Marvell Technology reported quarterly earnings that met market expectations, driven by growth in its custom chip segment focused on artificial intelligence applications. Despite delivering on its targets, the company's stock declined by around 4% in after-hours trading, reflecting investor concerns about the sustainability of its growth and competitive positioning. Analysts noted that while Marvell is demonstrating potential to compete alongside major players like Nvidia in the AI chip market, uncertainty remains among investors regarding the company's future upside. The earnings report was characterized as modest, with guidance that did not significantly exceed expectations, contributing to the cautious market reaction.