On Monday, Nasdaq (QQQ) started the morning session trading up close to 1%. But by the end of the day, the index fell by 1.36%. Investors who picked up AI suppliers bet that stocks would snap back. Instead, the Marvell Technology all-stock buyout offers for Lumentum (LITE), an optical network supplier, accelerated market fear.
Marvell, whose shares trade at a forward P/E of 46.5 times, offered Lumentum a $115 billion enterprise value. Before MRVL stock fell by 12.72%, the premium was around 24%.
Marvell will pay a $5.8 billion termination fee. Marvell shareholders will own 67% of the combined firm, compared to 33% for Lumentum. LITE stock closed down by 18.59% to $684.40.
After markets closed, Apple (AAPL) posted record iPhone sales. The market yawned. Just as Alphabet (GOOG) and Amazon (AMZN) shares fell after their quarterly report, Apple shares did the same. The firm earned $2.10 a share after revenue increased by 11.7% Y/Y to $114.48 billion.
CEO John Ternus highlighted the iPhone Duo, iPhone 18 Pro and Pro Max models. The company also refreshed its peripherals for the home, added a touchscreen to Mac for the first time, and introduced an all-new Siri AI.
Unfortunately, AAPL stock might trade down by nearly 3% today. Microsoft (MSFT) released a touchscreen Surface in 2012 and the Surface Book laptop afterward. Samsung sold the Galaxy Fold starting in 2019. The TriFold is Samsung’s first-ever trifold device, launched in December 2025.
