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Marvell to acquire Lumentum for $115 B as AI infrastructure sector sees sharp divergence
Marvell announced an all‑stock acquisition of optical‑module maker Lumentum valued at about $115 billion, a roughly 23.9% premium, and both shares fell about 13% and 19% on the news. Apple reported fiscal Q4 revenue of $114.5 billion and EPS of $2.10, beating expectations, but warned margin pressure from rising memory costs, affecting after‑hours trading. Oracle raised $20 billion through a $10 billion stock offering and $10 billion of bonds to fund AI cloud and data‑center spending, with its stock down about 9%. The Philadelphia Semiconductor Index dropped more than 3%, and Palantir posted Q3 revenue of $2.31 billion, with commercial revenue up 148% YoY, surpassing government revenue. The U.S. midterm elections on November 3 add regulatory uncertainty for AI‑related stocks.