Chip stocks lose $400bn in a day as Marvell agrees $115bn Lumentum deal

Yahoo Finance calculated that chip and memory stocks have lost about $3.7tn in market value since 6 October, and more than $400bn on Monday alone. Intel closed at $59.97, less than half its value at the end of September. Micron, Sandisk, Seagate and Western Digital fell roughly 6% to 8%.

Marvell fell about 11.6% and Lumentum about 18.6% after Marvell agreed to buy the optical component maker in an all-stock deal worth $115bn, the largest merger between two listed companies on record. Lumentum holders receive 4.5 Marvell shares each, so the sell-off in Marvell has cut the value of the offer.