Nasdaq fell by 1.07%: Intel and Marvell plummet, Apple declines after earnings report

American indices closed mixed on Monday: Dow Jones rose by 0.41% to 51,983.98, S&P 500 decreased by 0.51% to 7,541.40, Nasdaq Composite fell by 1.07% to 25,164.32, Nasdaq 100 by 1.39%. VIX jumped by 8.91% to 21.15.

Semiconductors lost over $400 billion in a session

The chip sector nearly collapsed: since October 6, losses for chip and memory manufacturers have reached about $3.7 trillion. Intel fell by 8.80% to $59.97, and on October 30, after a weak forecast, its shares plummeted nearly 29% – the worst day since 1974. Western Digital lost 7.52%, SanDisk – 6.59%, Micron – 5.78%, AMD – 7.52%.

Marvell plunged by 12.72% after a deal with Lumentum

Marvell agreed to buy Lumentum for $115 billion, and its shares fell to $171.41. Lumentum's shares lost 18.59% to $684.40. NVIDIA decreased by 1.26% to $202.06: according to FT, the company demanded clients reduce dependence on China and sell at least 51% of capacities to non-Chinese companies. Oracle fell by 8.76%, Dell by 7.43%, Microsoft by 2.83%.

Apple exceeded revenue forecast but is declining

Apple closed the session down by 1.83% to $338.32, losing another 2.55% after the report. Revenue was $114.48 billion against a forecast of $113.46 billion, profit was $2.10 per share against 2. Revenue in Greater China ($17.54 billion) was below the forecast of $18.75 billion. The company expects revenue growth of 7–10% and margins of 45–46% due to rising memory prices; Apple head John Ternus called the price increase unprecedented.

What else is important

Palantir decreased by 3.13%, losing another 3.14% after closing despite a revenue increase of 96% to $2.313 billion. Dow leaders were Sherwin-Williams (+5.94%), Home Depot (+3.63%), and Walmart (+3.38%). Investors in Anthropic are seeking a valuation closer to $1.5 trillion at IPO, while the company was aiming for at least $2 trillion, writes WSJ.