Marvell Technology agreed on Monday to buy optical-parts maker Lumentum in an all-stock deal valued at $115 billion. Lumentum shares fell 12% and Marvell's fell 5%. Marvell will pay 4.5 of its shares for each Lumentum share, a 24% premium to Lumentum's price on October 28. Marvell's stock has since dropped about 26%, so the offer is now worth about $835 a share, below Lumentum's Friday close. The deal is expected to close in the first half of 2028. Citrini Research's Jukan reads the sale as a sign that Lumentum's management expects the AI boom to fade within two to three years. If so, Micron has the most to lose: analysts expect its earnings to more than double this fiscal year, and it trades at about 5x forward earnings.

A Motley Fool columnist who lived through the dot-com bubble says its lessons are keeping him out of Micron and Nvidia. The cyclically adjusted price-to-earnings (CAPE) ratio is 41, a level only the dot-com boom has topped in US stock market history. Micron, a memory chip maker, reported 379% annual revenue growth and net income of nearly $37.7 billion, against $3.2 billion a year earlier. Memory is a commodity, however, and profits can collapse once supply catches up with demand. Its stock took 24 years to regain its 2000 high. Nvidia posted 106% revenue growth and net income of $59.7 billion. The writer likens it to Cisco, which financed customers that later went bankrupt, causing a $2.25 billion write-down in 2001. He advises current Nvidia holders to keep their shares.

OpenAI chief executive Sam Altman says scarce memory chips belong in data centers, not personal computers. On the Cheeky Pint podcast, published October 29, 2026, he told Stripe co-founder John Collison that personal devices use DRAM about 5% of the time. Micron Technology fell 5.30% on October 30 to close at $884.74, valuing it at about $1.00 trillion. The drop came during a broad pullback in large technology stocks. Altman offered an opinion, not a product plan, contract, or timeline. PC demand is already soft: Microsoft reported a 22% drop in Windows OEM and Devices revenue, and Intel's finance chief expects the slowdown to last through at least the first half of next year. Micron's cloud and data center segments earned more than its mobile and client unit last quarter.