Marvell (MRVL) Stock Slides 7% After Anthropic CEO Calls for AI Slowdown

TLDR

• Marvell Technology stock dropped 7.6% in pre-market trading after Anthropic CEO Dario Amodei published an essay calling for a deliberate slowdown in frontier AI development.
• OpenAI CEO Sam Altman and Elon Musk publicly endorsed Amodei’s proposal, amplifying fears of reduced AI chip demand.
• The selloff hit the broader chip sector, with Asian and European semiconductor stocks also falling sharply overnight.
• Bank of America holds a Buy rating on MRVL with a $365 price target, seeing a potential $40-45 billion sales opportunity by 2030.
• MRVL had surged over 160% in the past six months before Monday’s drop, outperforming peers like Nvidia over the past week.

Marvell Technology (MRVL) stock fell 7.6% in pre-market trading on Monday after Anthropic CEO Dario Amodei published a weekend essay calling for a deliberate slowdown in frontier AI development.

Marvell Technology, Inc., MRVL

The proposal quickly gained traction. OpenAI CEO Sam Altman and Elon Musk both offered public support, turning what might have been a solo opinion into something that looked more like a coordinated industry signal.

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