Marvell Technology shares fell 8% in premarket trading despite a second-quarter revenue beat, after the chipmaker's raised fiscal 2028 outlook failed to satisfy elevated investor expectations. Marvell expects revenue to grow about 50% year-on-year to around $18 billion, up from its previous forecast of $16.5 billion. Fiscal second-quarter revenue rose 37% year-on-year to $2.7 billion, exceeding the guidance issued in May by $39 million. The company makes networking, connectivity and custom chips for AI data centers, where data center revenue growth accelerated to 46% year-on-year. Chairman and CEO Matt Murphy said AI-related bookings remained exceptionally robust and that revenue growth was expected to accelerate through the remainder of fiscal 2027. Investor expectations had risen following a Google partnership worth up to $12.2 billion in shares. Goldman Sachs called the results an "incremental positive" but maintained a neutral view, citing Marvell's higher valuation than peers and uncertainty over its ability to add custom-chip customers.