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Japan

US Equity Markets Fall After Iran Blocks Strait, Stalls Peace Talks; Crude Oil Jumps

US equity indexes closed lower on Monday after Iran closed the Strait of Hormuz again and refused to continue peace talks, claiming the US "did not fulfill their obligations," sending crude oil prices sharply higher.* The second round of US and Iran peace talks was planned to start in Islamabad on Monday, the Wall Street Journal reported. While Tehran hasn't publicly confirmed its participation, it has told regional mediators that it would send a team to negotiate, the report said.* President Donald Trump said he's not likely to extend the two-week ceasefire with Iran, increasing the urgency for negotiators to conclude a deal to end the war, Bloomberg reported.* May West Texas Intermediate crude oil rose $4.92 to settle at $88.77 per barrel, while June Brent crude, the global benchmark, was last seen up $4.67 at $95.05.* Alphabet's (GOOG, GOOGL) Google is negotiating with Marvell Technology (MRVL) to develop two new processors optimized for AI inference tasks, The Information reported. Marvell shares rose 5.8%, the second-biggest gain on the Nasdaq.* Norwegian Cruise Line Holdings (NCLH) shares fell 3.5%, the fourth-largest drop on the S&P 500, amid heightening tensions in the Middle East.

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$MRVL$NCLH
Sectors

Sector Update: Tech Stocks Mixed Late Afternoon

Tech stocks were mixed late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) fractionally lower and the State Street SPDR S&P Semiconductor ETF (XSD) rising 2.1%.The Philadelphia Semiconductor index increased 0.3%.In corporate news, Okta (OKTA) shares gained 4.8% after Barclays upgraded the stock to overweight from equalweight with a price target of $85 per share.Alphabet's (GOOGL) Google has built a strike team of engineers and researchers to enhance its AI coding models, The Information reported. Alphabet was down 1.2%.Google is negotiating with Marvell Technology (MRVL) to develop two new processors optimized for AI inference tasks, The Information reported. Marvell shares climbed nearly 7%.Meta Platforms (META) plans to initiate its planned layoffs for this year on May 20, and more cuts are expected later, Reuters reported. Meta shares fell 2.5%.

$GOOGL$META$MRVL$OKTA
Sectors

Sector Update: Tech Stocks Mixed Monday Afternoon

Tech stocks were mixed Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) 0.2% lower and the State Street SPDR S&P Semiconductor ETF (XSD) rising 1.4%.The Philadelphia Semiconductor index was little changed.In corporate news, Alphabet's (GOOGL) Google has built a strike team of engineers and researchers to enhance its AI coding models, The Information reported. Alphabet was down 0.9%.Google is negotiating with Marvell Technology (MRVL) to develop two new processors optimized for AI inference tasks, The Information reported. Marvell shares popped 6.2%.Meta Platforms (META) plans to initiate its planned layoffs for this year on May 20, and more cuts are expected later, Reuters reported. Meta shares fell 2.3%.

$GOOGL$META$MRVL
Asia Markets

US Equity Indexes Decline as Fate of Iran Peace Talks Hangs in Balance

US equity indexes fell, while crude oil futures jumped amid high-stakes diplomacy aimed at bringing Iran back for a second round of talks in Pakistan.The Nasdaq Composite fell 0.5% to 24,344.1, with the S&P 500 down 0.3% to 7,101.5, after breaking records late last week when President Donald Trump talked up the likelihood of an Iran peace deal before the end of the current, two-week ceasefire on Tuesday. The Dow Jones Industrial Average fell 0.1% to 49,378.5.Consumer discretionary, communication services, and technology led decliners intraday. Energy and materials were among the biggest gainers.Risk appetite is "on the run" to start the fresh trading week, Derek Holt, head of capital markets economics at Scotiabank, said in a note on Monday. Trump, on Friday, appears to have "grossly overstated" progress toward an agreement with Iran, Holt added.Trump said the ceasefire with Iran ends "Wednesday evening Washington time," adding it's "highly unlikely" he would extend it if a deal is not reached before then, CNN reported Monday.Vice President JD Vance and top US officials are expected to depart Tuesday for Islamabad, Pakistan, ahead of a potential second round of talks with Iran, CNN reported. Iran is considering attending peace talks, a senior official from the Middle East nation told Reuters on Monday, following moves by Islamabad to end a US blockade of Tehran's ports, a major hurdle for the country under threat of widespread attack to rejoin peace efforts.The US president said in a Monday phone interview that the second round of talks with Iran is set to begin Tuesday, Bloomberg reported.West Texas Intermediate crude oil futures jumped 5% to $88.80, and Brent crude futures advanced 4.8% to $95.21.Most US Treasury yields rose, with the 10-year up 1.8 basis points to 4.26% and the two-year climbed 2.5 basis points to 3.73% as rising crude oil prices fueled inflation worries. Reflecting the potential upside risk to price pressures, gold futures declined 1.2% to $4,822.1 and silver futures dropped 2.5% to $79.78.In company news, Norwegian Cruise Line (NCLH) dropped 4.2% intraday, among the worst performers on the S&P 500, amid worsening geopolitical risk in the Middle East.Meta Platforms (META) plans to initiate its planned layoffs for this year on May 20, and more cuts are expected later, Reuters reported, citing people familiar with the matter. The Facebook-owner's shares dropped 2.3% intraday, among the worst performers on the Nasdaq.Alphabet's (GOOG, GOOGL) Google is negotiating with Marvell Technology (MRVL) to develop two new processors optimized for artificial intelligence inference tasks, The Information reported, citing two people with knowledge of the discussions. Shares of Marvell jumped 4% intraday, the top gainer on the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$META$MRVL$NCLH
Wire

Top Midday Stories: QXO to Acquire TopBuild for $17 Billion; Eli Lilly to Buy Kelonia for Up to $7 Billion

All three major US stock indexes fell in late-morning trading Monday as tensions between the US and Iran escalated over the weekend.In company news, QXO (QXO) agreed to acquire TopBuild (BLD) for $17 billion. TopBuild shareholders can elect $505 a share in cash or 20.2 QXO common shares for each TopBuild share they own, subject to a cap that limits cash to 45% of the total consideration. The deal is expected to close in Q3. QXO shares fell 7.2% around midday, and TopBuild rose 17%.Eli Lilly (LLY) agreed to acquire Kelonia Therapeutics for up to $7 billion in cash, including an upfront payment of $3.25 billion and subsequent payouts based on certain clinical, regulatory and commercial milestones. The deal is expected to close in H2. Eli Lilly shares rose 0.2%.Alphabet's (GOOG, GOOGL) Google is in talks with Marvell Technology (MRVL) to develop two new processors optimized for AI inference tasks, The Information reported Sunday, citing two people with knowledge of the discussions. Alphabet shares fell 0.9%, and Marvell rose 4.1%.American Airlines Group (AAL) said late Friday it was not engaged with or interested in talks about a merger with United Airlines Holdings (UAL). American shares fell 4.4%, and United dropped 2.3%.Brady (BRC) agreed to acquire Honeywell International's (HON) productivity solutions and services business for $1.4 billion in cash. Brady shares eased 0.1%, and Honeywell fell 1.2%.Price: $23.19, Change: $-1.81, Percent Change: -7.24%

$AAL$BLD$BRC$GOOG$GOOGL$HON$LLY$MRVL$QXO$UAL
Sectors

Sector Update: Tech Stocks Lean Lower Premarket Monday

Technology stocks were leaning lower premarket Monday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 0.8%.Alphabet's (GOOG, GOOGL) Google is negotiating with Marvell Technology (MRVL) to develop two new processors optimized for artificial intelligence inference tasks, The Information reported, citing two people with knowledge of the discussions. Shares of Marvell Technology were up more than 5% pre-bell.Meta Platforms (META) plans to initiate its layoffs planned for this year on May 20, with more expected to come later, Reuters reported, citing people familiar with the matter. Meta Platforms shares were down 0.7% premarket.Parsons (PSN) said the Los Angeles Department of Water and Power selected the company to provide demand response technology, integration, and services. Parsons stock was 0.2% lower pre-bell.

$GOOG$GOOGL$META$MRVL$PSN$XLK$XSD
Sectors

Sector Update: Tech

Technology stocks were leaning lower premarket Monday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) marginally declining.Alphabet's (GOOG, GOOGL) Google is negotiating with Marvell Technology (MRVL) to develop two new processors optimized for artificial intelligence inference tasks, The Information reported, citing two people with knowledge of the discussions. Shares of Marvell Technology were up more than 5% pre-bell.

$GOOG$GOOGL$MRVL
Research

Research Alert: CFRA Keeps Buy On Shares Of Marvell Technology - Diversifying Away From Aws

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We up our 12-month target to $170 from $150, on higher revised P/E of 32.5x our CY 27 EPS, near historical and reflects our view of potential upside to forward estimates. According to unconfirmed reports, MRVL is in discussions with Alphabet (GOOGL) to co-develop new AI inference chips, with the partnership targeting two specialized chips: a memory processing unit (MPU) to work alongside GOOGL's existing TPUs and an inference-specific customer silicon TPU. GOOGL aims to complete the MPU design as early as CY 27 before initiating test production, with MRVL expected to provide design services similar to MediaTek's role in Google's "Ironwood" TPU development. Also, this move will not replace GOOGL's largest chip partner, Broadcom (contract just extended to CY 31), but does add a third design partner and enhances supply chain resilience amid constraints. This potential collaboration also builds on MRVL's existing work on GOOGL's Axion ARM CPUs and further diversifies its AI strategy away from being AWS dominant.

$MRVL
Equities

Top Premarket Gainers

Theriva Biologics (TOVX) shares were up 94% in Monday premarket activity, adding to Friday's gain.Compass Pathways (CMPS) stock was 25% higher after the company said over the weekend it commended the White House executive order to accelerate research and access for psychedelic treatments.TopBuild (BLD) shares were up 19%, a day after QXO (QXO) said it agreed to acquire TopBuild for $505 per share in a deal valued at about $17 billion.Marvell Technology (MRVL) stock was 6.3% higher after The Information reported Sunday that Alphabet's (GOOG, GOOGL) Google is negotiating with Marvell to develop two new processors optimized for artificial intelligence inference tasks.Eni (E) shares were up 2% after the company said it has made gas discovery in the Kutei Basin off the coast of Indonesia.

$BLD$CMPS$E$MRVL$TOVX
Equities

Social Buzz: Wallstreetbets Stocks Mostly Lower Premarket Monday; AST SpaceMobile to Fall, Marvell to Rise

The most-talked-about stocks in the Reddit subforum Wallstreetbets were mostly lower hours before Monday's opening bell.AST SpaceMobile (ASTS) tumbled by 13% premarket, after a 6% decline Friday. The company said the BlueBird 7 satellite was placed into a lower-than-planned orbit during the New Glenn 3 mission and will de-orbited.Strategy (MSTR) was 2.3% lower pre-bell, after closing the previous session with a roughly 12% jump.Rocket Lab (RKLB) was down 1.8% hours before market open, following a 2.3% increase from Friday's session.Nvidia (NVDA) fell by 1.2% in premarket activity, after a 1.7% increase from the previous session.Microsoft (MSFT) declined by 0.9% pre-bell, swinging from a 0.6% increase at Friday's close.Tesla (TSLA) was 0.7% lower in premarket hours, following a 3% gain from the previous session.Antero Midstream (AM) fell by 0.5% in pre-bell activity, following a 0.2% advance from the previous session.Marvell Technology (MRVL) advanced by 7.7% premarket, after a 4.7% rise from Friday's session. Alphabet's (GOOG, GOOGL) Google is negotiating with Marvell Technology to develop two new processors optimized for artificial intelligence inference tasks, The Information reported Sunday, citing two people with knowledge of the discussions.

$AM$ASTS$GOOG$GOOGL$MRVL$MSFT$MSTR$NVDA$RKLB$TSLA
Insider Trading

Marvell Technology Insider Sold Shares Worth $4,020,300, According to a Recent SEC Filing

Willem A Meintjes, Chief Financial Officer, on April 15, 2026, sold 30,000 shares in Marvell Technology (MRVL) for $4,020,300. Following the Form 4 filing with the SEC, Meintjes has control over a total of 230,675 common shares of the company, with 230,675 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1835632/000162828026025578/xslF345X05/wk-form4_1776381447.xml

$MRVL
Insider Trading

Marvell Technology Insider Sold Shares Worth $8,719,372, According to a Recent SEC Filing

Sandeep Bharathi, President, Data Center Group, on April 15, 2026, sold 66,892 shares in Marvell Technology (MRVL) for $8,719,372. Following the Form 4 filing with the SEC, Bharathi has control over a total of 55,199 common shares of the company, with 55,199 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1835632/000162828026025592/xslF345X05/wk-form4_1776386188.xml

$MRVL
Research

Research Alert: CFRA Maintains Buy Opinion On Shares Of Marvell Technology

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We up our 12-month target to $150 from $120, on a P/E of 28.7x our CY 2027 EPS of $5.23, within peers but below historical. Our higher target reflects greater conviction and upside potential following the NVIDIA investment as well as view that recent deals will accelerate/better position MRVL to scale up AI initiatives. We are especially excited about the integration of Celestial AI's photonic fabric technology with MRVL's switching portfolio, which creates an end-to-end optical scale-up platform. Celestial AI's CPO revenue alone is projected to reach $500M ARR by end-CY 2027 and double again a year later to over $1B. The NVIDIA partnership centers on the NVLink Fusion Platform, where MRVL will provide its custom XPUs, NVLink Fusion-compatible scale-up networking, and silicon photonics technology. MRVL's custom silicon business is also evolving from a single-program concentration (Amazon) to a diversified portfolio, including a new Tier 1 XPU in FY 28 (Microsoft), with a line of sight to over $2B by FY 29.

$MRVL
Wire

Marvell Seen as "Switzerland of Interconnect" as AI Growth Accelerates, Oppenheimer Says

Marvell Technology (MRVL) is increasingly viewed as a key neutral enabler in AI infrastructure, described as the "Switzerland of interconnect" following investor meetings with management, Oppenheimer said in a Tuesday note.The broker said management struck an unequivocally bullish tone, raising its revenue outlook to more than $11 billion this year from about $9 billion six months ago and projecting revenue of more than $15 billion in 2027, driven by strong data center demand for networking and custom AI ASICs.Oppenheimer said Marvell's AI-driven businesses are growing rapidly, with custom AI ASIC revenue expected to at least double next year to about $4 billion before exceeding $10 billion in 2028.The note added that data center accounts for about 75% of sales and is split roughly 70/30 between networking and ASICs in the near term.The report also said Marvell has broad exposure across copper and optical interconnect technologies, positioning its portfolio across both scale-out and scale-up architectures.Oppenheimer maintained its outperform rating on the stock and raised its price target to $170 from $150.Shares of Marvell Technology were up 2% in Wednesday trading.Price: $136.58, Change: $+2.78, Percent Change: +2.08%

$MRVL
Wire

B. Riley Adjusts Price Target on Marvell Technology to $156 From $135, Maintains Buy Rating

Marvell Technology (MRVL) has an average rating of buy and mean price target of $124.03, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $132.29, Change: $+3.80, Percent Change: +2.96%

$MRVL
Asia Markets

US Equity Futures Flat Pre-Bell as Traders Track Developments in Fragile US-Iran Ceasefire

US equity futures were flat pre-bell Friday as traders were wary of the fragile two-week ceasefire between the US and Iran.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.3% higher.The Strait of Hormuz remains shut, while Israel continues to exchange fire with Hezbollah in Lebanon, even with the US-Iran talks scheduled on Saturday morning in Islamabad. Israel has said it would start talks with the Lebanese government targeting to disarm Hezbollah and end attacks in the nation.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.5% at $95.42 per barrel and US West Texas Intermediate crude 0.5% lower at $97.42 per barrel.The March consumer price index, released at 8:30 am ET, gained 0.9% as expected, compared with a 0.3% increase in the previous month, according to estimates compiled by Bloomberg. The University of Michigan consumer sentiment index for April is expected at 51.5%, down from 53.3% previously, and the February factory orders are expected to have declined 0.2% following an increase of 0.1% in January. The two reports are scheduled for 10 am ET.In other world markets, Japan's Nikkei closed 1.8% higher, Hong Kong's Hang Seng ended 0.6% higher, and China's Shanghai Composite finished 0.5% higher. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was up 0.8% in Europe's early afternoon session.In equities, Taiwan Semiconductor Manufacturing (TSM) shares were up 2.3% after the company reported higher Q1 net revenue. Marvell Technology (MRVL) shares were 3.5% higher after Barclays upgraded the company's stock to overweight from equalweight.On the losing side, ServiceNow (NOW) shares were down 1.6% after the company said it is shifting its entire product portfolio from artificial intelligence sidecars to full AI integration. UBS also downgraded the company's stock to neutral from buy.

Dow JonesNasdaq CompositeS&P 500$MRVL$NOW$TSM

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