Five Trillion Dollars Leaves the AI Trade, Marvell Pays $115 Billion in Shares, and Four Newspapers Sue Brave

Forty-seven AI and chip stocks gave up roughly $5 trillion of market value between October 6 and the end of the month, while the rest of the market barely noticed: the other 625 large US stocks in the same tally added about $1.3 trillion, and nine of the S&P 500's eleven sectors rose in one week of the selloff. Nvidia and Alphabet each lost about $835 billion, and Intel lost nearly half its value in October. 1

On Monday, Marvell said it would buy optical-components maker Lumentum in an all-stock deal carrying an implied enterprise value of $115 billion, with Lumentum holders receiving 4.5 Marvell shares for each share they own. Marvell shares fell 13% that day and Lumentum's sank nearly 19%, after both had been among the biggest winners of the AI trade. The deal is expected to close in the first half of 2028. 2

On the same day, the New York Times, the Daily News, the Chicago Tribune and the Orlando Sentinel sued Brave Software in Manhattan federal court. The complaints accuse the browser maker of building an index of more than 30 billion web pages with a crawler that hid its identity, then selling access to Anthropic, Perplexity, Mistral, xAI and Cohere, earning more than $100 million while publishers received nothing. The Times describes Brave as "a burglar that misappropriates the content of publishers" and an AI "fence" that sells the proceeds on. 3

Claymation satire, one minute, English narration and captions. This edition covers the week of October 29 to November 5, 2026.