Marvell Technology shares traded lower Wednesday, extending Tuesday’s decline as investors reduced exposure to high-valuation technology stocks. Nasdaq futures fell 0.10%, while the S&P 500 rose 0.08% at the open. The stock has gained 225% over the past 12 months, increasing its exposure to profit-taking during defensive market conditions. The pullback followed second-quarter results that exceeded expectations: revenue increased 37% year over year to $2.74 billion, adjusted earnings reached 94 cents per share, and operating cash flow was $605.5 million. Data center revenue rose 46%. Marvell’s third-quarter outlook also topped forecasts, with projected revenue of $3.15 billion, plus or minus 5%, and adjusted earnings of $1.10 per share, plus or minus 5 cents. Technically, the stock remains in a longer-term uptrend but trades below its shorter-term moving averages. A simple moving average (SMA) is an average price over a set period; Marvell is 8.4% below its 20-day and 50-day SMAs, 3.4% below its 100-day SMA, and 37.4% above its 200-day SMA. The 20-day SMA remains above the 50-day, which remains above the 200-day, maintaining the bullish structure associated with the golden cross formed in October 2025.