Lumentum signed a deal

Key highlights

1. Optics & networkingThe Technical Limitation Behind Marvell’s $100B Purchase of LumentumMRVL -12.7%LITE -18.6%
2. AI chips & foundryAMD Needs a Huge Outlook to Avoid Intel’s Fate as AI Fears RiseAMD -7.5%INTC -8.8%
3. Neoclouds, bonds & AI financingOracle Announces $20 Billion Stock and Bond Offering to Fund AI Infrastructure ExpansionORCL -8.8%
4. Memory & storageMicron Falls 4% as Kioxia’s Cautious Outlook Hits Memory StocksMU -5.8%Kioxia -15.8%
5. Data centers, cooling & build speedSuper Micro Drops 5% Ahead of Earnings as AI Server Selloff ExtendsSMCI -7.6%DELL -7.4%
6. Power & gridCloud Revenue Hits $168B as AI Capacity Expands

Markets

The S&P 500 fell 0.5%, the Nasdaq 100 fell 1.4% and chip stocks lagged (-2.7%). Asia had a sell-off: KOSPI -3.6%, Taiwan TAIEX -3.6%, Nikkei 225 -0.3% (Nov 2), Hang Seng +0.6%. In Korean memory, SK hynix rose 3.8% and Samsung +1.8%. The US 10-year yield fell 4bp to 4.89%; oil +1.6%, VIX 21.6.

The AI chain today average move · day / week

AI chips & foundry -2.2%

Chip stocks -2.2% on the day (10 of 40 up), -3.9% on the week. Lasertec led (+8.0%) and Marvell lagged (-12.7%).

• Intel foundry push faces critical test after stock's 45% plunge in OctoberINTC -8.8%
• Samsung to make AMD, Nvidia chip parts at second Texas plant, Maeil Business reportsSamsung Electronics +1.8%AMD -7.5%

Memory & storage -5.4%

Memory and storage stocks -5.4% on the day (2 of 7 up), -3.1% on the week. SK hynix led (+3.8%) and Kioxia lagged (-15.8%).

• SK Hynix Said to Eye Intel OhioSK hynix +3.8%INTC -8.8%
• Apple's John Ternus faces early test as global memory crisis hurts profitsAAPL -1.8%

AI storage (SSD & HDD) -9.4% Stood out today

Storage stocks -9.4% on the day (0 of 4 up), -9.2% on the week. Kioxia lagged (-15.8%).

• Kioxia Stock Drops 16% as Flash Memory Profit Growth StallsKioxia -15.8%
• Sandisk Flags Memory Recovery As AI Fund Unwind Tests Sector ConfidenceSNDK -6.6%

Optics & networking -5.3%

Optics and networking stocks -5.3% on the day (1 of 19 up), -8.3% on the week. Lumentum lagged (-18.6%).

• Lumentum Goes From $1 Billion Spinoff to $115 Billion TakeoverLITE -18.6%
• COHR Stock Draws Upgrade As Marvell’s $115B Lumentum Deal Highlights ‘Value Of Scarce AI Optics’COHR -4.9%MRVL -12.7%

Servers, racks & components -1.7%

Server and component stocks -1.7% on the day (10 of 27 up), -4.1% on the week. Gold Circuit Electronics led (+3.9%) and Vicor lagged (-8.4%).

• AI server capacitor shortage set to peak in 2027, boosting Samsung Electro-MechanicsSamsung Electro-Mechanics -0.2%
• Envision deploys 800V DC system at China AI data center

Power & grid -0.7%

Power and grid stocks -0.7% on the day (23 of 50 up), +0.3% on the week. Hyosung Heavy Industries led (+13.3%) and Fluence Energy lagged (-8.9%).

• We have the most powerful technology in history, and we’re using it to stop hiring young people
• Singapore enlists Finnish help in bolstering nuclear expertise

Uranium & Enrichment -4.7% Stood out today

Uranium & Enrichment stocks -4.7% on the day (0 of 5 up), -3.7% on the week. Centrus Energy lagged (-8.1%).

Data centers, cooling & build speed -2.2%

Data center, cooling and builder stocks -2.2% on the day (7 of 22 up), -1.3% on the week. Auras led (+4.9%) and Applied Digital lagged (-8.9%).

• Tract expands into UK, plans 500MW campus in Durham
• Anthropic S-1 update reveals $895.4bn in cloud and data center commitments

Hyperscalers & AI spending -2.2%

Hyperscaler stocks -2.2% on the day (1 of 5 up), -5.5% on the week. Amazon led (+2.2%) and Oracle lagged (-8.8%).

• Here’s Why You Buy Amazon Even As It Spends More on AI Than It Generates From OperationsAMZN +2.2%
• Microsoft Corporation Delivers Strong Azure Growth as AI Demand Exceeds SupplyMSFT -2.8%

Neoclouds, bonds & AI financing -7.9%

Neocloud stocks -7.9% on the day (0 of 5 up), -9.3% on the week. Applied Digital lagged (-8.9%). The news was mostly about financing and debt.

• Applied Digital Slumps 8% as CEO Says 800 MW Still Needs FinancingAPLD -8.9%NBIS -8.3%
• Big four hyperscalers raising more that $131 billion in debt and equity for AI buildout

AI models & applications -4.5%

AI software and security stocks -4.5% on the day (4 of 35 up), -7.7% on the week. Tempus AI led (+8.7%) and Absci lagged (-12.9%).

• Palantir Well Positioned to Benefit From AI Tailwinds Amid Accelerating Revenue Growth, Truist SaysPLTR -3.1%
• Macronix Builds Hardware Security into NOR Flash Ahead of EU Cyber Resilience Act
• Y Combinator’s Garry Tan uses AI agents so much, he spends up to $200K a year on tokens

AI Cybersecurity -6.5% Stood out today

AI Cybersecurity stocks -6.5% on the day (0 of 8 up), -14.9% on the week. Okta lagged (-11.2%).

• EY Builds Its Frontier AI and Cyber Resilience Business on CrowdStrike, Commits to Training Cyber Workforce on the Falcon PlatformCRWD -3.4%

Robotics & physical AI -0.1%

Robotics stocks -0.1% on the day (22 of 45 up), -1.5% on the week. Xiaomi led (+6.1%) and Mobileye lagged (-5.2%).

• Early Uber Investor: Tesla and Uber Will “Split 80%” of the Robotaxi MarketUBER +2.2%TSLA +1.0%
• Commentary: Foxconn charts its own path beyond humanoid robot hypeHon Hai (Foxconn) +2.2%
• Humanoid steals stage at MARS 2026

Materials -0.7%

Materials stocks -0.7% on the day (13 of 25 up), +0.0% on the week. Antofagasta led (+4.1%) and AXT lagged (-12.5%).

• COMMENTARY: Copper concentrate pricing slips into the shadows
• Southern Copper: 3 Key Takeaways for Long-Term InvestorsSCCO +1.0%

Policy & regulation

Rules, taxes and local politics are now a regular part of the build-out story.

• AI chip smugglers exploit trade control loophole to bring banned HBM from South Korea into China
• Data Center Industry Pushes for Darline Graham in South Carolina Senate Race
• State-level politics will partially dictate data center development and regulation: BNY

Data & what's coming

• H100 rental price: -1.8% over 7 days.

Next 7 days

• 11-03EarningsLG Energy Solution (373220.KS)
• 11-03EarningsAstera Labs (ALAB)
• 11-03EarningsAdvanced Micro Devices (AMD)
• 11-03EarningsArista Networks (ANET)
• 11-03EarningsAptiv (APTV)
• 11-03EarningsDenison Mines (DNN)