Monday: AI-spend selloff enters third day — tech sinks 2.7%, Intel, Marvell, Oracle, Lumentum plunge; Dow rises
What happened
The AI-spending selloff extended into a third straight day of tech declines on Monday, November 2. The Nasdaq Composite fell 1.07% to 25,164.32 and the S&P 500 slipped 0.51% to 7,541.40, while the Dow Jones Industrial Average rose 0.41% to 51,983.98 — the only major index to finish higher. Technology was the worst sector at -2.66%, and the Philadelphia Semiconductor Index dropped 3.37%. Intel tumbled another 8.8% after its ~30% Friday collapse; Marvell Technology plunged 12.72% and Lumentum 18.59% as the market punished the $115B all-stock merger; Oracle sank 8.85% to $119.10 after filing a $20B stock-and-bond raise; Micron fell 5.7% and Seagate 8%.
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Start your free 14-day trialWho’s affected
- Intel (INTC): fell 8.8% Monday after ~30% Friday collapse; prolonged PC-weakness warning hangs over chip sector
- Marvell Technology (MRVL): -12.72% on skepticism around the $115B all-stock Lumentum deal
- Lumentum (LITE): -18.59% as the all-stock acquisition consideration lost value
- Oracle (ORCL): -8.85% to $119.10 after filing a $20B stock-and-bond raise to fund AI buildout
- Micron Technology (MU): -5.7% on memory-pricing and PC-demand concerns
- Seagate Technology (STX): -8% as storage/hardware names joined the selloff
- Microsoft (MSFT): -2.8%; Nvidia, Meta each down under 1%; Philadelphia Semiconductor Index -3.37%
- Chevron (CVX): -3.3% on the 8% oil plunge; energy sector -4%
- Amazon (AMZN): +2.2-3.5% on the Phillip Securities Buy upgrade; Tesla (TSLA): +1.3% bucking the trend
- Apple (AAPL): -1.5-2.4% ahead of after-close earnings (beat, reported separately)