Core Insights - Stocks fell on Thursday as Wall Street focused on corporate earnings [2] Qualcomm - Qualcomm's stock fell 4.76% after reporting fiscal fourth-quarter adjusted earnings of $3 per share on revenue of $11.27 billion, which exceeded expectations. The company anticipates fiscal first-quarter adjusted profit between $3.30 and $3.50 per share, with revenue projected between $11.8 billion and $12.6 billion, surpassing consensus estimates [3][5] AppLovin - AppLovin's stock rose 2.47% after reporting third-quarter earnings of $2.45 per share, beating estimates by 7 cents. The company's ad revenue reached $1.41 billion, exceeding expectations of $1.34 billion and marking a 68% increase year-over-year. For the fourth quarter, AppLovin expects revenue between $1.57 billion and $1.6 billion, higher than the $1.55 billion estimate [4] Arm Holdings - Arm Holdings' stock fell 2.54% despite reporting fiscal second-quarter earnings that surpassed analyst forecasts. The company expects adjusted profit of 41 cents per share on revenue of $1.23 billion for the current third quarter, exceeding Wall Street's expectations of 35 cents per share and $1.11 billion in revenue [6] Marvell Technology - Marvell Technology's stock rose 0.96% after reports that SoftBank Group explored a potential takeover of the chip company. The acquisition was intended to merge Marvell with Arm, but no agreement was reached [7] Tesla - Tesla's stock declined 4.94% as shareholders prepared for a vote on CEO Elon Musk's pay package during the annual meeting. The vote is expected to pass, although Norway's sovereign-wealth fund has publicly stated it will vote against Musk's compensation [7] Moderna - Moderna's stock gained 4.2% after reporting better-than-expected quarterly results, with a loss of 51 cents per share, which was narrower than the anticipated loss of $2.12. Revenue for the quarter was $1.02 billion, exceeding the $880 million estimate [8] DuPont - DuPont's stock rose 0.2% after the company reduced its full-year net sales forecast to $6.84 billion from $6.865 billion. The board authorized $2 billion in stock repurchases and declared a quarterly dividend of 20 cents per share [9] Airlines - Delta Air Lines, United Airlines, and American Airlines saw declines of 0.7%, 1.6%, and 1.4%, respectively, due to a 10% reduction in flight capacity at major U.S. airports amid a government shutdown affecting air-traffic controllers [10] Robinhood Markets - Robinhood's stock fell 7.7% despite reporting third-quarter earnings and revenue above analysts' expectations. However, transaction-based revenue of $730 million, a 129% increase year-over-year, missed projections [11] Snap - Snap's stock surged 16% after narrowing its third-quarter loss and announcing a $400 million deal with AI company Perplexity to integrate its technology into Snapchat. Revenue rose 10% to $1.51 billion, surpassing estimates [12] Datadog - Datadog's stock surged 19% after reporting third-quarter adjusted earnings of 55 cents per share, exceeding estimates of 45 cents. Revenue climbed 28% to $886 million, beating forecasts of $854 million [13] Celsius Holdings - Celsius Holdings' stock sank 23% due to concerns over the transition of its newly acquired Alani Nu business into PepsiCo's distribution network, which may impact inventory movements [14] CarMax - CarMax's stock tumbled 13% after announcing the departure of its CEO, Bill Nash, effective December 1. The board member David McCreight will serve as interim president and CEO while a search for a permanent replacement is conducted [14] DoorDash - DoorDash's stock declined 16% after missing third-quarter earnings expectations and announcing plans to invest several hundred million dollars more in new initiatives and platform development in 2026 compared to 2025 [15] Duolingo - Duolingo's stock plummeted 27% after forecasting fourth-quarter bookings of $329.5 million to $335.5 million, falling short of Wall Street estimates [15] E.l.f. Beauty - E.l.f. Beauty's stock sank 32% after issuing full-year guidance below Wall Street expectations, projecting adjusted earnings of $2.80 to $2.85 per share on sales of $1.55 billion to $1.57 billion, while analysts forecasted adjusted earnings of $3.53 on revenue of $1.65 billion [16]

Core Viewpoint - SoftBank Group is exploring the possibility of acquiring Marvell Technology, which could become the largest merger in the semiconductor industry if completed [1] Group 1: Acquisition Interest - SoftBank's interest in acquiring Marvell is linked to a potential merger with its subsidiary, Arm, a UK chip design company [1] - Although there are no active negotiations currently, the possibility of reviving acquisition talks remains [1] Group 2: Strategic Intent - Masayoshi Son, the billionaire founder of SoftBank, has been intermittently considering Marvell as a potential acquisition target for years [1] - This interest is part of SoftBank's strategy to capitalize on the AI boom through hardware investments [1] Group 3: Previous Engagement - SoftBank had previously expressed interest in Marvell several months ago, but the two parties could not reach an agreement on transaction terms [1]

Core Viewpoint - SoftBank Group has explored the possibility of acquiring Marvell Technology, which could become the largest merger in the semiconductor industry if completed [1] Group 1: Acquisition Interest - SoftBank's intention to acquire Marvell is aimed at merging it with its controlled UK chip design company, Arm [1] - Although there are no active negotiations currently between Marvell and SoftBank, the possibility of reviving acquisition talks remains [1] Group 2: Historical Context - Masayoshi Son, the billionaire founder of SoftBank, has intermittently considered Marvell as a potential acquisition target for years [1] - This interest is part of SoftBank's strategy to benefit from the AI boom through hardware investments [1] Group 3: Negotiation Status - SoftBank had previously expressed interest in Marvell several months ago, but the two parties could not agree on transaction terms [1]

Core Viewpoint - Marvell Technology's stock has experienced a significant recovery, rising from a low of $47 in April to a high of $92.90 recently, indicating strong market performance and investor confidence [1] Stock Performance - The stock price increased from $47 in April to a peak of $92.90, showcasing a robust rebound over the past few months [1]

Core Viewpoint - Marvell is considered a potential takeover target due to its stock underperformance compared to other chip companies benefiting from the artificial intelligence boom [1] Company Summary - Marvell's stock has not kept pace with peers in the semiconductor industry that are capitalizing on the growth driven by artificial intelligence [1]

Market Overview - U.S. stock futures declined on Thursday following a positive close on Wednesday, with major benchmark indices showing lower futures [1] - The 10-year Treasury bond yielded 4.14%, while the two-year bond was at 3.61%, with a 67.3% likelihood of the Federal Reserve cutting interest rates in December [2] - Major indices' futures changes included Dow Jones -0.06%, S&P 500 -0.02%, Nasdaq 100 -0.06%, and Russell 2000 -0.19% [2] Company Performance - Coherent Corp. (NYSE:COHR) saw a significant increase of 14.31% after reporting revenue of $1.58 billion, a 17% year-over-year increase, and earnings of $1.16 per share compared to $0.67 from the same quarter last year [5] - Airbnb Inc. (NASDAQ:ABNB) rose 0.041% in premarket trading ahead of its earnings report, with expectations of $2.34 earnings per share on revenue of $4.08 billion [6] - Apple Inc. (NASDAQ:AAPL) fell 0.27% after news of a deal to pay Alphabet Inc. approximately $1 billion yearly for AI technology to improve Siri [6] - Marvell Technology Inc. (NASDAQ:MRVL) surged 8.55% amid reports of SoftBank Group exploring a potential takeover of the company [6] Sector Performance - Sectors with the biggest gains included communication services, consumer discretionary, and materials, while consumer staples and information technology closed lower [8] Analyst Insights - Sean Peche, founder of Ranmore Fund Management, expressed concerns about the stock market being overvalued, drawing parallels to Japan's late-1980s bubble, citing high valuations and euphoria driven by U.S. tech dominance [10][11] - Peche highlighted that the Magnificent 7 trades at 58x free cash flow, which worsens to 77x when adjusting for stock-based compensation, suggesting a reconsideration of reliance on the U.S. market [11][12] Upcoming Economic Data - Initial jobless claims data and third-quarter U.S. productivity data will be delayed, with several Federal Reserve officials scheduled to speak throughout the day [14][15] Commodities and Global Markets - Crude oil futures increased by 1.06% to around $60.23 per barrel, while Gold Spot rose 0.83% to approximately $4,012.21 per ounce [16] - Bitcoin traded 1.01% higher at $102,968.08 per coin [16] Global Market Performance - Asian markets closed higher, except for India's NIFTY 50 index, with notable gains in South Korea, Japan, Australia, Hong Kong, and China [17]

Core Viewpoint - Shares of Marvell Technology experienced a significant increase in premarket trading following reports that SoftBank was considering acquiring the U.S. chipmaker, which would represent a record deal [1] Company Summary - Marvell Technology's stock price surged in premarket trading, indicating strong investor interest and potential market confidence in the company's future prospects [1] Industry Summary - The potential acquisition by SoftBank highlights ongoing consolidation trends within the semiconductor industry, suggesting a competitive landscape where major players are seeking strategic partnerships and acquisitions to enhance their market positions [1]

Core Viewpoint - SoftBank Group explored a potential acquisition of Marvell Technology to merge it with ARM, aiming to create a semiconductor giant in the AI race [2][4] Group 1: Acquisition Interest - SoftBank expressed acquisition interest in Marvell several months ago, but the two parties could not agree on terms, and active negotiations are currently absent [2][6] - The acquisition price could approach $100 billion, representing a significant investment [7] - Regulatory scrutiny poses a major challenge, as the U.S. government is focused on developing its domestic semiconductor industry, raising questions about approval for a Japanese company acquiring a key U.S. chip manufacturer [7] Group 2: Market Performance - Marvell's stock price rose by 13% in after-hours trading following the acquisition news, despite a year-to-date decline of 18%, with a current market capitalization of approximately $80 billion [2][8] - In contrast, competitors like NVIDIA, Broadcom, and ARM have seen significant stock price increases this year [2] Group 3: Company Challenges - Marvell reported record revenue of $2 billion for the quarter ending August 2, driven by its custom chip business, which serves clients like Amazon and Microsoft [8] - However, Marvell faced a severe stock price drop earlier this year due to disappointing revenue forecasts, marking one of the worst single-day declines in over two decades [8] - Concerns about customer uncertainty led TD Cowen to downgrade Marvell's rating to "hold" in September [8]

Core Viewpoint - Marvell Technology (MRVL.US) shares rose over 10% in pre-market trading, reaching $102.21, following reports of a potential acquisition interest from SoftBank to merge with its chip design company Arm, although no agreement on terms was reached [1] Company Summary - Marvell Technology's stock price increased significantly, indicating positive market sentiment regarding the potential acquisition [1] - SoftBank expressed interest in acquiring Marvell Technology several months ago, aiming to combine it with Arm [1] - Current negotiations between Marvell Technology and SoftBank have not progressed, with no active discussions taking place at this time [1]

Group 1 - SoftBank considered acquiring American chip manufacturer Marvell earlier this year, which would set a record for the largest merger in the chip industry if completed [2] - The founder of SoftBank, Masayoshi Son, has been interested in Marvell for years, viewing it as a potential acquisition target to help build an AI hardware empire [2][3] - Marvell's current market value is approximately $80 billion, down 16% from the beginning of the year, contrasting sharply with the strong performance of peers like Arm and Nvidia [3] Group 2 - SoftBank's plan involves deep integration of Marvell with its already controlled UK chip design company Arm, aiming to create a strong competitive edge in the AI chip market [3] - This strategy aligns with Masayoshi Son's recent focus on AI hardware, as evidenced by SoftBank's acquisition of Ampere Computing earlier this year [3] - The global tech giants are investing heavily in AI infrastructure, with Nvidia's stock soaring 1300% over five years, making it the first company to surpass a $5 trillion market cap [4] Group 3 - SoftBank launched a $500 billion "Star Gate" data center project in collaboration with OpenAI and Oracle to remain competitive in the AI space, although progress has been slower than expected due to site selection disputes [4]