Marvell Technology agreed to acquire Celestial AI in a cash and stock deal valued at $3.25 billion in a bid to help the semiconductor company build out its AI and cloud data center business. Celestial AI provides a form of data center infrastructure technology called photonic fabric, which Marvell said is needed to help AI servers operate more efficiently. Shares rose 8.73% to $101 in post-market trading. Marvell separately swung to a profit in the third quarter and recorded higher sales driven by data-center demand. It posted a profit of $1.90 billion, or $2.20 a share, in the quarter ended in early November, compared with a loss of $676.3 million, or 78 cents a share, a year earlier. Revenue rose 37% to $2.07 billion, in line with analysts’ expectations. Sales were driven by strong demand for its data center products. For the current fourth quarter, Marvell expects revenue to be $2.20 billion at the midpoint, plus or minus 5%. It is guiding for adjusted earnings per share of 79 cents, plus or minus 5 cents. Analysts anticipate $2.18 billion in revenue and 79 cents a share in adjusted earnings.
Chief Executive Matt Murphy said revenue in 2026 may be in the ballpark of $10 billion, not including contributions from mergers and acquisitions.

The Swiss stock market continued its slightly positive trend on Tuesday. Once again, it was the index heavyweights that supported the market. While Novartis (+1.9%) and Roche (+1.4%) gained ground, Nestlé shares fell by 1.3 percent. The SMI improved by 0.3% to 12,890 points. UBS shares rose by 0.3%. The banking sector was in demand across Europe. Holcim shares climbed 1.2%. The cement manufacturer confirmed three acquisitions in the field of recycling construction and demolition materials in Germany, the UK, and France. However, no financial details were disclosed. In addition, ABB (+0.4%) completed the acquisition of Siemens Gamesa's power electronics division, which was first announced a year ago. The division develops and manufactures inverters and switch cabinets for the wind, solar, and storage industries. The parties agreed not to disclose the purchase price. Bachem shares were up 3.6 percent. UBS raised its rating from “neutral” to “buy” and increased its price target by two francs to 78 francs.

Europe
European stock markets closed mixed on Tuesday, as inflation in the eurozone unexpectedly accelerated in November, arguing for the European Central Bank (ECB) to keep interest rates at their current levels. The Stoxx Europe 600 index gained 0.1% to 575.7 points. In Paris, the CAC 40 and SBF 120 fell 0.3%. In Frankfurt, the DAX 40 climbed 0.5%, while the FTSE ended close to equilibrium in London. VALLOUREC (-3.5%): The seamless tube manufacturer announced on Monday evening that the holders of share subscription warrants (BSAs) meeting in general assembly had agreed to amend the terms and conditions applicable to its BSAs. This will reduce the dilation of existing shareholders when the BSAs, which expire next June, are exercised. SAINT-GOBAIN (-0.8%): The group led by Benoit Bazin reported on Monday evening that it had completed the sale of two building materials distributors, SFIC Belgium and Tumelero, representing combined annual sales of around €115 million. BAYER shares shot up 12.1 percent to €34.15, marking their highest price in almost two years. The US government supports Bayer's legal position in the glyphosate disputes. Bayer argues that federal law must take precedence over state lawsuits and that the US Supreme Court is the appropriate forum for the lawsuits. A total of around 67,000 cases are still pending here.

United States
Investors regained their appetite for some risk Tuesday, with stocks rebounding and bitcoin retracing its sharp Monday decline. The Nasdaq composite added 0.6%, boosted by Intel and other chip makers. The S&P 500 rose 0.2%. The Dow Jones Industrial Average was up 185 points, or 0.4%. Trading volume was relatively light, with 51 million shares of the largest S&P 500 exchange-traded fund, SPY, trading hands on the New York Stock Exchange, according to FactSet. The average daily volume is 77 million shares. More speculative corners of the market such as cryptocurrencies and unprofitable tech stocks have been hit harder and still below the year’s highs. Bitcoin, which rebounded to above $91,000 on Tuesday, remains down close to 17% over the past month. The cryptocurrency posted its worst day since March on Monday. Boeing and Intel, corporate stalwarts that have fallen on hard times, were the S&P 500’s two best performers on Tuesday. Boeing shares jumped by 10% after the company’s finance chief said during a conference that the company expects deliveries of its 737 and 787 jets to rise next year. Intel rose 9%, hitting the highest level since April 2024. Procter & Gamble CFO Andre Schulten said Tuesday that the maker of products such as Pampers and Gillette razors is feeling the effects of a more cautious consumer on its sales this quarter. P&G shares fell 1.1%, at one point touching a two-year low. Following reports of a bidding war gaining momentum, Warner Bros. Discovery shares surged another 2.8 percent. Netflix has improved its bid, while Paramount Skydance and Comcast have also submitted new offers, according to the Wall Street Journal.

Asia
Asian stocks were mixed on Wednesday. Where indices are rising, gains are being driven by the industrial and technology sectors. In Japan, the share price of technology investment company Softbank is up 8 percent, while semiconductor stock Advantest is climbing 6.6 percent. The Nikkei 225 benchmark index advanced 1.7 percent to 50,131 points. South Korea's Kospi increased 1.2 percent, supported by a slight upward revision to third-quarter GDP. In contrast, Hong Kong declined 1.1 percent and Shanghai dipped slightly by 0.2 percent.

Bonds
Long-dated U.S. government debt yields slipped on Tuesday. The 10-year Treasury note yield shed 1 basis point to 4.09%. Traders see an 86% chance the Federal Open Market Committee opts for a quarter-point rate cut on Dec. 10th.

Analysis
Swatch target price: Royal Bank of Canada raises to CHF 130 (120) – Underperform
Richemont target price: Royal Bank of Canada increases to CHF 170 (145) – SP
Bachem rating: UBS upgrades to Buy (Neutral) – Target CHF 78 (76)

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