Semiconductor selloff puts Nasdaq 100 in correction
The Nasdaq 100 is down 10% from its October peak and the chip index is down about 12% in three days. Marvell's Lumentum deal added to the weakness.
What we know
First Squawk reports the correction. Financelot says SOXL broke trendline support. MRVL fell 13% and LITE 19% after the roughly $115B deal. Cisco fell 8.4%. An account on X argues BTC has bottomed relative to NVDA.
How the story developed
The Nasdaq 100 is down 10% from its October peak and the chip index is down about 12% in three days. Marvell's Lumentum deal added to the weakness.
Anthropic's updated S-1 shows $900B in committed spend, Marvell is buying Lumentum for about $115B, and AI default swaps hit records amid supply-chain tightness.
Oracle fell about 5% on a $20B raise and photonic stocks have sold off sharply, even as Marvell agreed a $115B Lumentum deal and SK hynix reported HBM demand above supply.
Marvell agreed to buy Lumentum for $115B in stock, Oracle filed for a $10B stock offering plus $10B in notes, and Alphabet is raising €6B in bonds.
Marvell agreed to an all-stock $115B deal for Lumentum, a major AI-infrastructure consolidation.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.