Marvell Technology shares fell 7.64% in Friday premarket trading after the chipmaker reported second-quarter fiscal 2027 revenue of $2.74 billion, up 37% year over year, and non-GAAP earnings of $0.94 per share. The results edged past Wall Street expectations, but the 1.1% beat was insufficient after the stock gained about 28% in the previous month. Management forecast third-quarter non-GAAP gross margins of 57.5% to 58.5%, down from 58.9% in the second quarter, citing a product mix shift toward lower-margin custom silicon programs. CEO Matt Murphy raised fiscal 2027 revenue guidance to approximately $12 billion and fiscal 2028 guidance to $18 billion, while data center revenue climbed 46% year over year to $2.17 billion. Marvell also expanded a commercial agreement and warrant with Alphabet covering inference accelerators, storage controllers and attached custom silicon, with the largest revenue impacts expected in fiscal 2029 and beyond. Nicholas Mugalli, founder and CEO of World Trade Securities, described the quarter as an operational validation of a multiyear custom silicon and optical supercycle and called Marvell a potential trillion-dollar company. The stock was up 184.13% year to date, 222.84% over the past year and 195.57% over six months, after closing Thursday at $241.45, down 1.49%.