Marvell Technology’s stock dropped 18% due to missed data center revenue estimates and soft guidance. It reported adjusted earnings of 67 cents per share on revenue of $2.01 billion. Marvell competes with Nvidia, but fell short in its core data center segment. The company projected revenue of $2.06 billion for the fiscal third quarter.

Marvell faces challenges in scaling its AI business to Nvidia’s level. Last year, its shares surged 83% but have since tumbled. Analysts have cut stock targets post-earnings, with Citi lowering Marvell’s price target to $92. Bank of America downgraded Marvell to neutral with a price target of $78.

Citi noted that Marvell’s guidance did not change the expected timing of Amazon’s Trainium 3 rollout. Bank of America downgraded Marvell to neutral, citing uncertainty around projects like Microsoft’s Maia and Amazon’s 3nm project. Marvell’s stock closed at $62.87 on Aug. 29.

Read more at Yahoo Finance: Analysts turn heads with Nvidia rival’s stock target after earnings