Jim Cramer Challenges Market Pessimism Amid Tech Slump for Apple, Palantir, and Marvell
Tech stocks including Apple (AAPL), Palantir (PLTR), and Marvell (MRVL) faced significant downward pressure following recent market volatility. CNBC's Jim Cramer suggested that investor negativity has become excessive, even as the semiconductor sector lost approximately $3.7 trillion in market value since early October. The broader chip group saw a massive sell-off on November 2, exacerbated by Intel's historic single-day drop. Marvell's stock declined following its announcement of a massive $115 billion all-stock acquisition of Lumentum, a deal ten times larger than its previous biggest purchase. Meanwhile, despite Apple beating fiscal fourth-quarter revenue and earnings estimates, its stock drifted lower due to concerns over shrinking gross margins caused by rising memory chip costs. Palantir also reported third-quarter beats on revenue and adjusted earnings, yet faced market skepticism regarding its bookings.
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Topics: M&A Market Sentiment Semiconductors Tech Sector Slump