Weekly Winners and Losers: AppLovin, Unity, Nextpower Soar; Lumentum, Seagate, Marvell Sink
By Tech & Money Press · Week of November 2–6, 2026
It was a rough week for the market. SPY fell 2.7%, QQQ fell 5.0% and the IWM fell 2.0%. Most of the damage came on Thursday, when investors dumped AI stocks after the midterm elections, worried that a Democratic Congress could slow the building of new data centers. China’s delay in approving Nvidia’s H200 chips and a weak outlook from Qualcomm added to the pressure. Stocks bounced on Friday after a strong October jobs report: 165,000 jobs added, well above the 65,000 expected.
Here are the three biggest winners and three biggest losers of the week among U.S. stocks worth at least $10 billion. All three winners rose on strong earnings. All three losers were tied to AI hardware.
| Stock | Oct. 30 Close | Nov. 6 Close | Week |
|---|---|---|---|
| AppLovin (APP) | $228.50 | $391.22 | +71.2% |
| Unity Software (U) | $37.70 | $51.49 | +36.6% |
| Nextpower (NXT) | $79.33 | $104.91 | +32.2% |
| Lumentum (LITE) | $840.70 | $538.59 | −35.9% |
| Seagate (STX) | $644.58 | $460.99 | −28.5% |
| Marvell (MRVL) | $196.40 | $141.20 | −28.1% |
The Winners
1. AppLovin (APP) – Up 71.2%
The mobile advertising company had its best week of the year after third-quarter revenue rose 55% to $2.19 billion, ahead of the $2.08 billion analysts expected. Earnings of $4.30 per share also beat estimates, and net income grew 72% to $1.44 billion. AppLovin guided fourth-quarter revenue to $2.365 billion–$2.395 billion, above the $2.25 billion analysts were looking for, and added $3.2 billion to its share buyback plan. The stock jumped about 31% on Thursday, the same day the Nasdaq fell more than 4%, and added another 10% on Friday.
Our Take: The stock had been one of the worst-performing tech names this year before this report, so part of the move is investors rushing back in. The big question now is growth: the fourth-quarter guidance points to slower growth from one quarter to the next.
2. Unity Software (U) – Up 36.6%
Unity reported its first profitable quarter under standard accounting rules (GAAP) since it went public, with net income of $122 million. Revenue grew 32% to $622 million, well above estimates, and its AI advertising product, Vector, grew 126% from a year ago. It guided fourth-quarter revenue to $688 million–$696 million, far above the $604 million analysts expected. On Thursday night, Reuters also reported that private equity firm Silver Lake and Saudi Arabia’s Public Investment Fund had held talks to buy the company. Several analysts raised their price targets on Friday.
Our Take: Strong numbers plus takeover talk is a powerful mix. But the buyout report is based on unnamed sources, and talks don’t always turn into a deal.
3. Nextpower (NXT) – Up 32.2%
The solar equipment company, formerly known as Nextracker, kept climbing after its late-October report. It posted revenue of more than $1.1 billion, up 23% from a year ago, record bookings that pushed its backlog above $6 billion, and raised its full-year revenue outlook to $4.2 billion–$4.45 billion. Solar stocks also had one of their best weeks against oil in years. The stock peaked at $115 on Wednesday before pulling back with the market.
Our Take: Unlike the AI names, solar was helped by the election results. Watch whether it can hold above $100 after a 32% run in one week.
The Losers
1. Lumentum (LITE) – Down 35.9%
The laser maker agreed on Monday to be bought by Marvell Technology in an all-stock deal valued at $115 billion. Lumentum shareholders will get 4.5 Marvell shares for each share they own. When the deal was announced, that was worth about $1,132 per share. But because the payment is in Marvell stock, and Marvell fell hard this week, the offer is now worth much less: about $635 per share at Friday’s close. Lumentum closed at $538.59, below that value, because the deal is not expected to close until the first half of 2028 and still needs approval from regulators, including China. B. Riley downgraded the stock to Neutral.
Our Take: Lumentum’s price now moves mostly with Marvell’s. The gap between its price and the value of the offer shows how much risk investors see in the deal.
2. Seagate (STX) – Down 28.5%
The hard drive maker was caught in the sell-off in memory and storage stocks. Seagate, Western Digital and SanDisk depend heavily on big cloud companies building data centers, so fears that the midterm results could slow those projects hit them hard. Seagate fell about 16% on Thursday alone. Qualcomm’s weak phone chip outlook, partly blamed on rising memory costs, added to the worries. The stock was already under pressure after its late-October report, when its guidance pointed to slower growth.
Our Take: Seagate is still very profitable, but this group had become one of the most crowded AI trades. When investors pull back from AI, these stocks tend to fall the most.
3. Marvell Technology (MRVL) – Down 28.1%
Marvell investors did not like the Lumentum deal. Paying in stock means Marvell will issue about 50% more shares, and Bank of America downgraded the stock to Neutral, saying the deal could lower Marvell’s earnings per share in the years after it closes. The stock had its worst three-day drop since September 2001 and then lost another 16% in Thursday’s AI sell-off. Marvell says the deal will make it one of the top five AI chip companies and save more than $1 billion a year in costs.
Our Take: One analyst said the stock could sit in “deal purgatory” for more than a year. Until the deal gets closer to closing, the share price may struggle to recover.
Bottom Line
This week showed two very different markets. Companies that delivered strong earnings and raised their outlooks, like AppLovin and Unity, rallied even on the market’s worst day. Stocks tied to AI hardware, especially those with extra deal or spending risk, took the hardest hits. Next week, watch whether the AI sell-off keeps going or Friday’s bounce holds.
Disclaimer: This article is for informational and educational purposes only and is not financial advice. Tech & Money Press is not a registered investment advisor. Trading stocks involves risk, including the loss of your investment. Do your own research and consult a licensed professional before making any investment decisions.
Sources: Price data from Webull (weekly change based on closing prices from Oct. 30 to Nov. 6, 2026; stocks with a market value of at least $10 billion). Company news via Benzinga, company reports and Reuters.