Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; custom application specific integrated circuits; and System-on-a-Chip solutions. The company also provides electro-optical products, including pulse amplitude modulations, coherent digital signal processors, laser drivers, trans-impedance amplifiers, silicon photonics, and data center interconnect solutions; fibre channel products comprising host bus adapters and controllers; single or multiple core processors; storage controllers for hard disk drives and solid-state-drives; and host system interfaces, including serial attached SCSI, serial advanced technology attachment, peripheral component interconnect express, non-volatile memory express (NVMe), and NVMe over fabrics. It has operations in the United States, Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan, and Vietnam. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.

Marvell Technology appears to be a high-quality business, but the market is already pricing in very high expectations. The company has strong liquidity: a current ratio of 3.17 and a quick ratio of 2.62 are notably above industry benchmarks, while cash on hand of $3.93 billion supports financial stability. Leverage is moderate: debt/equity of 0.27 is below the industry median, although long-term debt increased over the period to $4.96 billion, which requires attention. Profitability remains strong: ROE of 16.22%, ROA of 10.74%, and ROI of 12.73% are above industry levels, and the gross margin of 52.22% is around the median and looks stable over the years. At the same time, profit margin and operating margin are high but do not show acceleration, while net income and operating income appear volatile quarter to quarter, reducing confidence in linear improvement. Revenue rose to $2.739 billion, confirming the scale of the business and positive momentum, but growth no longer looks explosive. The company’s strength lies in the combination of a high gross margin, good liquidity, and decent return on capital. Its weakness is the very expensive valuation: P/E of 62.11, P/S of 25.22, P/B of 12.68, and especially P/FCF of 137.02 are significantly above industry medians, leaving little margin of safety. The dividend yield of 0.02% has virtually no impact on the investment case and has declined noticeably compared with last year. In this setup, the fundamentals support a premium to the industry, but do not justify aggressive multiple expansion. For an investor, this means the stock remains a quality but already expensive growth story, where upside from re-rating is limited and sensitivity to any earnings slowdown is elevated.

Marvell Technology, Inc.

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Средний индекс, значительно вырос. Рынок на стороне быков.

Medium index, significantly up. The market is on the bulls' side.

Слабый индекс, незначительно упал. Приток средств в лонги остался положительным, но снизился.

Weak index, slightly down. The inflow of funds into longs remained positive, but decreased.

MRVL’s business quality is high, but the valuation is excessively expensive: strong margins and liquidity are combined with very high P/E, P/S, and P/FCF.

The S&P 500 Index ($SPX) (SPY) is up by +0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.52%. December E-mini S&P futures (ESZ26) are up +0.58%, and December E-mini Nasdaq futures (NQZ26) are up +1.51%.
Stock indexes are mostly higher today, with chipmakers and AI-infrastructure stocks leading the broader market higher after last week’s selloff. Earnings optimism is lifting stocks ahead of this week's earnings results from Meta Platforms, Tesla, and Netflix. Also, weaker crude oil prices today have improved market sentiment and are supportive of stocks.
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On the downside, homebuilders are under pressure after today’s US economic news showed the Oct NAHB housing market index fell 3 points to a 14-year low of 29, below expectations of 31.
Mostly better-than-expected Chinese economic news is positive for global growth prospects and stocks. China Q3 GDP rose +1.2% q/q and +4.5% y/y, stronger than expectations of +1.0% q/q and +4.4% y/y. Also, China's Sep industrial production rose +5.5% y/y, right on expectations and the largest increase in 6 months. In addition, China's Sep retail sales rose +1.1% y/y, stronger than expectations of +0.5% y/y and the largest increase in 6 months. Finally, China's Sep surveyed jobless rate unexpectedly fell -0.1 to 5.2%, below the expected 5.3% and signaling a stronger labor market. On the downside, China's Sep new home prices fell -0.14% m/m, the fortieth consecutive month of declines.
Stocks have support from the prospect of solid quarterly earnings results. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of today, 45 of the S&P 500 companies have reported results, with 80% beating estimates.
Nov WTI crude oil prices (CLX26) are moving lower today on some profit-taking after last week's rally to a 5-week high. US Energy Secretary Wright said Persian Gulf oil flows have recovered to about 80% of their pre-war level, though refined-product shipments remain constrained. Crude oil prices have underlying support from concerns about disruptions to Middle Eastern energy supplies after Houthi rebels in Yemen targeted Yanbu in Saudi Arabia, a significant Red Sea port for Saudi oil exports that avoids the Strait of Hormuz, with missiles and drones. Also, the UK Maritime Trade Operations reported that two tankers were attacked in the Persian Gulf near Saudi Arabia's port city of Jubail over the weekend.
Markets are discounting a 17% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 fell to a 1-week low today and is down -1.18%. China's Shanghai Composite closed up +0.39%. Japan's Nikkei-225 Stock Average fell to a 1-month low and closed down -0.62%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -4 ticks. The 10-year T-note yield is up +3.2 bp to 5.127%. Today’s stock rally has reduced safe-haven demand for government debt, weighing on T-notes. Losses in T-notes are limited amid some safe-haven buying due to the social unrest in France. Weaker WTI crude oil prices today are also lowering inflation expectations and supporting T-notes.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.6 bp to 3.462%. The 10-year UK gilt yield is up +5.7 bp to 5.430%.
The German Bundesbank said in a report today that "inflation risks in the Eurozone are clearly tilted to the upside."
Markets are discounting an 8% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are moving higher today, recovering some of last week’s rout. The iShares Semiconductor ETF (SOXX) is up more than +2%. SanDisk (SNDK) is up more than +6% to lead gainers in the S&P 500 and Nasdaq 100, and Western Digital (WDC) is up more than +6%. Also, Marvell Technology (MRVL) is up more than +5%, and Intel (INTC), Seagate Technology Holdings Plc (STX), Lam Research (LRCX), and Micron Technology (MU) are up more than +4%. In addition, Advanced Micro Devices (AMD) and Applied Materials (AMAT) are up more than +3%, and Analog Devices (ADI), KLA Corp (KLAC), Broadcom (AVGO), and Qualcomm (QCOM) are up more than +2%.
The Magnificent Seven stocks, excluding Meta, are up today, supporting broader market gains. Amazon.com (AMZN) is up more than +4% to lead gainers in the Dow Jones Industrials, and Tesla (TSLA) is up more than +3%. Also, Nvidia (NVDA), Alphabet (GOOGL), and Microsoft (MSFT) are up more than +1%. In addition, Apple (AAPL) is up +0.14%. Conversely, Meta Platforms (META) is down -0.87%.
Cloud infrastructure stocks are climbing today. Applied Digital (APLD) is up more than +8%, and Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are up more than +3%. Also, CoreWeave (CRWV) and Arista Networks (ANET) aew up more than +2%, and Oracle (ORCL) is up more than +1%.
Home builders and building supplies are slipping today after the US Oct NAHB housing market index fell more than expected to a 14-year low. DR Horton (DHI) and Pulte Group (PHM) are down more than -2%, and Lennar (LEN), KB Home (KBH), Toll Brothers (TOL), and Builders Firstsource (BLDR) are down more than -1%.
Disc Medicine (IRON) is up more than +39% after announcing that its investigational drug bitopertin met all primary and secondary endpoints in a Phase 3 Apollo trial in adults and adolescents with erythropoietic protoporphyria.
Cleveland Cliffs (CLF) is up more than +13% after reporting Q3 adjusted Ebitda of $612 million, above the consensus of $591.5 million.
Datadog (DDOG) is up more than +5% after Bernstein upgraded the stock to outperform from market perform with a price target of $350.
NRG Energy (NRG) is down more than -5% to lead losers in the S&P 500 after Jeffries cut its price target on the stock to $131 from $160.
Ameriprise Financial (AMP) is down more than -3% after Bank of America Global Research double-downgraded the stock to underperform from buy with a price target of $445.
Earnings Reports (10/19/2026)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Fifth Third Bancorp (FITB), FNB Corp/PA (FNB), RLI Corp (RLI), Steel Dynamics Inc (STLD), W R Berkley Corp (WRB), Western Alliance Bancorp (WAL), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Strength in Chipmakers and AI-Infrastructure Stocks Lead the Broader Market Higher

The S&P 500 Index ($SPX) (SPY) closed down by -1.09% on Friday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.50%. December E-mini S&P futures (ESZ26) fell -1.14%, and December E-mini Nasdaq futures (NQZ26) fell -2.51%.
Stock indexes sold off sharply on Friday, with the S&P 500 falling to a 2-week low and the Nasdaq 100 dropping to a 1-month low. Selling in chipmakers and AI-infrastructure stocks led the market lower on Friday, driven by concerns about whether companies will see returns on their huge investments in the AI infrastructure buildout. Also, CoreWeave sank more than -11% to weigh on cloud infrastructure stocks as concerns about the company’s credit risk linger.
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Stock losses accelerated Friday afternoon as crude oil prices soared more than 3% to a 1-month high, raising inflation expectations and fueling fears the Fed will keep raising interest rates to contain inflation.
Higher bond yields undercut stocks after Fed Chair Warsh made no remarks on monetary policy or his outlook for the US economy late Thursday evening at the IMF annual meeting in Bangkok. The 10-year T-note yield rose +1 bp to 5.09%.
Friday’s US economic news was mixed for stocks. The Sep import price index ex-petroleum rose +0.8% m/m, stronger than expectations of +0.6% m/m, the largest increase in 5 months and a sign of price pressures. However, Sep manufacturing production rose +0.3% m/m, right on expectations.
Stocks have support from the prospect of solid quarterly earnings results that began this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of Friday, 40 of the S&P 500 companies have reported results, with 78% beating estimates.
Nov WTI crude oil prices (CLX26) surged more than +3% on Friday to a 1-month high. Crude prices rallied on Friday amid a weaker dollar and concerns that escalating Middle East hostilities could disrupt regional energy supplies. Prices race to their highs Friday afternoon after US lawmakers introduced a bill to block President Trump’s deal with Russia to release several hundred million barrels of diesel fuel.
Markets are discounting a 17% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Friday. The Euro Stoxx 50 closed up +0.58%. China's Shanghai Composite closed up +0.24%. Japan's Nikkei-225 Stock Average closed up +1.39%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down -2.5 ticks on Friday. The 10-year T-note yield rose +2.7 bp to 5.085%. Dec T-notes were under pressure Friday after Fed Chair Warsh's lack of guidance at the annual IMF meeting in Bangkok weighed on T-notes. Also, Friday’s +3% surge in WTI crude oil to a 1-month high raised inflation expectations and weighed on T-notes. Friday’s stock plunge sparked safe-haven buying of government debt and limited T-note losses.
European government bond yields were mixed on Friday. The 10-year German bund yield rose +1.3 bp to 3.426%. The 10-year UK gilt yield fell -0.2 bp to 5.373%.
ECB Governing Council member and Bundesbank President Joachim Nagel said. "The ECB has raised interest rates twice, and if the situation remains as it is, we don't rule out the possibility that we may have to take further action."
Markets are discounting a 10% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks continued their week-long slide on Friday, weighing on the broader market. Seagate Technology Holdings Plc (STX) closed down more than -7%, and Western Digital (WDC), SanDisk (SNDK), and ARM Holdings Plc (ARM) closed down more than -6%. Also, Advanced Micro Devices (AMD), Micron Technology (MU), Intel (INTC), and Marvell Technology (MRVL) closed down more than -5%, and Lam Research (LRCX), KLA Corp (KLAC), Applied Materials (AMAT), and Broadcom (AVGO) closed down more than -4%. In addition,
CoreWeave (CRWV) closed down more than -11% to weigh on cloud infrastructure stocks as debt concerns linger after swaps priced in more than a 50% chance the company will default on its debt within five years. Also, Nebius Group NV (NBIS) closed down more than -12% to lead losers in the Nasdaq 100, and Applied Digital (APLD) closed down more than -11%. In addition, Lumentum Holdings (LITE) closed down more than -5%, and Oracle (ORCL) and Arista Networks (ANET) closed down more than -4%.
The Magnificent Seven stocks, excluding Apple, fell on Friday and weighed on the overall market. Meta Platforms (META) closed down more than -3%, and Alphabet (GOOGL) closed down more than -2% to lead losers in the Dow Jones Industrials. Also, Tesla (TSLA) closed down more than -2%, and Amazon.com (AMZN), Microsoft (MSFT), and Nvidia (NVDA) closed down more than -1%. Apple (AAPL) bucked the trend and closed up +0.43%.
Cybersecurity stocks retreated on Friday. Okta (OKTA) closed down more than -10%, and SentinelOne (S), Fortinet (FTNT), Crowdstrike Holdings (CRWD), and Palo Alto Networks (PANW) closed down more than -7%. Also, Cloudflare (NET) closed down more than -6%, Zscaler (ZS) closed down more than -5%, and Gen Digital (GEN) closed down more than -2%.
Energy producers and service providers rallied on Friday after WTI crude oil rose more than +3% to a 1-month high. APA Corp (APA) closed up more than +4%, and Diamondback Energy (FANG) closed up more than +4% to lead gainers in the Nasdaq 100. Also, ConocoPhillips (COP) and Devon Energy (DVN) closed up more than +3%, and Chevron (CVX) closed up more than +2% to lead gainers in the Dow Jones industrials. In addition, Baker Hughes (BKR), ExxonMobil Holdings (XOM), Occidental Petroleum (OXY), and SLB Ltd (SLB) closed up more than +2%, and Halliburton (HAL) and Phillips 66 (PSX) closed up more than +1%.
Defense contractors rose on Friday as the companies are set to benefit from increased defense spending. Northrop Grumman (NOC) closed up more than +4%, and Lockheed Martin (LMT), RTX Corp (RTX), and L3Harris Technologies (LHX) closed up more than +3%. Also, General Dynamics (GD) closed up more than +2%, and Huntington Ingalls Industries (HII) closed up more than +1%.
Defensive food producers moved higher on Friday amid the slump in the broader market. Kraft Heinz Co (KHC), McCormick & Co (MKC), J M Smucker (SJM), Hershey Co (HSY), Hormel Foods (HRL), and Mondelez International (MDLZ) closed up more than +1%.
Omeros (OMER) closed down more than -14% after the European Medicines Agency issued a negative opinion on the company’s application for its narsoplimab therapy.
Earnings Reports (10/19/2026)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Fifth Third Bancorp (FITB), FNB Corp/PA (FNB), RLI Corp (RLI), Steel Dynamics Inc (STLD), W R Berkley Corp (WRB), Western Alliance Bancorp (WAL), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stock Indexes Finish Sharply Lower as Tech Stocks Plunge

The S&P 500 Index ($SPX) (SPY) closed up by +0.33% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +1.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.05%. December E-mini S&P futures (ESZ26) rose +0.28%, and December E-mini Nasdaq futures (NQZ26) fell -0.14%.
Stock indexes settled mixed on Thursday, with the Nasdaq 100 dropping to a 3.5-week low. Stocks recovered from early losses on Thursday to trade mixed as bond yields fell and as investors rotated out of chip stocks into software and pharmaceutical companies.
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The Nasdaq 100 was under pressure on Thursday amid concerns about the sustainability of the artificial intelligence trade. This week’s rout in chipmakers and AI-infrastructure stocks spread globally, with South Korea’s Kospi Index sinking more than 7% and China’s Shanghai Composite falling to a 14-month low. Thursday’s drop in chipmakers followed Anthropic PBC's disclosure of $16.8 billion in Q3 growth to prospective investors, figures that suggest growth has slowed even as it remains robust.
Stocks were also pressured on Thursday on rising US producer price pressures after the Sep PPI final demand rose +6.3% y/y, stronger than expectations of +5.4% y/y and the most in 3.75 years. Also, Sep PPI ex-food and energy rose +5.0% y/y, stronger than expectations of +4.4% y/y and the most in more than 3.5 years.
Other US economic news on Thursday was mixed, with Sep retail sales and the Oct Empire manufacturing survey rising more than expected and weekly jobless claims near expectations. However, the Oct Philadelphia Fed business outlook survey fell more than expected.
On the positive side, Thursday’s slump in global equity markets sparked a rally in government bond markets, knocking yields lower. The 10-year German Bund yield fell to a 5-week low on Thursday of 3.35%, and the 10-year T-note yield fell to a 3-week low of 5.04%.
US weekly initial unemployment claims rose by +1,000 to 199,000, close to expectations of 200,000.
US Sep retail sales rose +0.8% m/m, stronger than expectations of +0.3% m/m, and Sep retail sales ex-autos rose+0.9% m/m, stronger than expectations of +0.5% m/m.
The US Oct Philadelphia Fed business outlook survey fell by -16.9 to 20.9, weaker than expectations of 28.0.
The US Oct Empire manufacturing survey of general business conditions rose +17.9 to a 4.75-year high of 25.5, stronger than expectations of 12.0.
Stocks and bonds got some support Thursday after San Francisco Fed President Mary Daly said she thinks rate hikes are likely needed, just not immediately, and that she would hold interest rates steady at the October 27-28 FOMC meeting.
Stocks have support from the prospect of solid quarterly earnings results that began this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of Thursday’s close, 38 of the S&P 500 companies have reported results, with 82% beating estimates.
Nov WTI crude oil prices (CLX26) rallied more than +3% on Thursday to a 3-week high. Crude prices are supported by risks to global oil supplies as Yemen's Houthi rebels continue drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East. Crude prices raced to their high Thursday after weekly EIA crude inventories unexpectedly fell by -8.56 million bbl.
Markets are discounting a 27% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled lower on Thursday. The Euro Stoxx 50 closed down -0.36%. China's Shanghai Composite fell to a 14-month low and closed down -1.59%. Japan's Nikkei-225 Stock Average dropped to a 4-week low and closed down sharply by -4.90%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +21 ticks on Thursday. The 10-year T-note yield fell -10.0 bp to 5.085%. Dec T-notes rallied to a 3-week high on Thursday, and the 10-year T-note yield fell to a 3-week low of 5.035%. Lower inflation expectations were supportive of T-notes after the 10-year breakeven inflation rate fell to a 1-week low of 2.320% on Thursday. Also, dovish comments from San Francisco Fed President Mary Daly were bullish for T-notes when she suggested she would support holding interest rates steady at the October 27-28 FOMC meeting.
Hawkish US economic news on Thursday was bearish for T-notes after US Sep producer prices and Sep retail sales rose more than expected, and the Oct Empire manufacturing survey's general business conditions rose to a 4.75-year high.
European government bond yields moved lower on Thursday. The 10-year German bund yield fell to a 5-week low of 3.353% and finished down -5.3 bp to 3.413%. The 10-year UK gilt yield fell to a 1.5-week low of 5.301% and finished down -5.0 bp to 5.374%.
Eurozone Aug industrial production fell -0.5% m/m, weaker than expectations of no change and the biggest decline in 7 months.
ECB Governing Council member Martins Kazaks said the ECB can afford to take its time adjusting interest rates, despite persistent energy price rises that are set to keep consumer price growth elevated, as the recent surge in government bond yields may start to weigh on economic activity.
UK Aug manufacturing production rose +1.2% m/m, stronger than expectations of no change and the largest increase in 9 months.
Markets are discounting a 9% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Software stocks rallied on Thursday as investors rotate out of chip stocks into software. Intuit (INTU) and ServiceNow (NOW) closed up more than +6%, and Atlassian (TEAM) and Autodesk (ADSK) closed up more than +5%. Also, Workday (WDAY), Salesforce (CRM), and Adobe Systems (ADBE) closed up more than +4%, Oracle (ORCL) closed up more than +3%, and Thomson Reuters (TRI) closed up more than +2%.
Pharmaceutical stocks moved higher on Thursday amid stock rotation out of AI stocks. Alnylam Pharmaceuticals (ALNY) closed up more than +4%, and Eli Lilly (LLY) and Ionis Pharmaceuticals (IONS) closed up more than +3%. Also, Gilead Sciences (GILD), Vertex Pharmaceuticals (VRTX), Regeneron Pharmaceuticals (REGN), and Jazz Pharma Plc (JAZZ) closed up more than +2%. and Amgen (AMGN) and Biogen (BIIB) closed up more than +1%.
Cryptocurrency-exposed stocks rallied on Thursday after Bitcoin (^BTCUSD) rebounded from a 3.5-week low and moved higher. Circle Internet Group (CRCL) closed up more than +9%, and Coinbase Global (COIN) closed up more than +6%. Also, Strategy (MSTR) closed up more than +5%, and Bullish (BLSH) and BitMine Immersion Technologies (BMNR) closed up more than +4%. In addition, Riot Platforms (RIOT) and Robinhood Markets (HOOD) closed up more than +2%, and MARA Holdings (MARA) and Galaxy Digital Holdings (GLXY) closed up more than +1%.
Chipmakers and AI-infrastructure stocks fell on Thursday on demand concerns after Anthropic disclosed Q3 revenue growth that likely slowed from the previous quarter. Applied Materials (APLD), Lam Research (LRCX), and Seagate Technology Holdings Plc (STX) closed down more than -3%, and Intel (INTC), KLA Corp (KLAC) and Western Digital (WDC) closed down more than -2%. In addition, Nvidia (NVDA), Advanced Micro Devices (AMD), Marvell Technology (MRVL), and SanDisk (SNDK) closed down more than -1%.
Penske Automotive Group (PAG) closed up more than +8% after entering a deal to be taken private for $212 a share in cash by Penske Corporation and Mitsui.
International Paper (IP) closed up more than +6% after the Financial Times reported that private equity firms Lone Star and Atlas Holdings are exploring bids to acquire the company.
Kimberly-Clark (KMB) closed up more than +4% after reporting preliminary Q3 net sales of $4.13 billion, above the consensus of $4.10 billion.
FMC Corp (FMC) closed down more than -30% after cutting its Q3 adjusted Ebitda forecast to a loss of -$510 million to -$565 million, after previously expecting a profit of$120 million to $140 million.
Hewlett Packard Enterprise (HPE) closed down more than -7% to lead losers in the S&P 500, adding to Wednesday’s -7 decline, and Dell Technologies (DELL) closed down more than -6%, adding to Wednesday’s 10% plunge after Barclays downgraded the stocks to equal weight from overweight.
Rocket Lab (RKLB) closed down more than -6% to lead losers in the Nasdaq 100 after announcing that it will delay the launch of its inaugural Neutron medium-lift rocket until sometime in 2027.
Earnings Reports (10/16/2026)
Citizens Financial Group Inc (CFG), M&T Bank Corp (MTB), Regions Financial Corp (RF), Travelers Cos Inc/The (TRV), Truist Financial Corp (TFC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Settle Mixed as Broader Market Recovers from Chip Stock Rout

The S&P 500 Index ($SPX) (SPY) is down by -0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.30%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.71%. December E-mini S&P futures (ESZ26) are down -0.58%, and December E-mini Nasdaq futures (NQZ26) are down -1.54%.
Stock indexes are mostly lower today, with the S&P 500 falling to a 2-week low and the Nasdaq 100 dropping to a 3.5-week low. The broader market is under pressure today as the rout in chipmakers and AI-infrastructure stocks spreads globally, with South Korea’s Kospi Index sinking more than -7% and China’s Shanghai Composite falling to a 14-month low. Today’s drop in chipmakers followed Anthropic PBC's disclosure of $16.8 billion in Q3 growth to prospective investors, figures that suggest growth has slowed even as it remains robust.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks extended their losses today on rising US producer price pressures after the Sep PPI final demand rose +6.3% y/y, stronger than expectations of +5.4% y/y and the most in 3.75 years. Also, Sep PPI ex-food and energy rose +5.0% y/y, stronger than expectations of +4.4% y/y and the most in more than 3.5 years.
Other US economic news today was mixed, with Sep retail sales and the Oct Empire manufacturing survey rising more than expected and weekly jobless claims near expectations. However, the Oct Philadelphia Fed business outlook survey fell more than expected.
On the positive side, the slump in global equity markets has sparked a rally in government bond markets, knocking yields lower. The 10-year German Bund yield fell to a 5-week low today of 3.35%, and the 10-year T-note yield fell to a 3-week low of 5.04%. Also, investors rotating out of chip stocks into software companies and defensive pharmaceuticals stocks are lifting the Dow Jones Industrials.
US weekly initial unemployment claims rose by +1,000 to 199,000, close to expectations of 200,000.
US Sep retail sales rose +0.8% m/m, stronger than expectations of +0.3% m/m, and Sep retail sales ex-autos rose+0.9% m/m, stronger than expectations of +0.5% m/m.
The US Oct Philadelphia Fed business outlook survey fell by -16.9 to 20.9, weaker than expectations of 28.0.
The US Oct Empire manufacturing survey of general business conditions rose +17.9 to a 4.75-year high of 25.5, stronger than expectations of 12.0.
Stocks and bonds got some support today after San Francisco Fed President Mary Daly said she thinks rate hikes are likely needed, just not immediately, and that she would hold interest rates steady at the October 27-28 FOMC meeting.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of today, 32 of the S&P 500 companies have reported results, with 78% beating estimates.
Nov WTI crude oil prices (CLX26) are up +0.20% today. Crude prices are supported by risks to global oil supplies as Yemen's Houthi rebels continue drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East. However, today’s selloff in global equity markets is curbing demand for risk assets, including crude.
Markets are discounting a 29% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.62%. China's Shanghai Composite fell to a 14-month low and closed down -1.59%. Japan's Nikkei-225 Stock Average dropped to a 4-week low and closed down sharply by -4.90%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +23 ticks today. The 10-year T-note yield is down -12.5 bp to 5.060%. Dec T-notes rallied to a 3-week high today, and the 10-year T-note yield fell to a 3-week low of 5.041%. Today’s selloff in global equity markets has boosted safe-haven demand for T-notes. Also, dovish comments from San Francisco Fed President Mary Daly were bullish for T-notes when she suggested she would support holding interest rates steady at the October 27-28 FOMC meeting.
Hawkish US economic news is limiting gains in T-notes after US Sep producer prices and Sep retail sales rose more than expected, and the Oct Empire manufacturing survey's general business conditions rose to a 4.75-year high.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 5-week low of 3.353% and is down -10.7 bp to 3.359%. The 10-year UK gilt yield fell to a 1.5-week low of 5.301% and is down -11.3 bp to 5.312%.
Eurozone Aug industrial production fell -0.5% m/m, weaker than expectations of no change and the biggest decline in 7 months.
ECB Governing Council member Martins Kazaks said the ECB can afford to take its time adjusting interest rates, despite persistent energy price rises that are set to keep consumer price growth elevated, as the recent surge in government bond yields may start to weigh on economic activity.
UK Aug manufacturing production rose +1.2% m/m, stronger than expectations of no change and the largest increase in 9 months.
Markets are discounting an 11% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today on demand concerns after Anthropic disclosed Q3 revenue growth that likely slowed from the previous quarter. The iShares Semiconductor ETF (SOXX) is down more than -3% at a 1-month low. SanDisk (SNDK) and Seagate Technology Holdings Plc (STX) are down more than -7%, and Intel (INTC), Lam Research (LRCX), and Western Digital (WDC) are down more than -6%. Also, Advanced Micro Devices (AMD), Applied Materials (APLD), and Marvell Technology (MRVL) are down more than -5%, and KLA Corp (KLAC) and Micron Technology (MU) are down more than -4%.
Cryptocurrency-exposed stocks are falling today, with Bitcoin (^BTCUSD) down more than -2% at a 3.5-week low. Iren Ltd (IREN) is down more than -10%, and Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are down more than -8%. Also, MARA Holdings (MARA) and BitMine Immersion Technologies (BMNR) are down more than -6%, and Robinhood Markets (HOOD) and Strategy (MSTR) are down more than -5%. In addition, Coinbase Global (COIN) is down more than -3%, and Circle Internet Group (CRCL) and Bullish (BLSH) are down more than -2%.
Cloud infrastructure stocks are under pressure today on debt concerns after credit-default swaps have priced in a more than 50% chance that CoreWeave could default on its debt within the next five years. Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are down more than -8%, and CoreWeave (CRWV) is down more than -6%. Also, Arista Networks (ANET) and Applied Digital (APLD) are down more than -5%.
Software stocks are climbing today as investors rotate out of chip stocks into software. Intuit (INTU) is up more than +5% to lead gainers in the Nasdaq 100, and Autodesk (ADSK) is up more than +4%. Also, Workday (WDAY) and Adobe Systems (ADBE) are up more than +3%, and Salesforce (CRM) and Thomson Reuters (TRI) are up more than +2%. In addition, IBM (IBM) and ServiceNow (NOW) are up more than +1%.
Defensive pharmaceutical stocks are climbing today amid the broader market slump. Amgen (AMGN), Eli Lilly (LLY), Gilead Sciences (GILD), and Vertex Pharmaceuticals (VRTX) are up more than +3%, and Biogen (BIIB), Merck & Co (MRK), Alnylam Pharmaceuticals (ALNY), and Regeneron Pharmaceuticals (REGN) are up more than +2%. Also, Pfizer (PFE) is up more than +1%.
FMC Corp (FMC) is down more than -34% after cutting its Q3 adjusted Ebitda forecast to a loss of -$510 million to -$565 million, after previously expecting a profit of$120 million to $140 million.
Rocket Lab (RKLB) is down more than -13% to lead losers in the Nasdaq 100 after announcing that it will delay the launch of its inaugural Neutron medium-lift rocket until sometime in 2027.
Penske Automotive Group (PAG) is up more than +8% after entering a deal to be taken private for $212 a share in cash by Penske Corporation and Mitsui.
International Paper (IP) is up more than +5% to lead gainers in the S&P 500 after the Financial Times reported private equity firms Lone Star and Atlas Holdings are exploring bids to acquire the company.
Walmart (WMT) is up more than +3% after Deutsche Bank upgraded the stock to buy from hold with a price target of $136.
Kimberly-Clark (KMB) is up more than +3% after reporting preliminary Q3 net sales of $4.13 billion, above the consensus of $4.10 billion.
Commercial Metals (CMC) is up more than +2% after reporting Q4 net sales of $2.66 billion, better than the consensus of $2.54 billion.
Earnings Reports (10/15/2026)
Alcoa Corp (AA), Bank of New York Mellon Corp/The (BNY), Charles Schwab Corp/The (SCHW), First Horizon Corp (FHN), Interactive Brokers Group Inc (IBKR), JB Hunt Transport Services Inc (JBHT), Marsh & McLennan Cos Inc (MRSH), PNC Financial Services Group Inc (PNC), Prologis Inc (PLD), US Bancorp (USB).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Stocks Pressured as Chipmaker Selloff Deepens

Key Points
Broadcom provides a massive, high-margin portfolio of semiconductors and infrastructure software with billions in free cash flow.
Marvell Technology is a fast-growing pure play on data infrastructure, heavily concentrated in the data center and AI markets.
Which semiconductor stock deserves a spot in your portfolio?
As artificial intelligence demand reshapes the global economy, two chip giants are vying for dominance in the data center. Choosing between Broadcom (NASDAQ:AVGO) and Marvell Technology (NASDAQ:MRVL) requires balancing size against growth.
Broadcom is a diversified infrastructure titan with a foot in both hardware and software. Marvell focuses heavily on specialized silicon for data infrastructure. This comparison evaluates which of these high-performing companies offers the most compelling opportunity for investors seeking exposure to the next decade of digital transformation.
The case for Broadcom
Broadcom designs and sells semiconductors and infrastructure software for networking, wireless connectivity, and servers. In its latest annual report, filed for the period ending in late 2025, the company highlighted its expansive customer base, which includes major cloud providers and mobile device manufacturers. Sales to distributors accounted for nearly 48% of revenue, and the top five end customers represented roughly 40% of sales. Customer concentration like this adds a layer of risk to the business. Broadcom maintains significant commercial agreements, including a $200 billion memorandum of understanding with Samsung and a $30 billion commitment with Apple (NASDAQ:AAPL). It also recently settled a dispute with AT&T (NYSE:T) regarding software support options.
In the fiscal year ended Nov. 2, 2025, revenue reached nearly $63.9 billion, representing a growth of approximately 23.9% compared with the prior fiscal year. The company reported net income of roughly $23.1 billion for the same period. This resulted in a strong net margin of approximately 36.2%, reflecting the scale of its semiconductor stocks operations and high-value software integrations like VMware.
As of its November 2025 balance sheet, the debt-to-equity ratio was roughly 0.8x. This ratio compares total debt to shareholder equity, indicating its level of financial leverage. The current ratio, which measures a company's ability to pay short-term obligations with short-term assets, was approximately 1.7x. Free cash flow for the fiscal year ended Nov. 2, 2025, was nearly $26.9 billion. Note that stock-based compensation represented roughly 27.5% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
The case for Marvell Technology
Marvell Technology focuses on semiconductor solutions for data infrastructure, specifically targeting AI, cloud, and carrier markets. In its latest annual report, the company stated that its data center segment drove approximately 74% of revenue. Marvell receives a large portion of its revenue from a limited pool of clients, with its ten largest customers representing roughly 82% of total net revenue. Customer concentration like this adds a layer of risk to the business. Two specific customers (one distributor and one direct client) each accounted for at least 10% of total net revenue in its most recent fiscal year.
In the fiscal year ended Jan. 31, 2026, revenue reached approximately $8.2 billion, a significant increase of roughly 42.1% year over year. The company reported net income of nearly $2.7 billion, which is a notable improvement over the net losses reported in the previous two fiscal years. Its net margin reached approximately 32.6%, highlighting the profitability of its specialized silicon products as AI infrastructure spending surged.
According to its January 2026 balance sheet, the debt-to-equity ratio was approximately 0.3x, showing a relatively low level of debt compared to its equity. Its current ratio was roughly 2.0x, indicating a solid buffer for meeting short-term financial commitments. Free cash flow for the fiscal year ended Jan. 31, 2026, was approximately $1.4 billion. Note that stock-based compensation represented roughly 33.8% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
Risk profile comparison
Broadcom faces risks from high customer concentration among hyperscalers and distributors. The company operates in a cyclical industry prone to rapid price changes and demand shifts, which is particularly visible in the volatile demand for AI infrastructure. Broadcom is also subject to geopolitical and regulatory risks, including trade restrictions and antitrust scrutiny over its VMware integration. High debt levels from its acquisition strategy may also limit financial flexibility during economic downturns.
Marvell is vulnerable to supply chain issues because it uses a fabless model, relying on third-party foundries mostly located in Taiwan. It faces intense competition from established giants like Nvidia (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD), and Intel (NASDAQ:INTC). Furthermore, internal chip development by major cloud providers could eventually replace some of its products. Geopolitical tensions with China and export controls on advanced chips represent additional threats to its demand and licensing abilities.
Valuation comparison
Broadcom looks more affordable on both future earnings estimates and sales multiples despite having a much larger total market capitalization.
Metric
Broadcom
Marvell Technology
Forward P/E
29.9x
59.6x
P/S ratio
18.7x
23.2x
Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
The P/S ratio measures market capitalization against sales over the past twelve months. The Forward P/E ratio compares the current stock price to projected earnings per share based on future earnings estimates.
Which stock would I buy in 2026?
I'd go with Broadcom. Its custom AI accelerator business has become one of the most sought-after partnerships in the semiconductor industry, with supply commitments already secured to double AI revenue again next year. A customer roster that includes Alphabet's Google, Meta, OpenAI, and Anthropic is about as strong an endorsement as the AI industry can offer, and free cash flow is expanding alongside revenue.
Marvell is a strong contender. In its most recent quarter, revenue hit a record, the company guided for accelerating growth, and a strategic investment from Nvidia signals that its custom AI chip business has attracted serious attention. Marvell's stock has also outperformed Broadcom's this year, which has drawn investor interest. But the underlying business growth tells a different story: Broadcom's AI revenue is actually expanding faster, on top of a much larger base, which is a combination that is harder to find than it might seem.
What tips the scales for me is Broadcom's locked-in revenue commitments stretching years into the future, giving it a level of forward visibility that makes it the clearer long-term pick. Knowing your most important customers are committed years ahead makes a stock much easier to own through the inevitable rough patches.
Should you buy stock in Broadcom right now?
Before you buy stock in Broadcom, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Broadcom wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,986!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,404,152!*
Now, it’s worth noting Stock Advisor’s total average return is 948% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 14, 2026.
Sara Appino has positions in Apple and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Apple, Broadcom, Intel, Marvell Technology, and Nvidia. The Motley Fool has a disclosure policy.

Broadcom vs. Marvell Technology: Which Technology Stock Is a Better Buy in 2026?

The S&P 500 Index ($SPX) (SPY) closed down by -1.11% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.02%. December E-mini S&P futures (ESZ26) fell -1.16%, and December E-mini Nasdaq futures (NQZ26) fell -2.10%.
Stock indexes sold off sharply on Wednesday, with the S&P 500 falling to a 1.5-week low and the Nasdaq 100 dropping to a 3.5-week low. Inflation woes dampened market sentiment and sparked stock liquidation on Wednesday after US September consumer prices rose more than expected, reinforcing speculation that the Fed will keep interest rates higher for longer amid sticky price pressures. The chance of a 25 bp Fed rate hike at this month’s FOMC meeting rose to 37% from 22% before the CPI report. Also, the rout in chipmakers continued Wednesday, weighing on the overall market.
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Wednesday’s broader market slump sparked defensive buying of health care and pharmaceutical stocks, limiting losses in the Dow Jones industrials.
US Sep CPI rose +3.7% y/y, stronger than expectations of +3.6% y/y. Sep core CPI rose +2.6% y/y, stronger than expectations of 2.5% y/y.
The Fed Beige Book was hawkish, noting that a majority of the twelve Fed districts in the six weeks through October 5 reported economic growth, and half saw robust or intensifying price pressures.
Stocks and bonds garnered some support Wednesday on comments from Fed Vice Chair Michelle Bowman, who signaled she favors keeping Fed policy steady at this month's FOMC meeting when she said, "We have some time to wait and see how financial conditions and the economy evolve before we decide that we need to take any more action" on interest rates.
US MBA mortgage applications fell -2.7% in the week ended October 9, with the purchase mortgage sub-index down -4.0% and the refinancing mortgage sub-index down -0.4%. The average 30-year fixed-rate mortgage rose +1 bp to a 2.75-year high of 7.50% from 7.49% the prior week.
China's trade news was better than expected, supporting global growth prospects. China's Sep exports rose +36.3% y/y, stronger than expectations of +25.7% y/y and the most in 7 months. Sep imports rose +31.0% y/y, stronger than expectations of +25.0% y/y.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%.
Nov WTI crude oil prices (CLX26) closed up more than +1% on Wednesday as Yemen's Houthi rebels launched multiple drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East.
Markets are discounting a 37% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed up +0.38%. China's Shanghai Composite closed down -0.89%. Japan's Nikkei-225 Stock Average closed down -0.05%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +4.5 ticks on Wednesday. The 10-year T-note yield fell -2.5 bp to 5.183%. T-note prices recovered from early losses on Wednesday and settled higher as a slump in equity markets fueled short-covering in T-notes. Also, dovish comments on Wednesday from Fed Vice Chair Bowman were bullish for T-notes when said she sees no urgent need for the Fed to raise interest rates.
T-notes initially retreated on Wednesday on the stronger-than-expected US Sep CPI report, which boosted the chance of a Fed rate hike later this month to 37% from 22% before the report. Also, Wednesday’s +1% increase in WTI crude oil has raised inflation expectations and is bearish for T-notes. In addition, the Fed Beige Book was negative for T-notes, noting intensifying price pressures in more than half of the Fed’s districts.
European government bond yields moved lower on Wednesday. The 10-year German bund yield fell -0.3 bp to 3.466%. The 10-year UK gilt yield fell -2.3 bp to 5.424%.
The German Sep wholesale price index rose +8.7% y/y from +6.8% y/y in Aug, the strongest pace of increase in nearly 3.5 years.
Markets are discounting a 12% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks sold off Wednesday, weighing on the overall market. The iShares Semiconductor ETF (SOXX) fell to a 3.5-week low and closed down more than -4%. CoreWeave closed down more than -15% to lead losers in the Nasdaq 100, and Lumentum Holdings (LITE) closed down more than -8%. Also, Marvell Technology (MRVL) closed down more than -7%, and ARM Holdings Plc (ARM) closed down more than -6%. In addition, Advanced Micro Devices (AMD) and SanDisk (SNDK) closed down more than -5%, and Lam Research (LRCX), Seagate Technology Holdings Plc (STX), Microchip Technology (MCHP), Intel (INTC), and Western Digital (WDC) closed down more than -4%.
The Magnificent Seven technology stocks fell on Wednesday, weighing on the broader market. Nvidia (NVDA) and Meta Platforms (META) closed down more than -3%, and Tesla (TSLA) closed down more than -2%. Also, Alphabet (GOOGL), Amazon.com (AMZN), and Microsoft (MSFT) closed down more than -1%. Bucking the trend, Apple (AAPL) closed up +0.50%.
Cybersecurity stocks weakened on Wednesday, weighing on the overall market. Cloudflare (NET) and Okta (OKTA) closed down more than -6%, and Palo Alto Networks (PANW) closed down more than -5%. Also, Crowdstrike Holdings (CRWD) and SentinelOne (S) closed down more than -4%, and Fortinet (FTNT) and Zscaler (ZS) closed down more than -3%.
Cryptocurrency-exposed stocks fell on Wednesday after Bitcoin (^BTCUSD) fell more than -1%. Iren Ltd (IREN) closed down more than -12%, and MARA Holdings (MARA) and Riot Platforms (RIOT) closed down more than -9%. Also, Galaxy Digital Holdings (GLXY) and Robinhood Markets (HOOD) closed down more than -8%, and Circle Internet Group (CRCL), BitMine Immersion Technologies (BMNR), and Strategy (MSTR) closed down more than -5%. On addition, Coinbase Global (COIN) and Bullish (BLSH) closed down more than -4%.
Health insurance stocks moved higher on Wednesday as a defensive play amid the broader market rout. UnitedHealth Group (UNH) closed up more than +4% to lead gainers in the S&P 500 and Dow Jones Industrials. Also, CVS Health Corp (CVS), Cardinal Health (CAH), and United Health Services (UHS) closed up more than +3%, and HCA Healthcare (HCA) and the Cigna Group (CI) closed up more than +2%. In addition, Centene (CNC) and Humana (HUM) closed up more than +1%.
Defensive pharmaceutical stocks rallied on Wednesday amid the broader market slump. Amgen (AMGN), Eli Lilly (LLY), Gilead Sciences (GILD), Merck & Co (MRK), Pfizer (PFE), and Regeneron Pharmaceuticals (REGN) closed up more than +3%, and Vertex Pharmaceuticals (VRTX) closed up more than +2%.
Dell Technologies (DELL) closed down more than -11% to lead losers in the S&P 500 , Hewlett Packard Enterprise (HPE) closed down more than -8%, and NetApp (NTAP) closed down more than -6% after Barclays downgraded the stocks to equal weight from overweight.
Bank of America (BAC) closed down more than -4% after reporting Q3 equities trading revenue ex-DVA of $2.51 billion, weaker than the consensus of $2.63 billion.
State Street (STT) closed down more than -3% after reporting Q3 revenue of $4.00 billion, weaker than the consensus of $4.04 billion.
Progressive (PGR) closed down more than -3% after reporting Q3 net premiums written of $22.30 billion, below the consensus of $22.50 billion.
Liquidia (LQDA) closed up more than +27% after reaching a global settlement resolving all pending litigation with United Therapeutics.
Earnings Reports (10/15/2026)
Alcoa Corp (AA), Bank of New York Mellon Corp/The (BNY), Charles Schwab Corp/The (SCHW), First Horizon Corp (FHN), Interactive Brokers Group Inc (IBKR), JB Hunt Transport Services Inc (JBHT), Marsh & McLennan Cos Inc (MRSH), PNC Financial Services Group Inc (PNC), Prologis Inc (PLD), US Bancorp (USB).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Sharply Lower on Inflation Woes and Slumping Chipmakers

Key Points
Intel generated a higher absolute revenue figure than Marvell Technology in all eight comparable quarters, maintaining a wide gap in size between the two organizations throughout the charted period.
Marvell delivered consistent quarter-over-quarter revenue growth, while Intel recorded a mostly steady baseline before logging a clear increase for the quarter ended June 2026.
Investors should monitor whether the two companies sustain their current upward revenue trajectories or if the absolute revenue gap between them begins to narrow in upcoming financial reporting periods.
Intel: An Uptick After Flat Revenue
Intel (NASDAQ:INTC) primarily earns its revenue by designing, developing, manufacturing, and selling a broad portfolio of client computing microprocessors, discrete graphics hardware, artificial intelligence server products, edge computing systems, and specialized advanced wafer fabrication services to original equipment manufacturers, cloud service providers, and telecommunications enterprises globally.
It recently priced an upsized $20 billion common stock offering, and it announced a broad technology collaboration with Applied Materials focused on next-generation transistors, interconnects, and advanced packaging hardware.
Marvell Technology: Consistent Quarter-Over-Quarter Revenue Expansion
Marvell Technology (NASDAQ:MRVL) primarily earns its revenue by developing high-speed data infrastructure semiconductor architectures, mixed-signal networking switches, multiple core processors, ethernet controllers, optical transceivers, and custom application-specific integrated circuits designed specifically for enterprise data centers and broad global communications networks.
It recently expanded a multiyear strategic partnership with Google parent Alphabet that includes a performance-based stock warrant agreement, and it unveiled new rack-scale memory infrastructure components engineered to support complex artificial intelligence computing and enterprise storage workloads.
Why Revenue Matters for Investors
Revenue helps individual investors understand the total amount of capital a given business generates from its primary commercial activities before subtracting operating expenses, debt interest obligations, and corporate taxes. This metric reveals whether a company is successfully attracting customers and growing its overall business volume over time.
Intel vs. Marvell Technology Revenue over the last 8 quarters.
Quarterly Revenue for Intel and Marvell Technology
Calendar quarter
Intel Revenue
Marvell Technology Revenue
Q3 2024
$13.3 billion (quarter ended Sept. 28, 2024)
$1.5 billion (quarter ended Nov. 2, 2024)
Q4 2024
$14.3 billion (quarter ended Dec. 28, 2024)
$1.8 billion (quarter ended Jan. 31, 2025)
Q1 2025
$12.7 billion (quarter ended March 29, 2025)
$1.9 billion (quarter ended May 3, 2025)
Q2 2025
$12.9 billion (quarter ended June 28, 2025)
$2.0 billion (quarter ended Aug. 2, 2025)
Q3 2025
$13.7 billion (quarter ended Sept. 27, 2025)
$2.1 billion (quarter ended Nov. 1, 2025)
Q4 2025
$13.7 billion (quarter ended Dec. 27, 2025)
$2.2 billion (quarter ended Jan. 31, 2026)
Q1 2026
$13.6 billion (quarter ended March 28, 2026)
$2.4 billion (quarter ended May 2, 2026)
Q2 2026
$16.1 billion (quarter ended June 27, 2026)
$2.7 billion (quarter ended Aug. 1, 2026)
Data source: Financial Modeling Prep. Data as of Oct. 13, 2026.
Foolish Take
Comparing revenue trends between Intel and Marvell Technology shows the semiconductor veteran's sales overshadow the latter's by a wide margin today. That could change in the coming years thanks to the artificial intelligence boom.
During Marvell's investor day on Oct. 6, the company revealed it's seeing so much demand for its products related to AI data centers that it expects sales to grow from a total of $8.2 billion in its 2026 fiscal year, ended Jan. 31, to between $70 billion to $90 billion in its 2031 fiscal year.
While Marvell has seen consistent quarterly sales growth, Intel's revenue trend over the past eight quarters has been uneven. It struggled to capitalize on the AI market until new CEO Lip-Bu Tan took over in 2025.
This year, Tan's turnaround efforts appear to be taking hold, as Intel's quarterly sales trajectory looks like it is finally taking off. The company's fiscal Q2 revenue of $16.1 billion was a strong 25% year-over-year increase. If it can continue to experience excellent sales growth, it can maintain its revenue lead over Marvell.
Should you buy stock in Intel right now?
Before you buy stock in Intel, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Intel wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $380,795!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,390,634!*
Now, it’s worth noting Stock Advisor’s total average return is 946% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 14, 2026.
Robert Izquierdo has positions in Alphabet, Applied Materials, Intel, and Marvell Technology. The Motley Fool has positions in and recommends Alphabet, Applied Materials, Intel, and Marvell Technology. The Motley Fool has a disclosure policy.

Intel vs. Marvell Technology: What Revenue Trends Tell Investors About These Artificial Intelligence Companies

Semiconductor stocks are soaring in 2026.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
*Stock prices used were the afternoon prices of Oct. 9, 2026. The video was published on Oct. 11, 2026.
Should you buy stock in Marvell Technology right now?
Before you buy stock in Marvell Technology, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Marvell Technology wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $380,795!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,390,634!*
Now, it’s worth noting Stock Advisor’s total average return is 946% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 13, 2026.
Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Marvell Technology and Qualcomm. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.
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Best Semiconductor Stocks to Buy in October: Marvell vs. Qualcomm

The S&P 500 Index ($SPX) (SPY) is down by -0.07% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.42%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.69%. December E-mini S&P futures (ESZ26) are down -0.05%, and December E-mini Nasdaq futures (NQZ26) are down -0.65%.
Stock indexes are mixed today, with the Dow Jones Industrials posting a 2.5-week high. The broader market is under pressure from higher crude oil prices, with WTI crude up more than +2% today on concerns about escalating tensions in the Middle East after repeated Houthi attacks on Saudi Arabia from neighboring Yemen. Weakness in chipmakers and AI-infrastructure stocks is also weighing on the overall market today.
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Stocks have support from the prospect of solid quarterly earnings results that will begin this week. Goldman Sachs today raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” Also, strength in software stocks and energy producers is supportive of the overall market.
Market activity may be below normal, as the cash Treasury market is closed today for the Columbus Day bank holiday.
According to data compiled by Bloomberg Intelligence, Q3 S&P 500 profits are expected to climb by +25% from a year earlier, up from a July estimate of 22%. Q3 earnings season begins this week when US money center banks report.
Nov WTI crude oil prices (CLX26) are up more than +2% today after Iran-backed Houthi rebels in Yemen launched drone and missile attacks against Saudi Arabia over the weekend, raising the risk of escalation that could draw the US into the conflict. Also, there's been a recent escalation of drone and missile attacks against vessels traversing the Strait of Hormuz, limiting energy exports from the region. Limiting gains in crude are the prospects of Russia releasing diesel supplies into theglobal marketafter the US Treasury issued a waiver for previously sanctioned Russian fuel. Last Friday, Russia said it will partially lift its ban on diesel exports, allowing 500,000 MT of diesel fuel to reach international markets following an agreement between Russian President Putin and US President Trump.
Markets are discounting a 19% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.44%. China's Shanghai Composite closed down -0.43%. Japan's Nikkei-225 Stock Average did not trade, as Japanese markets were closed today for the Health Sports Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -2.5 ticks today. The 10-year T-note yield is not trading today, as the cash Treasury market is closed for the Columbus Day bank holiday. Dec T-notes are under pressure today as higher crude oil prices raise inflation expectations.
European government bond yields are mixed today. The 10-year German bund yield is down -0.5 bp to 3.476%. The 10-year UK gilt yield is up +0.1 bp to 5.444%.
ECB Governing Council member Yannis Stournaras said the ECB may raise interest rates again to curb inflation but without rushing any action, suggesting an ECB rate hike this month is less likely than one in December.
Markets are discounting a 13% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are sliding today, weighing on the overall market. Lumentum Holdings (LITE) is down more than -7% to lead losers in the S&P 50 and Nasdaq 100, and Sandisk (SNDK) is down more than -6%. Also, Micron Technology (MU) and Marvell Technology (MRVL) are down more than -4%, and Advanced Micro Devices (AMD), ARM Holdings (ARM), Intel (INTC), and Seagate Technology Holdings Plc (STX) are down more than 3-%. In addition, Lam Research (LRCX), KLA Corp (KLAC), Microchip Technology (MCHP), and Western Digital (WDC) are down more than -2%, and Applied Materials (AMAT), Broadcom (AVGO), and Qualcomm (QCOM) are down more than -1%.
Software stocks are climbing today, led by a +2% jump in Salesforce (CRM) to lead gainers in the Dow Jones Industrials after Bank of America Global Research double-upgraded the stock to buy from underperform with a price target of $285. Also, Workday (WDAY) is up more than +2%, and ServiceNow (NOW), Intuit (INTU), and Microsoft (MSFT) are up more than +1%.
Energy producers and service providers are moving higher today, with WTI crude oil up more than +2%. Diamondback Energy (FANG) is up more than +2%, and APA Corp (APA), Chevron (CVX), ConocoPhillips (COP), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +1%.
IonQ (IONQ) is down more than -8% after agreeing to buy Elisity Inc. for as much as $1.3 billion in an all-stock transaction.
Chipotle Mexican Grill (CMG) is down more than -4% after Starbucks said it has no plans to acquire the company.
Enact Holdings (ACT) is down more than -1% after JPMorgan Chase downgraded the stock to underweight from neutral with a price target of $44.
Adobe (ADBE) is down more than -1% after Wells Fargo Securities double-downgraded the stock to underweight from overweight with a price target of $225.
First Tracks Biotherapeutics (TRAX) is up more than +6% after reporting topline results from an early-stage trial of its experimental therapy for celiac disease.
AST SpaceMobile (ASTS) is up more than +4% after Deutsche Bank upgraded the stock to buy from hold with a price target of $93.
Biogen (BIIB) is up more than +3% after JPMorgan Chase upgraded the stock to overweight from neutral, with a price target of $300.
Earnings Reports (10/12/2026)
Liberty Live Holdings Inc (LLYVA) and SR Bancorp Inc (SRBK).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Pressured by Rising Crude Prices and Chipmaker Weakness

Key Points
Melius Research upgraded Microsoft to buy, based on its cybersecurity offering for AI agents.
Goldman Sachs upgraded Palantir to buy, citing demand from companies that want control over their AI data.
TD Cowen upgraded Marvell to buy on its AI data center connectivity business, and its valuation looks reasonable for its growth potential.
Three tech stocks got Wall Street upgrades last week: Microsoft (NASDAQ: MSFT), Palantir (NASDAQ: PLTR), and Marvell Technology (NASDAQ: MRVL). Marvell has climbed 224% year to date, while Palantir is up 17% and Microsoft has trailed the S&P 500's 14% gain.
All three have solid catalysts and could be solid long-term investments, but Marvell offers the best growth for the price.
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Microsoft
On Oct. 5, Melius Research analyst Ben Reitzes upgraded Microsoft from hold to buy with a $665 price target. That implies about 25% upside from the current share price.
With growing concerns around AI safety, the analyst sees Microsoft's cybersecurity offerings benefiting from the adoption of AI agents. On the company's fiscal fourth-quarterearnings callin July, CEO Satya Nadella highlighted the advantages of Agent 365. It extends security tools to AI agents, and nearly 40 million agents are already registered on the platform, reflecting the advantage Microsoft has from its long-running relationships with leading enterprises.
Azure, the cloud backbone for Microsoft's AI services, continues to benefit from surging demand. Revenue from Azure and other cloud services grew 43% year over year in fiscal Q4 2026, which ended in June, and management said demand still exceeds capacity.
The stock trades at 27 times forward earnings, based on fiscal 2027 estimates. The consensus analyst estimate is for earnings to grow at an annualized rate of 15% in the coming years. That's a reasonable price-to-earnings-to-growth (PEG) multiple of 1.8x.
The main risk is that growth depends on how quickly Microsoft can add data center capacity, a process that requires heavy spending and could drag on margins and earnings. Still, a slightly higher P/E and continued growth in the business put the $665 price target within realistic reach over the next year, with more gains in store for investors who hold for the long term.
Palantir Technologies
On Oct. 8, Goldman Sachs analyst Gabriela Borges upgraded Palantir from neutral to buy with a $230 price target. That implies about 10% upside from the current share price.
Palantir shares have surged about 65% in the last three months, but the analyst sees further upside as companies seek to control their own data and AI models. That should increase demand for Palantir's custom-built applications with each enterprise customer.
This builds on the trends Palantir is already seeing. Palantir's Artificial Intelligence Platform (AIP) lets companies build and run AI models using their proprietary data. That is one of the main factors that appeals to prospective customers who want full control over their data and don't want it used to train another company's AI models.
Management's full-year 2026 guidance calls for revenue of approximately $8.1 billion, up about 82% from 2025. Analysts expect 53% annualized earnings growth in the coming years. However, it trades at a forward earnings multiple of 123 -- a PEG multiple of 2.3x. I hold Palantir in my portfolio, but I don't expect it to hit the analyst's price target in the near term. Marvell offers a better valuation relative to expected growth.
Marvell Technology
If I were adding new money to any of the three right now, it would be Marvell. On Oct. 7, TD Cowen analyst Sean O'Loughlin upgraded Marvell from hold to buy with a $350 price target. That implies about 27% upside from the current share price.
The upgrade follows Marvell's Investor Day on Oct. 6, 2026, where management highlighted the momentum in its connectivity business -- the chips and optics that move data inside AI data centers. O'Loughlin sees the risk around its custom chip business fading. These risks centered on the low margins custom chips produce and Marvell's dependence on selling these chips to a few customers.
During the investor day conference, CEO Matt Murphy raised the company's fiscal 2028 revenue outlook to about $20 billion. He said the shift from AI training to inference and the use of agents will drive greater demand for connectivity equipment, with optics already accelerating, backing up the analyst's thesis.
Marvell is also positioned to capture a growing share of AI infrastructure spending with its custom silicon business. These are chips designed for specific tasks, such as cloud giants' AI workloads. That business is expected to grow from $1.5 billion in revenue in 2025 to $12 billion by fiscal 2029.
The stock trades at 65 times 2027 earnings estimates, with analysts expecting 49% annualized earnings growth in the next several years. Marvell offers the lowest PEG ratio of the three at 1.3x. This could support the stock reaching the analyst's price target over the next year, while also setting up the potential for excellent returns for an investor who buys today and holds for the long term.
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John Ballard has positions in Palantir Technologies. The Motley Fool has positions in and recommends Goldman Sachs Group, Marvell Technology, Microsoft, and Palantir Technologies. The Motley Fool has a disclosure policy.

Indicator	Jan 26	Apr 26	Jul 26	Sep 26	Oct 26	TTM	Median
P/E	25.69	56.74	93.49	—	—	62.11	33.34
Price/Sales	8.38	16.58	27.31	—	25.22	25.22	2.86
P/B	4.67	7.94	12.88	—	12.68	12.68	3.01
P/FCF	48.17	86.73	97.27	137.02	—	137.02	23.04

Indicator	Jan 26	Apr 26	Jul 26	Sep 26	Oct 26	TTM	Median
ROE	19.38	16.85	16.22	—	—	16.22	14.14
ROA	12.64	11.06	10.74	—	—	10.74	6.67
ROI	15.26	13.15	12.73	—	—	12.73	10.08
Net Worth	68.59	147.49	243.02	—	—	243.02	1.02
Quick Ratio	1.58	2.66	2.62	—	—	2.62	1.59
Current Ratio	2.01	3.28	3.17	—	—	3.17	1.86

Indicator	Jan 26	Apr 26	Jul 26	Sep 26	Oct 26	TTM	Median
Net Profit Margin	32.58	28.99	27.93	—	—	27.93	10.12
Operating Margin	16.14	15.96	16.52	—	—	16.52	10.80
Gross Margin	51.02	51.50	52.22	—	—	52.22	50.00
Return on tangible equity	434.15	228.12	160.24	—	—	160.24	26.05

Indicator	Jan 26	Apr 26	Jul 26	Sep 26	Oct 26	TTM	Median
EPS	—	0.59	0.62	—	—	0.62	0.36
EPS Forecast	—	0.61	0.65	—	—	0.65	0.25
Revenue	2.22B	2.42B	2.74B	—	—	2.74B	66.00M
Gross Profit	1.15B	1.26B	1.46B	—	—	1.46B	—
EBITDA	721.00M	660.00M	768.00M	—	—	768.00M	—

Marvell Technology, Inc.

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