Broadcom (NASDAQ: AVGO) stock is losing ground today. The company's share price was down 5.8% as of 2:30 p.m. ET. Meanwhile, the S&P 500 index was down 2% at the same point in the day's trading, and the Nasdaq Composite index was down 2%.

By Arsheeya Bajwa (Reuters) -Marvell Technology tumbled over 20% and dragged down rival chipmakers on Thursday, after an in-line revenue forecast gave investors another reason to be jittery about spending on AI infrastructure,

The hardest thing about making custom AI chips for large, demanding customers might be the expectations that go with it. Shares of Marvell Technology slid Thursday morning following its quarterly report.

Nvidia (NVDA) and other chip stocks fell in early trading Thursday as the artificial intelligence trade faltered. Shares of the AI chipmaker were down more than 2% in recent trading. Advanced Micro Devices (AMD),

AI chip stocks trading lower in sympathy with Marvell's weak guidance. Concerns over US chip subsidies and tariffs impacting semiconductor ecosystem.

US stock futures sold off on Thursday after downbeat earnings from Marvell (MRVL) and Macy's (M), as investors continued to grapple with President Donald Trump's shifting tariff policy and broader worries about the US economy.

On the trade front, President Donald Trump exempted automakers that comply with existing free trade agreement and sources said the negotiations were ongoing. Wall Street's main indexes closed higher over 1% on Wednesday following Trump's announcement.

"While unwelcome, volatility is common in semi stocks and does not always presage a fundamental shift," Bank of America said.

U.S. stock futures fall sharply as volatility surrounding tariffs policy continues, Marvell Technology shares sink on firm's weak outlook, and analysts are expecting revenue and profit growth from Costco's report after the bell.

Marvell Technology forecast first-quarter revenue in line with Wall Street estimates on Wednesday, but its shares plunged 15 per cent in extended trading as it failed to excite investors who expected sharper artificial intelligence-driven growth.

Investing.com - Shares in Marvell (NASDAQ:MRVL) slumped by more than 15% in premarket U.S. trading on Thursday after the chipmaker’s financial guidance and quarterly results failed to excite investors hoping for strong artificial intelligence-driven growth.