AI Money This Week: Chip Selloff Shrinks a $115B Deal

Chip stocks cracked this week. A Monday selloff cut the value of Marvell’s $115 billion offer for Lumentum to about $771 a share from $1,132, and SMH fell 11.21% on November 5. Meanwhile Anthropic reported $17.0 billion in third-quarter revenue in its amended IPO filing, and Google laid out a $17 billion data center plan in Wyoming.

Key takeaways

• Stock-for-stock AI deals carry market risk: Marvell’s 4.5-share swap for Lumentum lost about a third of its headline value in one session.
• The AI cloud trade is getting pickier. Microsoft walked away from an Oracle AI cloud deal over aging Nvidia chips, and Oracle fell 4%.
• Private money kept flowing anyway: the AI Funding Tracker added 10 rounds worth $6.0 billion, led by Shield AI and Zipline.

The week in numbers

Number	What it is	Story
$115B	Headline value of Marvell’s offer for Lumentum, now about $771 a share instead of $1,132	Marvell Lumentum deal
11.21%	SMH’s one-day drop on November 5; the ETF holds 20.19% in Nvidia	SMH vs SOXX
$17.0B	Anthropic’s Q3 revenue, 12 times a year earlier	Anthropic’s amended filing
$17B	Google’s planned build on the former Crusoe site in Wyoming	Google Wyoming data center
$664B	Oracle’s backlog, now facing questions about GPU shelf life	Microsoft Oracle deal ends
97%	Growth in AMD’s data center sales, to $8.5B	AMD earnings
948	Root-level Linux bugs an unreleased OpenAI model found for $1.2M in API credits	OpenAI Linux kernel exploits

AI deals and funding

Marvell’s Lumentum offer shrinks. Marvell billed its bid for Lumentum at $115 billion, or $1,132 a share. Because Lumentum holders get 4.5 Marvell shares each, Monday’s selloff cut the offer to about $771 per Lumentum share. Read the deal math.

Microsoft ends an Oracle AI cloud deal. Microsoft walked away over aging Nvidia chips, and Oracle stock fell 4%. The bigger question is Oracle’s $664 billion backlog: how long the GPUs behind it stay useful. Read more.

Google takes over Crusoe’s Wyoming site. Google bought the site at an undisclosed price and plans a $17 billion build, starting with a 702 MW power plant. Read more.

China blocks part of SoftBank’s ABB Robotics deal. Beijing blocked the China leg of SoftBank’s $5.375 billion purchase, and SoftBank stock fell 6.77%. What happens next.

AMD’s data center sales nearly double. Data center revenue jumped 97% to $8.5 billion and AMD guided the fourth quarter to $17 billion, but a $1.1 billion charge for Meta and OpenAI warrants shows what those wins cost. Read the earnings breakdown.

Anthropic’s filing shows a $17 billion quarter. Q3 revenue reached $17.0 billion, 12 times a year earlier, and the amended IPO filing adds a warning about recursive self-improvement. No model has crossed that line yet. Read more.

Fractile’s round draws the UK state. The London inference chipmaker is raising about $700 million at a $6.5 billion valuation, with the UK’s Sovereign AI Fund joining. Read more.

Launches that moved money

Claude Personal Finance. Anthropic’s beta reads two years of bank transactions through Plaid on the $20 Pro plan. ChatGPT’s version launched on its $200 tier. Read more.

LongCat-2.5 matches DeepSeek on price. Meituan’s model costs $0.30 per million input tokens and $1.20 per million output tokens, up to 20 times less than Claude Opus 5. Read the pricing comparison.

OpenAI’s model finds Linux kernel bugs. An unreleased cyber model found 948 root-level bugs for $1.2 million in API credits, about $1,280 each. Only 61 are fixed so far. Read more.

Cheap AI hacking is here. The ARTEX tool ran a two-week certificate heist on $700 to $1,500 of tokens, and Check Point counts 1,608 live servers, 54% of them in the US. On the defense side, CrowdStrike launched an AI Kill Switch at the gateway, with endpoint control still “coming soon.” Read more on ARTEX.

Apple Intelligence reaches China on Qwen. Alibaba’s model powers Writing Tools and Visual Intelligence in iOS 27.3 this December, with a beta from November 4. Read more.

Investing: what changed this week

Chip ETF concentration got tested. SMH holds 20.19% in Nvidia against about 8% for SOXX, and it fell 11.21% on November 5. SMH vs SOXX.

Bonds after the jobs beat. After the November 6 jobs report, the 2-year Treasury paid 4.46% against 4.17% on 3-month bills; rolling bills only wins if they get back near 4.50%. The new I bond fixed rate of 1.40% is the highest since 2006, though 5-year TIPS still pay about 2.25% real. 2-year vs T-bills and I bonds vs TIPS.

Hedges on election day. Spot gold jumped about 3% to $4,046 while bitcoin hit a seven-week low. Bitcoin vs gold.

Staked ether ETFs. BlackRock’s ETHB and ETHA both charge 0.25%, but ETHB paid a 1.80% staking rate as of November 6 while ETHA lost $90.8 million in a day. ETHB vs ETHA.

AI Funding Tracker update

This week the AI Funding Tracker added 10 rounds of $100 million or more, worth $6.0 billion, led by Shield AI’s $2 billion at a $28.8 billion valuation and Zipline’s $1.5 billion at $21.5 billion. Fal, Applied Compute, Sand.ai, Sentra, Lingchuan Technology, Moffett AI, Traversal and Ocient also joined. The tracker now lists 97 rounds totaling $351.1 billion in 2026, and Fractile sits in Reported talks until it announces.

What to watch next week

• Tuesday, November 10: October CPI, with consensus at 0.3% month over month after 0.6% in September.
• Tuesday, November 10, after the close: CoreWeave earnings, a read on neocloud demand after Microsoft’s Oracle exit.
• Thursday, November 12, after the close: Cisco and Applied Materials report, a check on AI networking and chip equipment after this week’s selloff.
• Friday, November 13: October PPI, with consensus at 0.4% after 1.3%. Several Fed officials speak through the week; the next FOMC meeting is December 8–9.

Schedule via FXEmpire and Opening Bell Daily.

The bottom line

This was the week AI money split in two. Public markets punished concentration: chip ETFs, stock-funded deals and cloud backlogs built on older GPUs all got marked down. Private investors kept writing big checks, especially to defense and autonomy companies. Next week’s CPI print and CoreWeave’s results will show whether the selloff was about rates or about AI demand itself.

This article is journalism, not investment advice. Do your own research before investing.

Wealth Engine researches and drafts with AI tools and checks every figure against its sources. How we report.