Applied Optoelectronics (AAOI) fell 15% to $67.40, Coherent (COHR) dropped 13%, and Lumentum (LITE) and Marvell (MRVL) each slid 10%. The selloff followed Google's loss of more than $500 billion in market value on October 29, after quarterly free cash flow of negative $9.1 billion, which spread concerns about hyperscaler spending across the AI supply chain. These suppliers depend heavily on a few cloud customers, as AAOI's top 10 customers made up 99% of Q2 2026 revenue. Bloomberg reported Marvell is in advanced talks to buy Lumentum in an all-stock deal that may not happen, and some investors may be selling to lock in gains after strong year-to-date runs.
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artificial intelligencesemiconductorscloud computingmergers and acquisitions
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Related tickers and likely impact
NVDA
▼ Likely negativeNvidia
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/29/2026 | 213.66 |
| Change that session | -0.80% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/29/2026 | 715.34 |
| Change that session | -1.42% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
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