors have doubted Marvell’s position in the data center market.