Marvell Technology Inc. (NASDAQ:MRVL) stock traded lower in premarket trading Thursday. The chipmaker reported first-quarter results that narrowly topped Wall Street estimates and issued upbeat long-term growth projections tied to AI infrastructure demand.

The stock faced broader pressure from a weaker premarket backdrop for technology shares, as traders locked in profits following Marvell’s sharp rally over the past year.

Nasdaq futures were down 0.47% and S&P 500 futures slipped 0.24%, with momentum-driven semiconductor stocks underperforming amid a broader risk-off tone. Marvell shares have gained more than 207% over the past 12 months.

Earnings Snapshot

Marvell reported adjusted earnings of 80 cents per share, exceeding analysts’ consensus estimate of 79 cents, according to Benzinga Pro data.

Revenue rose 28% year over year and 9% sequentially to $2.42 billion, slightly ahead of estimates of $2.4 billion. The growth was ...