Why New AI Winners Marvell Technology, Credo Technology, and Nebius Group Plunged in March

Shares of new artificial intelligence (AI) winners Marvell Technologies (NASDAQ: MRVL), Credo Technologies (NASDAQ: CRDO), and Nebius Group (NASDAQ: NBIS) plunged in March, down 32.9%, 27.2%, and 35%, respectively, according to data from S&P Global Market Intelligence.Both Marvell and Credo reported earnings early in the month, and both actually reported fairly good results. However, the problem was that all three of these AI stocks rallied in a big way in 2024, and came into the month with high valuations. Therefore, any imperfections were amplified, as uneasiness over potential tariffs and the threat they pose to AI capital spending increased through the month.Marvell had perhaps the most interesting earnings release of these stocks during March. Revenue rose a solid 27% year over year, and adjusted non-GAAP (generally accepted accounting principles) EPS rose 30.4% to $0.60. Both figures came in ahead of analyst expectations. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool