Lumentum Falls 10.6%, Marvell Drops 7.7% in US Trading

The optics and custom-silicon names that rode the AI infrastructure trade are being repriced in a single session, and the fact that both are touching multi-month lows suggests this is about positioning and valuation rather than a company-specific miss. The read-through lands on anyone holding the broader AI supply chain, where suppliers far from the headline chipmakers tend to absorb the sharpest moves when sentiment shifts. Whether this is a one-day de-risking or the start of a deeper reset in AI-adjacent semis is the open question.