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Marvell to Buy Lumentum for $115 Billion in All-Stock AI Deal — 2nd Update. By Connor Hart Marvell Technology and Lumentum will merge in an all-stock deal valued at about $115 billion, including debt, combining two of the fastest-growing enablers of artificial intelligence. The companies on Monday said the tie-up will bring together complementary electrical and optical technologies to address increasingly complex connectivity requirements across next-generation AI infrastructure. "AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," Marvell Chief Executive Matt Murphy said. The deal will help to shape the next era of AI connectivity, he said. The combined company's total addressable market is projected to be $550 billion, as surging AI data traffic continues to necessitate rapid hardware innovation. "Together with Marvell, we will meet our customers' complete interconnect needs," Lumentum Chief Executive Michael Hurlston said. Under the terms of the agreement, Lumentum stockholders will receive a fixed-exchange ratio of 4.5 shares of Marvell common stock for each share of Lumentum common stock they own, the companies said. The deal represents an implied value of about $1,132 per share of Lumentum common stock and a premium of roughly 24% based on each company's unaffected closing share price as of Oct. 28--the last trading day before market speculation regarding a potential transaction began, according to the companies. Following the deal's close, current Marvell stockholders will own about two-thirds of the combined company on a fully diluted basis, while Lumentum stockholders will own roughly one-third. The transaction is expected to close in the first half of calendar year 2028, subject to shareholder and regulatory approvals. Murphy will continue to serve as CEO of the combined company. Three members of Lumentum's board, including Hurlston, will join Marvell's board, which currently consists of seven members. In August, Murphy said that Marvell is seeing "a significant acceleration" in demand for its custom business, driven by AI hyperscalers who are increasingly looking to design their own computer chips. Shares of Lumentum slipped 1.9%, to $826.35, in premarket trading. Marvell Technology's stock was roughly flat. Write to Connor Hart at connor.hart@wsj.com

IRAN LEAVES DOHA TALKS AS NEW US DEAL PROPOSAL CIRCULATES Iranian officials have left Doha following indirect negotiations with Washington, as a draft proposal for a potential agreement circulates. Tehran insists that the US naval blockade must end before any final agreement or reopening of the Strait of Hormuz. Iran has reportedly offered to reopen the strait within 48 hours under a deal, compared with an earlier seven-day timeline.

【最新内容：FinancialJuice @financialjuice · 2026-11-02T13:07:08.000Z】 This tanker had turned off its navigation systems - IRIB News 【引用内容：FinancialJuice @financialjuice · 2026-11-02T13:05:50.000Z】 Oil tanker catches fire after hitting mine in eastern part of Strait of Hormuz - Iranian state media

Fluence Energy Board Establishes Manufacturing, Operations Oversight Committee >FLNC

Oil Tanker Catches Fire After Hitting Mine In Eastern Part Of Strait Of Hormuz - IRIB [链接预览] t.me خبرگزاری صداوسیما بروز حادثه برای یک نفتکش متخلف در شرق تنگه هرمز روابط عمومی نیروی دریایی ارتش: یک نفت‌کش در محدوده ممنوعه و ناامن شرق تنگه هرمز، بر اثر برخورد با مین دریایی دچار حادثه شد و آتش گرفت. این نفتکش...

OIL TANKER CATCHES FIRE AFTER HITTING MINE IN EASTERN PART OF STRAIT OF HORMUZ - IRANIAN STATE MEDIA

Premarket movers: Nvidia and Alphabet lead gains among the Mag 7 as tech stocks are set to rebound: Nvidia (NVDA) +1.0%, Alphabet (GOOGL) +0.7%, after opening the books on a seven-part offering spanning maturities from two to 19 years (Amazon +0.3%, Tesla +0.7%, Microsoft +0.4%, Meta Platforms (META) -0.6%, Apple (AAPL) -0.1%). Check Point Software (CHKP) drops 6% after the company reported revenue for the third quarter that missed the average analyst estimate. Crowdstrike (CRWD) rises 3% after Deutsche Bank upgraded the security software company to buy, seeing tailwinds related to AI. Estee Lauder (EL) gains 3% after reporting better—than-expected earnings and raising its outlook, the latest sign the beauty conglomerate’s turnaround effort is winning over consumers. Floor & Decor (FND) slips 1.6% after Goldman Sachs cut the recommendation to sell. The downgrade came after the flooring products supplier said comparable sales are down to start the fourth quarter. Geo Group (GEO) gains 3% after securing a contract from US Immigration and Customs Enforcement to provide support services at the 2,329-bed Big Spring Complex in Texas. Idexx Labs (IDXX) rises 6% after the animal health firm boosted its revenue guidance for the full year, following results for the third quarter that beat the average analyst estimate. Inovio Pharmaceuticals (INO) rallies 50% after the biotech got accelerated FDA approval for Voceryq, an immunotherapy to treat adults with recurrent respiratory papillomatosis. Kosmos Energy (KOS) falls 7% after the oil and gas company reported third-quarter adjusted earnings per share that missed the average analyst estimate as weather weighed on results. Marvell Technology (MRVL) climbs 1% after reaching a deal to buy Lumentum at an enterprise value $115 billion in a race to capitalize on the artificial intelligence boom. Lumentum (LITE) slips 1%. Okta (OKTA) rises 2% as the stock will replace Kenvue Inc. in the S&P 500 effective Wednesday. Once Upon a Farm (OFRM) falls 12% after the children’s nutritional food company said it will host a business update conference call/webcast at 8:30am NY time to discuss the company’s voluntary recall of its Tractor Wheels soft-baked bars due to potential choking hazard that was issued on Oct. 30.

IRAN'S "GHOST FLEET" TANKER WAS SEEN EVADE US BLOCKADE CARRYING 500,000 BARRELS OF LPG TO CHINA.

Fluence Energy Names Marco Boos Sr VP, Chief Customer Success Officer >FLNC

Fluence Energy: John Zahurancik Steps Down as Sr VP, Chief Customer Success Officer >FLNC

Oil tanker catches fire after hitting mine in eastern part of Strait of Hormuz - Iranian state media

Fluence Energy: Bernerd Da Santos Continues as Chief Operating Officer, Will Lead Operational Transformation >FLNC

LYNX EQUITY WARNS APPLE OF NEAR-TERM SUPPLY PRESSURE, SEES 2027 RECOVERY Lynx Equity expects Apple ($AAPL ) to face significant supply shortages and pricing pressure in the December quarter, potentially resulting in weaker-than-expected guidance. Consensus forecasts just 6% year-over-year growth in total revenue and iPhone sales. However, the firm expects memory and flash supply constraints to ease in the second half of 2027, potentially supporting a strong stock recovery.

Morning Juice - US Session Prep (2nd November) https://features.financialjuice.com/2026/11/02/morning-juice-us-session-prep-2nd-november/…

Apple Is the 'Only Mag 7 Stock' Beating S&P 500 by Avoiding the AI 'Spending Binge,' Says Market Strategist. Apple Inc. AAPL is the only Magnificent 7 technology stock outperforming the S&P 500 index in 2026, according to Charlie Bilello of Creative Planning. Bilello states this market performance is driven by Apple’s free cash flow generation and its avoidance of an artificial intelligence “spending binge.” Free Cash Flow Dominance As of Oct. 31, Apple posted a 26.77% year-to-date return, exceeding the S&P 500’s 10.73% gain. The remaining six companies in the Magnificent 7 are trailing the broader benchmark index, with Nvidia Corp. NVDA returning 10.73%, Microsoft Corp. MSFT returning 7.92%, and Meta Platforms Inc. META declining 6.83%. Bilello attributes Apple’s singular outperformance to its capital position, noting on X that the company generates “more free cash flow than any other Mag 7 company.” During his market analysis presentation, Bilello reported that Apple leads its peers with $137 billion in trailing 12-month free cash flow. He observed that investors are increasingly rewarding this financial stability over unchecked spending. “Markets starting to differentiate here, care more about free cash flow,” Bilello stated. He summarized the current market dynamic by declaring that “free cash flow is king.” Charlie Bilello @charliebilello Apple is now the only Mag 7 stock that is outperforming the S&P 500 this year. Why? It generates more free cash flow than any other Mag 7 company while largely avoiding the AI spending binge that is draining its hyperscaler peers. Video: https://t.co/WUvO57pung pic.twitter.com/p8qzENDyaG Nov 01, 2026 The AI Infrastructure Toll While Apple maintains its cash generation, other mega-cap technology companies are experiencing financial impacts due to heavy investments in artificial intelligence. Bilello noted that Apple is “largely avoiding the AI spending binge that is draining its hyperscaler peers.” Bilello highlighted that “a lot of the other Mag 7 members [are] spending a lot on AI infrastructure, [and] because of that, you’re seeing their free cash flow start to decline.” He cited Meta as a primary example of this trend, pointing out that Meta’s trailing 12-month free cash flow fell from over $50 billion at the start of 2025 to nearly $29 billion. Bilello emphasized that Meta reported a negative $2 billion free cash flow for the third quarter, which he said was driven by a “massive 80% year-over-year increase in AI infrastructure spending.” How Has AAPL Performed in 2026? The stock was higher by 28.09% over the last year, up 26.77% year-to-date, and higher by 3.28% over the last month. It closed 1.23% lower at $344.63 per share on Friday; the stock was up 0.06% in premarket trading on Monday. Wall Street expects AAPL to report quarterly earnings of $1.99 per share on revenue of $113.38 billion after the closing bell on Monday, according to data from Benzinga Pro. Benzinga’s Edge Stock Rankings indicate that AAPL maintains a positive price trend in the short, long, and medium terms, with a good quality score.

Fluence Energy Begins Search for Permanent CEO, Chief Financial Officer >FLNC

Fluence Energy Names Ricardo Roizen Interim Chief Financial Officer >FLNC

TotalEnergies Energy Outlook 2026 – Full Report [链接预览] TotalEnergies Energy Outlook 2026

France’s Economic Slowdown: Could Debt Worries Weigh on the Eurozone Recovery?

investingLive European session wrap: Oil sinks, stocks steady as US midterm elections loom

Fluence Energy: Ahmed Pasha Steps Down as Sr VP, Chief Financial Officer >FLNC

Fluence Energy Names Axel Meier Interim CEO >FLNC

Oracle $ORCL today started a $10 Billion sale of debt

Fluence Energy: Julian Nebreda Stpes Down as President, CEO >FLNC

STRATEGY ($MSTR ) BUYS 811 BITCOIN, REPURCHASES $208 MILLION IN PREFERRED SHARES Strategy acquired 811 BTC for $65.5 million at an average price of $80,846 per Bitcoin, bringing total holdings to 849,327 BTC. The company also sold 1.18 million MSTR shares, raising $164 million, with $98.5 million allocated to USD Cash. Strategy repurchased $208.2 million of STRC preferred shares during the week. Its USD Reserve stands at $4.79 billion, with another $132.7 million in USD Cash.

Strategy buys 811 Bitcoin for aggregate purchase price of $65.5m; avg. purchase price $80,846, Oct. 26 to Nov. 1

🇺🇸US pre-market movers🇺🇸 ES +0.3% NQ +0.6% RTY +0.5% $ECHO +6.5%: $SPCX is in talks to purchase EchoStar's Boost Mobile or use its network; $TMUS -2.2% $VZ -2% $KXIAY -17%: Sees Dec.-Q op. profit of ¥2tln (prev. 1.99t), raising concerns over slowing AI-driven memory demand $OKTA +1.8%: Will join the S&P 500, replacing $KVUE, effective BMO on Nov. 4th $CHKP -6.5%: Rev. missed $TSEM +5%: Headline metrics topped exp. w. strong next Q rev. guide $MAR +3.7%: Solid Q report alongside raising next Q & FY view $EL +1.6%: Top & bottom line beat alongside lifting FY27 outlook $IDXX +6%: Q report impressed as headline metrics topped & lifting FY guidance $CRWD +3%: Upgraded at Deutsche Bank

Alex Farman-Farmaian: Financial Advice for the Mega-IPO Era — Barrons.com. By Steve Garmhausen The era of mega-IPOs is upon us. SpaceX went public on June 12, raising a record $75 billion. Anthropic plans to beat that by $25 billion when it goes public in November. All of this means lots of employees are getting very wealthy and very often making mistakes, according to Alex Farman-Farmaian, the co-founder and CEO of Compound Planning. One common error that IPO beneficiaries make is following their hearts rather than their heads when it comes to diversification, he says: "They pour their hearts and souls into making a company successful, and it's hard for them to take a step back and make the right choices." Speaking with Barron's Advisor, Farman-Farmaian explains that he became aware of the pitfalls around equity compensation long before Compound's founding in 2022. As an executive at Carta, a software provider that helps businesses track ownership and manage equity compensation, he saw up close how much help employees needed navigating tax, diversification, and other equity-related considerations. Today that demographic figures prominently in the clientele of New York-based Compound, which oversees more than $5 billion of assets and some 100 employees, including more than 50 advisors. Farman-Farmaian offers his best advice to those with IPO wealth in their futures. He describes the proprietary technology his firm has built, and explains why running the business is like open-water swimming. How did you get started in wealth management? I was an early employee at Carta and was there as the business scaled up tremendously. My last couple of years there I ran the tender-offer business, so I worked with a lot of large private companies in planning and executing liquidity events. Part of the work was employee education. Through that, I got to see that a lot of people miss some of the planning possibilities. For example, many plans allow for early exercise. A lot of folks didn't realize that was even a decision they could make. They were missing out on things like understanding what their alternative minimum tax liability was going to be around an exercise. I saw people who didn't realize they were sitting on a qualified-small-business-stock lot: They would sell the QSBS stock three years into the hold, not realizing they were selling a very tax-inefficient lot. So all of that led me to partner with financial advisors to do employee education and provide one-on-one advice. As I spent time with advisors doing this planning I saw an opportunity to help the advisors serve their clients across a more complete balance sheet. Historically the wealth management industry has focused on retirement planning and portfolio construction. But there's a lot more complexity to the modern client than there was in the past. People have things like equity compensation. They're invested in alternatives, whether that be real estate, venture, private equity, or private credit. There are all these different ways people can invest, and their balance sheets have become quite complex. And nothing was really built to serve their complete balance sheet. The firm was founded in 2022 by myself, Christian Haigh, and Gabe Krambs as Alternativ to enable financial advisors to serve a complete balance sheet for high-net-worth clients. In 2023, we completed a merger with a consumer fintech company, Compound Financial, and rebranded our existing [registered investment advisor] as Compound Planning. Who are your clients? Our typical clients are high- and ultrahigh-net-worth individuals and families that are seeing complexity in their lives. We work with a lot of next gen with equity compensation, with attorneys who are partners or are navigating becoming a partner, and people in their postliquidity period who are getting into gifting and next-generation planning. How are the next-gen clients different from earlier generations? Information is so much more accessible than it was previously. People have access to Claude, to ChatGPT, to Google of course, so new next-gen clients are showing up having run numbers. A lot of people might assume they can find answers to IPO strategy questions, for example, through all these resources, and that's enough. But working with an advisor can help them ask the right questions to accelerate their progress to what they're trying to accomplish. What are the key services you provide? It's not just portfolio construction. It's not just generic tax planning. It's taking the full balance sheet in context. So, what are someone's goals? What are they trying to accomplish? Is the right tool there a more complex estate plan? Is it tax-aware investing? This all falls under a financial planning umbrella. But that definition of financial planning has really evolved in recent years. It used to mean just retirement planning. Today it means being deeply aware of what someone's trying to do from a tax, estate, philanthropy perspective. Modern wealth management encompasses everything that touches someone's money. You're obviously off to a successful start with $5 billion of assets under management. What do you feel gives you an edge as potential clients are shopping for advisors? We're really good at drilling down and understanding what matters to that client quickly. We've built a lot of technology that helps us do that — making it easier for clients to share their balance sheet with us, to share their financial context. That ultimately means you meet the client where they're at, versus following a strict older-school-like playbook where it takes months to onboard someone and months to build that context. We make the process much simpler for the client by cutting down the friction, which means we can show them much faster how we can help them. Can you walk me through some of your proprietary technology? On the client-facing side we have what we call the Compound dashboard. Anyone can go sign up for this online; it's not just for paying clients. It allows you to aggregate your full net worth and balance sheet in one place with a significant level of detail. For equity compensation, for example, we have all the vesting tranche-level details there, because that's going to inform planning decisions. When it comes to private assets, it's as detailed as, what are the capital calls you've made? What are the capital calls coming up? What are the distributions off those things? We've also built a proprietary advisor platform, called Advisor HQ. It's where the advisor accesses all the relevant context. It's more than just the client's profile; it's the email history, the call note history and so on. If the advisor needs to make portfolio changes they do it from Advisor HQ. And then sitting on top of that we have Compound AI, which is our AI agent — really multiple agents. That takes all that context across the client profile and what we have in Advisor HQ, makes it super accessible and provides insights to our advisors. That ultimately means that a Compound advisor can deliver a really high level of service centered around proactivity and doing more for a client than they can with a traditional firm. What is Compound's growth strategy? We grow in a couple of different ways. One is people in different phases of their lives and careers are excited to have a Compound advisor manage their money. We work with a lot of people still accumulating, a lot of next-gen clients. We deliver great service and we get referrals, and these people will sometimes refer us into their companies, and then we start working with other employees at those companies and do sessions around things like liquidity events or annual benefits. So we have this direct model, and at the same time we've become a destination for great advisors. Right, competition for good advisors is fierce. How do you attract them? We're not out there doing roll-ups or buying a bunch of books. We're not writing big checks. We've found a lot of success demonstrating how we can enable great client service. And we also do equity compensation in the right situations. What's the biggest business challenge on your plate right now? This may sound a little bit high level, but the world is changing quickly around us, and I think we're well positioned to adapt. The challenge is finding the balance between keeping our heads down and executing, and keeping our heads up to make sure we're aware of changes going on. Two or three years ago, AI was a very different thing than it is today. If we look two years ahead, it may look very different. ChatGPT came out almost four years ago now. And it wasn't really that useful until more recently. So the pace of innovation in the frontier models dictates where the world is going, and we have to make sure we're going in that direction while also continuing to execute. So, keep your head up but also keep your head down? Yeah, it's a tough one. It's like open-water swimming: You need to look where you're going, but if you look too much, you'll go a lot slower. SpaceX recently had an enormous IPO, and Anthropic is up next. In general, what advice would you offer a tech employee whose company has an IPO coming up? I think a lot of tech people start thinking about it way too late. There's so much planning work you can do before the stock is fully liquid, and a lot of people wait to have that conversation. They might think about it on their own, but they don't start talking with a professional until it's more real. I think part of that is because this industry has made it hard for those people to get good advice. The incentives are such that if you don't have significant AUM you might not be getting the best advice. And as I mentioned earlier, people assume they can find all the answers with all the online resources out there. But again, they might not know all the questions to ask.

Danish Krone Exchange Rate: 2026 Expert Forecast and Peg Data

🇺🇸US pre-market movers🇺🇸 ES +0.3% NQ +0.6% RTY +0.5% $ECHO +6.5%: $SPCX is in talks to purchase EchoStar's Boost Mobile or use its network; $TMUS -2.2% $VZ -2% $KXIAY -17%: Sees Dec.-Q op. profit of ¥2tln (prev. 1.99t), raising concerns over slowing AI-driven memory demand $OKTA +1.8%: Will join the S&P 500, replacing $KVUE, effective BMO on Nov. 4th $CHKP -6.5%: Rev. missed $TSEM +5%: Headline metrics topped exp. w. strong next Q rev. guide $MAR +3.7%: Solid Q report alongside raising next Q & FY view $EL +1.6%: Top & bottom line beat alongside lifting FY27 outlook $IDXX +6%: Q report impressed as headline metrics topped & lifting FY guidance $CRWD +3%: Upgraded at Deutsche Bank

Trump Threatens to Become 'Mr. Veto' if GOP Loses House Majority in Midterms: 'We Have More Than Two Years Left'. President Donald Trump warned that Republicans losing control of the House could lead to sweeping presidential vetoes, adding a sharper edge to the party’s midterm-election stakes. Trump made the remarks during a New York Post "Pod Force One" podcast interview with Miranda Devine , published Monday. The President said he would become "Mr. Veto" if Republicans lost the House of Representatives, while also suggesting that negotiations could eventually follow. "I guess I’ll become Mr. Veto. … And then at some point, we’ll probably make deals," Trump said, describing how he expected to respond to a Republican defeat. Trump accused Democrats of pursuing policies that would "destroy" the United States. He also warned, "If we lost the House, the Senate and the presidency, our country is finished." Despite those warnings, Trump said he expected Republicans to perform well. He pointed to the size of his political rallies as evidence and said, "I think we’re going to do great." Trump added that he would “love” to run for a third term but admitted that it’s not constitutionally possible. “We have more than two years left. That’s a long time. You can do a lot in that period of time,” he said. Democrats Face Limits Even With House Win Chinese political analysts say Democrats could retake the House in the 2026 midterms, but winning both chambers may still leave them with narrow majorities and limited legislative influence. Renmin University professor Diao Daming questioned whether Democrats had enough momentum for a blue wave, citing a lack of clear policy solutions on inflation, oil prices and trade. He warned that a weakened Trump could focus more heavily on foreign policy and pursue risky moves through executive orders. Fudan University researcher Meng Weizhan added that Trump’s veto power would constrain Democratic legislative ambitions even if the party won control of Congress. Tesla Inc. TSLA CEO Elon Musk urged voters to support Republican Senate candidates, warning that a Democratic sweep in the 2028 elections could lead to major political and institutional changes, including statehood for Washington, D.C., and Puerto Rico, changes to immigration policy and expansion of the Supreme Court. Musk argued that Republicans must retain at least 51 Senate seats in 2029 to prevent what he described as the risk of a permanent one-party government. He said preserving Republican Senate control should take priority over other political considerations.

Youtube vs Netflix viewing time, per WSJ:

Iranian 'Ghost Fleet' Tanker Filmed Slipping US Blockade With 500,000 Barrels Of LPG For China [链接预览] zerohedge.com Iranian 'Ghost Fleet' Tanker Filmed Slipping US Blockade With 500,000 Barrels Of LPG For China UANI counts about 20 tankers from its "Ghost Armada" list still loitering at the EOPL..

【最新内容：Evan @StockMKTNewz · 2026-11-02T12:54:38.000Z】 Detuche Bank today upgraded CrowdStrike $CRWD to Buy from Hold with a $300 price target 【引用内容：TipRanks @TipRanks · 2026-11-02T10:58:08.000Z】 🔼CrowdStrike $CRWD upgraded to Buy from Hold at Deutsche Bank Deutsche Bank analyst Brad Zelnick upgraded CrowdStrike to Buy from Hold with a price target of $300, up from $240. The market has still not appreciated the extent to which AI will expand the market for

Marvell to Buy Lumentum for $115 Billion in All-Stock AI Deal — 2nd Update. By Connor Hart Marvell Technology and Lumentum will merge in an all-stock deal valued at about $115 billion, including debt, combining two of the fastest-growing enablers of artificial intelligence. The companies on Monday said the tie-up will bring together complementary electrical and optical technologies to address increasingly complex connectivity requirements across next-generation AI infrastructure. "AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," Marvell Chief Executive Matt Murphy said. The deal will help to shape the next era of AI connectivity, he said. The combined company's total addressable market is projected to be $550 billion, as surging AI data traffic continues to necessitate rapid hardware innovation. "Together with Marvell, we will meet our customers' complete interconnect needs," Lumentum Chief Executive Michael Hurlston said. Under the terms of the agreement, Lumentum stockholders will receive a fixed-exchange ratio of 4.5 shares of Marvell common stock for each share of Lumentum common stock they own, the companies said. The deal represents an implied value of about $1,132 per share of Lumentum common stock and a premium of roughly 24% based on each company's unaffected closing share price as of Oct. 28--the last trading day before market speculation regarding a potential transaction began, according to the companies. Following the deal's close, current Marvell stockholders will own about two-thirds of the combined company on a fully diluted basis, while Lumentum stockholders will own roughly one-third. The transaction is expected to close in the first half of calendar year 2028, subject to shareholder and regulatory approvals. Murphy will continue to serve as CEO of the combined company. Three members of Lumentum's board, including Hurlston, will join Marvell's board, which currently consists of seven members. In August, Murphy said that Marvell is seeing "a significant acceleration" in demand for its custom business, driven by AI hyperscalers who are increasingly looking to design their own computer chips. Shares of Lumentum slipped 1.9%, to $826.35, in premarket trading. Marvell Technology's stock was roughly flat. Write to Connor Hart at connor.hart@wsj.com

BINANCE: WORKING TO RESUME WITHDRAWALS FOR ADDITIONAL NETWORKS AND ASSETS WITH THE NEXT PHASE PLANNED FOR TUESDAY

Marvell to Buy Lumentum for $115 Billion in All-Stock AI Deal — Update. By Connor Hart Marvell Technology and Lumentum will merge in an all-stock deal valued at about $115 billion, including debt, combining two of the fastest-growing enablers of artificial intelligence. The companies on Monday said the tie-up will bring together complementary electrical and optical technologies to address increasingly complex connectivity requirements across next-generation AI infrastructure. "AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," Marvell Chief Executive Matt Murphy said, adding that the deal will help to shape the next era of AI connectivity. Under the terms of the agreement, Lumentum stockholders will receive a fixed-exchange ratio of 4.5 shares of Marvell common stock for each share of Lumentum common stock they own, the companies said Monday. The deal represents an implied value of about $1,132 per share of Lumentum common stock and a premium of roughly 24% based on each company's unaffected closing share price as of Oct. 28--the last trading day before market speculation regarding a potential transaction began, the companies said. Following the deal's close, current Marvell stockholders will own about two-thirds of the combined company on a fully diluted basis, while Lumentum stockholders will own roughly one-third. Shares of Lumentum climbed 2.5%, to $861.40, in premarket trading. Marvell Technology's stock ticked 0.7% higher, to $197.80. Write to Connor Hart at connor.hart@wsj.com

Robinhood Markets Price Target Cut to $120.00/Share From $150.00 by Cantor Fitzgerald. Ratings actions from Benzinga: https://www.benzinga.com/quote/HOOD/analyst-ratings (12:53 GMT) Robinhood Markets Is Maintained at Overweight by Cantor Fitzgerald Ratings actions from Benzinga: https://www.benzinga.com/quote/HOOD/analyst-ratings

LITE: Marvell’s $115B all-stock deal targets a $550B AI connectivity market. Marvell will acquire the target in an all-stock deal valued at $115B, combining electrical and optical connectivity technologies for AI infrastructure. The transaction targets a $550B market and more than $1B in annual run-rate cost synergies, with closing expected in H1 2028. Original document: Lumentum Holdings Inc. [LITE] Press release — Nov. 2 2026

Lumentum Shareholders to Own Third of Combined Chip Giant — Company Talk. Lumentum Holdings stockholders will receive 4.500 shares of Marvell Technology for each share owned in an all-stock merger creating a semiconductor and photonics supplier. Three Lumentum directors, including President and CEO Michael Hurlston, will join the board of the combined company, which will operate under Marvell Chairman and CEO Matt Murphy. The merger combines Marvell's 58% gross margin business with Lumentum's 53% margin operations, targeting cost savings primarily in cost of goods. Closing requires approval by both Marvell and Lumentum stockholders and regulatory clearances. This article was automatically created using artificial-intelligence technology and reviewed by Dow Jones Newswires editors.

Marvell Secures End-to-End Laser Supply in Lumentum Deal — Company Talk. Marvell Technology's acquisition of Lumentum Holdings integrates laser component manufacturing directly into its optical interconnect supply chain. Combining Marvell's high-speed digital signal processors with Lumentum's indium phosphide wafer fabrication-the world's largest such capacity-enables co-designed optical engines for next-generation data center scaling. On an annualized pro forma basis, the combined company generates $17.7 billion in revenue with a 39% operating margin. Management expects the transaction to be accretive to non-GAAP earnings within the first year following a planned first-half 2028 close, with over $1 billion in run-rate synergies primarily from cost-of-goods reductions This article was automatically created using artificial-intelligence technology and reviewed by Dow Jones Newswires editors.

Marvell-Lumentum Deal Boosts AI Optical Connectivity TAM to $550B — Company Talk. Marvell Technology's acquisition of Lumentum Holdings pairs interconnect silicon with laser photonics to create a unified AI connectivity platform. The all-stock deal, valued at over $275 billion in combined enterprise value, expands Marvell's addressable market from $400 billion to $550 billion by calendar 2030. Lumentum stockholders will receive 4.500 Marvell shares for each share held, resulting in 67% ownership for Marvell shareholders and 33% for Lumentum shareholders. The companies describe the combination as a once-in-a-generation opportunity to lead AI connectivity in the era of integrated optics This article was automatically created using artificial-intelligence technology and reviewed by Dow Jones Newswires editors.

Tesla Faces a Robo-Taxi Revolution in China. Musk's Ambitions Have a Tough Test. — Barrons.com. By Al Root Robo-taxis are going to be all over roads — in China. Morgan Stanley projected in a recent report that robo-taxis will reach 1% of China's ride-hailing fleet by 2028. That's roughly 46,000 cars. That also means there are roughly 4.6 million vehicles in ride-hailing services in China. That number for the U.S. is between one and two million. (There is a lot of overlap with Lyft and Uber Technologies drivers.) One percent isn't a lot, but it's up from an estimated 10,000 today, provided by Baidu, WeRide, Pony.ai, and others. That's probably double the number of cars in the U.S. robo-taxi fleets of Alphabet's Waymo and Tesla. Morgan Stanley sees the fleet scaling to 1 million vehicles by 2035. The report shows investors a couple of things. For starters, it's one model of how robo-taxis might spread. Morgan is projecting average annual growth of roughly 55% for seven years. Fast growth. Still, at that point, robo-taxis would still be less than 1% of all personal vehicles. The report also illustrates how Chinese car companies are essentially looking for robo-taxis to improve their businesses — just like Tesla. The Chinese car market is currently characterized by overcapacity, brutal price competition, and falling profits. Auto makers there have taken a Tesla-like approach, investing in AI-trained robo-taxis and robots to help reignite growth. Eventually, Tesla will want part of the Chinese robo-taxi business. CEO Elon Musk wants a lot of it. "I think unless we are stopped by governments, which is certainly a possibility, if they're trying to protect a domestic industry, I think Tesla will end up doing a majority of all passenger miles on Earth in any country where it is allowed to operate freely," he said on Tesla's third-quarter earnings conference call in October. "I feel confident about this prediction." In China, he will have to win the business from a lot of local providers that are trying to scale now. Tesla stock was up 1.1% in early trading on Monday at $404.11, while S&P 500 and Dow Jones Industrial Average futures were both up about 0.5%. Stocks were rebounding from Friday's brutal selloff that sent many AI-related stocks lower. Tesla stock lost 0.9% on Friday. Write to Al Root at allen.root@barrons.com. This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

Iranians have left Doha talks, draft proposal for US deal being circulated, official says: NY Post

HPE to Present Live Audio Webcast of Fiscal 2026 Fourth Quarter Earnings Conference Call. HPE ( HPE ) will conduct a live audio webcast of a conference call with analysts to review financial results for the fourth quarter of fiscal 2026, ending October 31, 2026. The call is scheduled for Monday, November 23 at 4:00 p.m. CT (5:00 p.m. ET), and the webcast will be available at www.hpe.com/investor/2026Q4Webcast. A replay of the webcast will be available at the same website shortly after the call and will remain available for approximately one year. For additional information, see investors.hpe.com. About HPE HPE ( HPE ) is a leader in essential enterprise technology, bringing together the power of AI, cloud, and networking to help organizations achieve more. As pioneers of possibility, our innovation and expertise advance the way people live and work. We empower our customers across industries to optimize operational performance, transform data into foresight, and maximize their impact. Unlock your boldest ambitions with HPE. Discover more at www.hpe.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20261102041471/en/

GOOGLE $GOOGL IS SELLING AT LEAST $3.9B OF NEW BONDS IN EUROPE, ITS SECOND EURO BOND SALE THIS YEAR It's paying higher interest than on its May sale, per Bloomberg

VITOL CEO: OIL MARKET COULD SEE A PRETTY DIFFICULT SPRING VITOL CEO: OIL DEMAND WILL TAKE YEAR TO RECOVER TO 2025 LEVEL

Oracle Kicks Off Its USD 10B Six Part High Grade Bond Offering $ORCL

【最新内容：zerohedge @zerohedge · 2026-11-02T12:41:04.000Z】 *ORACLE KICKS OFF SIX-PART US DOLLAR HIGH-GRADE BOND OFFERING *ORACLE SHARES TURNED NEGATIVE, DOWN 1.1% PREMARKET 【引用内容：zerohedge @zerohedge · 2026-11-02T12:36:20.000Z】 *FITCH SAYS ORACLE'S CAPITAL RAISE IS AT $20B, INCL $10B EQUITY x.com/zerohedge/stat…

Nvidia Price Target Cut to $315.00/Share From $420.00 by Melius Research. Ratings actions from Benzinga: https://www.benzinga.com/quote/NVDA/analyst-ratings