Chipmakers shed $3.7tn since October as Marvell bids $115bn for Lumentum
Chip and memory stocks had lost about $3.7tn of value since 6 October by Monday, even as AMD beat forecasts and guided to about $17bn of fourth-quarter revenue. Marvell’s all-stock offer for Lumentum is the largest merger between listed companies on record.
Source published · In the Weekly Review of 8 November 2026
Filed under Markets, AI industry
Marvell agreed on 2 November to buy the optical component maker in a deal worth $115bn, paying 4.5 of its shares for each Lumentum share. Both stocks fell, Marvell by about 11.6% and Lumentum by about 18.6%, which cut the value of the offer.
AMD reported record revenue of $13.4bn on 3 November, with data centre sales up 97% to $8.5bn, and said data centre AI revenue will pass server processor revenue in the fourth quarter. Its shares rose more than 7% after hours and then fell about 17% on Thursday, before rising 10.82% on Friday.