Federal Reserve Chair Walsh is scheduled to deliver a speech at the IMF Annual Meeting in Bangkok on October 16.

According to Bloomberg, citing people familiar with the matter, U.S. chip company Marvell Technology (MRVL) is in advanced negotiations to acquire data center optics manufacturer Lumentum Holdings (LITE). The report noted that a deal could be announced as early as next week, though talks remain in the non-public phase. Following the news, Lumentum’s shares rose roughly 11% in after-hours trading, valuing the company at around $91 billion at the time; Marvell’s stock fell more than 8% in after-hours trade. Lumentum primarily produces optical components for communications networks and data centers. The surge in demand for high-speed data transmission driven by AI computing workloads has drawn increased investor attention to this sector. Marvell had approximately $39.2 billion in cash and cash equivalents in its latest fiscal quarter. Bernstein analysts pointed out that the potential deal size will test the company’s financing and integration capabilities, and it will be difficult to complete the transaction entirely in cash. Marvell has benefited from strong demand for custom AI chips and networking products, with its stock nearly quadrupling so far this year. If the acquisition is finalized, it will further expand its footprint in optical technology for AI infrastructure; the company announced at the end of last year that it would acquire photonics firm Celestial AI for $3.25 billion. Earlier this month, Marvell raised its fiscal 2028 revenue outlook from $15 billion to $20 billion, citing robust demand for custom AI chips and data center networking products.

According to a Reuters report citing sources familiar with the matter, Trump Media & Technology Group (DJT.O) has signed agreements with Bloomberg, quantitative trading and market-making giant Hena International, and Jump Trading to gain faster access to posts published by Trump.

According to data from the BIT Stock Platform, U.S. stocks closed higher: the Dow Jones Industrial Average rose approximately 0.19%, the S&P 500 gained around 0.28%, and the Nasdaq increased by roughly 0.27%. The Cboe Volatility Index (VIX) closed down about 4.22% to 16.78. SpaceX (SPCX) ended the session down approximately 2.25%. Most optical communication concept stocks closed higher: Applied Optoelectronics (AAOI) rose around 6.85%, Lumentum (LITE) gained about 5.52%, Ciena (CIEN) increased by 3.43%, Credo (CRDO) rose 3.74%, and Coherent (COHR) added 1.61%. In the Neocloud sector, CoreWeave (CRWV) climbed roughly 7.32%, Nebius (NBIS) rose around 6.96%, and Astera Labs (ALAB) gained 3.67%. Most semiconductor stocks closed higher: Arm (ARM) rose approximately 4.10%, Marvell (MRVL) gained about 3.32%, AMD increased by 3.24%, Broadcom (AVGO) added 2.77%, Intel (INTC) rose 1.91%, ASML gained 1.67%, TSMC (TSM) increased by 0.60%, while NVIDIA (NVDA) fell around 1.17%. Storage stocks strengthened: Micron (MU) rose roughly 5.86%, SanDisk (SNDK) gained about 7.66%, and Western Digital (WDC) increased by 4.08%. Crypto-related concept stocks were mixed: Strategy (MSTR) rose approximately 2.66%, MARA gained around 3.67%, Bitmine (BMNR) increased by 2.15%, Coinbase (COIN) added 0.76%, while Robinhood (HOOD) fell about 3.31%.

Fed Governor Waller has concluded the press conference following the October FOMC meeting. BlockBeats summarizes the key takeaways as follows: Waller first affirmed the U.S. economy, stating that U.S. economic activity is expanding strongly, domestic consumption has remained resilient, productivity is robust, and capital investment is strong. However, he warned that inflation remains elevated. The Federal Reserve believes additional information will help the FOMC assess its policy stance, and the committee will achieve price stability. Economic growth is robust. Waller also added that credit conditions have tightened somewhat since the Fed’s last rate hike, but immediately clarified: “I neither want to nor can describe it as ‘tightening.’” When asked whether midterm elections would influence interest rate decisions, Waller said “politics has played no role at all.” On issues including AI and oil prices, Waller pointed out that interest rates have fallen amid rising oil prices, expressed skepticism about the view that “rate hikes will not impact AI,” and noted that interest rates have affected the tech sector. Waller also announced adjustments to the FOMC meeting schedule starting next fall: the committee will hold 8 meetings annually. In 2027, the Fed will still hold 8 meetings as scheduled, but one will not vote on monetary policy interest rates, focusing solely on policy strategy. In 2028, two of the 8 meetings will be dedicated to policy strategy, with no votes on policy interest rates, and these will not be formal policy decision-making sessions.

When asked whether the midterm elections would affect interest rate decisions, Federal Reserve Chair Walsh said politics played no part in the decision-making.

Federal Reserve Governor Warsh told reporters at a press conference, "I am closely monitoring the South Korean economy, and my level of attention to South Korea may exceed what you might imagine."