Business & Markets — November 3, 2026

Nasdaq-100 enters third correction of 2026. The tech-heavy index fell into its third correction this year Monday as worries about AI spending mounted, extending October’s tech selloff.

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Marvell to buy Lumentum for $115 billion. Marvell agreed to acquire Lumentum in an all-stock deal betting on rising optical networking demand. Shareholders of both companies criticized the terms.

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OpenAI hires former Army secretary. OpenAI named Dan Driscoll senior counselor for national security modernization, two months after his Pentagon exit, deepening ties between AI developers and the defense sector.

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Apple posts record revenue, warns on margins. Apple reported record Q4 revenue of $114.5 billion, up 12%. But shares fell 4.5% premarket after it warned ‘unprecedented’ memory chip costs will squeeze holiday-quarter margins.

The margin warning was not the only concern weighing on the stock. According to MarketWatch, investors also balked at slowing growth in Apple’s services business despite the record top-line results. The company attributed the expected pressure on holiday-quarter profitability to two factors: elevated memory chip costs it described as unprecedented, and spending tied to artificial intelligence work on Siri. Analysts were assessing the gross margin outlook in the wake of the report.

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