CNBC host Jim Cramer publicly challenged the selling pressure in Apple, Marvell Technology and Palantir stock on November 2, arguing that investor pessimism toward the three companies had become excessive regardless of their recent corporate announcements and earnings results. His comments, made in a post on X by the longtime host of CNBC's "Mad Money," followed another difficult session for technology shares, in which quarterly results and a major semiconductor acquisition drew close scrutiny from market participants.

The negativity when it comes to Marvell, Apple, Palantir is pretty thick… No matter what they say, it isn't enough…

— Jim Cramer (@jimcramer) November 2, 2026

His remarks followed broader market concerns over AI spending and profits. The three companies had each released significant news in recent days — an all-stock merger announcement from Marvell, quarterly results from Apple, and third-quarter earnings from Palantir — yet none of the announcements was enough to stop the selling.

Marvell Shares Slide More Than 12% After $115 Billion Lumentum Deal

Marvell shares fell more than 12% on Monday, November 2, after the chipmaker announced plans to acquire optical technology maker Lumentum in an all-stock transaction valued at $115 billion, including debt. The companies expect to complete the purchase in the first half of 2028, and the agreement still requires shareholder and regulatory approvals. Optical components such as Lumentum's move data between chips and servers at high speed — a layer of infrastructure that AI data centers depend on for fast communication between processors.

Under the terms of the deal, Lumentum shareholders will receive 4.5 Marvell shares for each share they hold, giving them roughly 33% ownership of the combined business. Marvell is seeking Lumentum's technology to improve the connections between chips used in AI data centers.

The announcement drew attention to the size of the purchase price and its dependence on the future direction of Marvell's share price — a structural feature of all-stock deals, in which consideration is paid in shares rather than cash and the headline value can fluctuate until closing. Marvell Chief Executive Matt Murphy said the two companies plan to combine Marvell's chip design work with Lumentum's optical technology.

Apple Beats Quarterly Estimates as Memory Costs Climb

Apple reported fiscal fourth-quarter revenue of $114.48 billion and earnings of $2.10 per share, both ahead of analyst forecasts. Services sales set a quarterly record, annual revenue reached a new high, and iPhone sales set a record for a September quarter. Apple's fiscal fourth quarter ended in September.

The company nevertheless expects margins to narrow in the December quarter, forecasting a gross margin of 45% to 46% versus 47.9% previously, mainly because of more expensive memory chips. Memory chips are a core component input across Apple's device lineup, which makes their price moves directly relevant to hardware margins. Rising memory costs have increased pressure on the business, though Apple still expects December-quarter revenue to grow 7% to 10% from a year earlier in a quarter that spans the holiday shopping season, historically Apple's largest sales period.

On November 4, Apple stock climbed above $352 during intraday trading, reversing part of its earlier decline after the run of selling in technology shares.

Palantir Falls Despite 96% Annual Revenue Growth

Palantir Technologies (PLTR) reported third-quarter revenue of $2.31 billion, up 96% annually, while adjusted earnings reached 44 cents per share, ahead of the 41-cent analysts' forecast. Shares nonetheless fell after the release, and as reported by Blockonomi, the stock slid nearly 8% in Tuesday's premarket trading.

Investors also weighed slower growth in new contract bookings — a metric that offers a read on revenue not yet recognized on the books. The value of new U.S. commercial contracts reached $1.46 billion, an 11% annual increase that marked a steep slowdown from 153% growth in the previous quarter. The drop in contract growth came despite higher overall sales.

The company raised its full-year revenue forecast to approximately $8.53 billion and reported more business coming from U.S. commercial clients than from government customers.