Marvell Technology stock just dropped 10.3% in regular trading, even though the latest quarter delivered exactly what many long term investors say they want. Revenue hit a record US$2.74b, with data center sales doing most of the heavy lifting, and non GAAP operating margin reached 36.6%.

Coming into this print, the stock had already climbed 32.6% over the past month and carried a rich P/E multiple. Today’s selloff is the market’s snap judgment on that valuation. The bigger story is whether Marvell’s raised multi year revenue and margin targets justify staying focused on the long game.

Is Marvell Technology now genuinely cheap after a 10.3% drop, or just an expensive stock that came back to earth? Compare the rich P/E, DCF gap and…