Marvell Technology reported better-than-expected fiscal second-quarter results after Thursday’s close, but the stock moved sharply lower as investors focused on the timing of future revenue from the company’s recently announced Google AI-chip agreement.Adjusted EPS: $0.94 versus $0.92 expectedRevenue: $2.739 billion versus $2.71 billion expected, up 37% year over year and 13% from the prior quarterData-center revenue: $2.172 billion, up 46% year over year and 18% quarter over quarterAdjusted gross margin: 58.9%Operating cash flow: $605.5 millionQ3 revenue guidance: $3.15 billion, plus or minus 5%Q3 adjusted EPS guidance: $1.10, plus or minus $0.05Q3 adjusted gross-margin guidance: 57.5% to 58.5%Marvell also raised its longer-term outlook. The company now expects fiscal 2027 revenue of approximately $12 billion, representing growth of roughly 45%, compared with its previous projection of $11.5 billion. Fiscal 2028 revenue is now expected to reach approximately $18 billion, up from the previous $16.5 billion estimate. Management said AI-related bookings remain exceptionally strong, with custom-chip revenue expected to accelerate during the second half of the current fiscal year.Marvell delivered strong results and raised its outlook, but the market wanted a bigger and faster payoff from the Google agreement. The decline looks less like a rejection of Marvell’s AI growth story and more like a reset of extremely elevated expectations. Technically, the post-earnings decline took the price as low as $219.10 after reaching a session high of $228.88. On the hourly chart, the rebound following the gap lower stalled near the rising 100-hour moving average at $229.66, keeping sellers in control and leading to the subsequent move to the session low.The decline has so far remained above the rising 200-hour moving average at $214.29. Below that, the 100-day moving average provides another key support level at $211.34.For buyers to regain greater control, the price must move back above the 100-hour moving average at $229.66. Just above that level is the broken 38.2% retracement of the rally from the February 2026 low to the June 2026 high at $230.70. A sustained move above both levels would provide buyers with some relief and could open the door for a broader rotation to the upside.Conversely, a break below the 200-hour moving average at $214.29—followed by the 100-day moving average at $211.34—would strengthen the bearish technical bias and give sellers greater control.With the price between those 2 technical levels we can marvel at the response to the technical levels from traders. The reason is that traders can define, and limit the risk against a level that they believe in/that the market believes in. If the price reaction to those technical levels, you can assume that the market believes in the levels. Having said that we are in a neutral area between moving averages and retracement levels. This article was written by Greg Michalowski at investinglive.com.