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Bloomberg reported on October 28 that Marvell is in advanced discussions to acquire Lumentum, though no definitive agreement has been announced. Lumentum shares rose sharply on the news while Marvell fell in after-hours trading, and Coherent gained about 3.5% after hours. Per Bloomberg’s October 9 report, Lumentum’s optical capacity is effectively sold out through early 2029, and CEO Michael Hurlston said the company could not meet about 70% of expected demand for certain products through 2027. The article argues that a Marvell–Lumentum deal could make Coherent’s independent manufacturing more valuable, especially since Nvidia has invested $2 billion in Coherent.
- Google Cloud Revenue Just Grew 103%, so Why Is the Stock Falling?
Alphabet reported third-quarter results after the market close on Wednesday. Revenue rose 25% to $127.6 billion, below analyst estimates of $127.9 billion, while diluted EPS of $2.12 fell 26% against expectations of $3.01. Operating income climbed 30% to $40.6 billion. Google Cloud revenue soared 103% to $30.7 billion, with an operating margin of 36.2%, and CEO Sundar Pichai cited huge demand for AI infrastructure. The EPS decline mainly reflected an $8.2 billion loss on equity investments, including SpaceX, compared with gains of nearly $12.8 billion a year earlier. Alphabet expects capex of about $200 billion in 2026 and $300 billion in 2027, leaving free cash flow at -$9.1 billion, and the stock fell as much as 11% after hours.
- 2 Millionaire-Maker Custom Silicon Stocks Powering the AI Infrastructure Supercycle
The article profiles Broadcom and Taiwan Semiconductor Manufacturing (TSMC) as leading custom-silicon players. Broadcom, which partners with Alphabet on TPUs and counts Meta, OpenAI, and Anthropic among its ASIC customers, reported third-quarter AI semiconductor revenue up 221% to $16.7 billion and net income up roughly 216% to $13.1 billion. It expects fourth-quarter AI revenue to rise 236% to $21.7 billion, and the stock trades at about 28 times expected earnings this year. TSMC manufactures chips designed by its customers and, according to many estimates, controls over 90% of the high-end AI chip market. Its stock has delivered a total return of roughly 4,720% over 15 years. The author notes that both stocks' valuations have been volatile amid AI bubble concerns, while their market positions remain strong.
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Bel Fuse's estimated fair value has moved from US$313 to US$326, in line with recent Street targets of US$326 to US$335. Northland raised its target to US$326, calling it another strong quarter with a better-than-expected Q3 sales outlook. JPMorgan kept an Overweight rating but cut its target twice, most recently from US$380 to US$330 in October 2026, a more cautious stance on how current risks and execution uncertainties may cap valuation. Model assumptions were also updated: revenue growth from 11.53% to 11.94%, net profit margin from 20.57% to 20.35%, future P/E from 33.59x to 34.87x, and discount rate from 8.82% to 8.70%.
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The article looks at three founder-led businesses as AI spending draws scrutiny after Alphabet reported negative free cash flow of US$9.07 billion and raised its AI infrastructure capex guidance. Sansan, a Japanese SaaS group founded by Chika Terada, generates about ¥48.9 billion from its Sansan and Bill One segment, with a market value near ¥273.9 billion. Spotify Technology, where Daniel Ek still shapes the long-term vision, earns about €18.8 billion in revenue, mostly from Premium subscriptions, and is valued near US$114.2 billion. China Medical System Holdings, controlled by Treasure Sea Limited, generates about CN¥7.3 billion from its Integrated Business and is valued near HK$24 billion. The article argues founder leadership may encourage more careful capital protection and highlights capital allocation and AI strategy as key questions for these companies.
- October 29: What to Read Before the Stock Market Opens
A roundup of domestic and international financial news from the past 24 hours. In Vietnam, Digiworld (DGW) reported third-quarter profit up 66% to VND 276 billion, though its shares still fell to the floor price, while Thế Giới Di Động (MWG) posted third-quarter net profit up 75% to nearly VND 3.1 trillion, and VIB reached nearly VND 7,600 billion in nine-month pre-tax profit, up 8%. Pi Group's PDCC repurchased VND 900 billion of bonds before maturity, spending nearly VND 996.3 billion. Globally, Beijing is urgently seeking to support its weakening stock market amid an AI sell-off, while the US pending home sales index fell 7.3% to 66.0 points in September 2026, its lowest since 2001.
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