Oct. 29 was a bad day for two really different tech stocks. Marvell Technology (MRVL -4.68%) dropped around 13%, to $218.34, after an Oct. 28 report that the chipmaker was in advanced talks to buy optical parts maker Lumentum Holdings (LITE -4.49%).

ServiceNow (NOW +1.58%) had it worse, losing about 27% to close at $109.67 after its third-quarter results.

Neither stock has recovered. As I write, Marvell sits near $171 and ServiceNow around $102 — each about 32% below its Oct. 28 close.

But neither fall came from a cut to either company’s long-term plans. And compared with the targets each company has set for around 2030, I think both stocks look cheap now.

1. Marvell: paying for Lumentum in stock

Marvell made the deal official on Nov. 2. Every Lumentum share becomes 4.5 Marvell shares, a deal that valued Lumentum at around $115 billion, counting its debt, at Oct. 28 prices.

Current Marvell shareholders wind up with around 67% of the combined company, so the share count climbs by about half. This dilution is what investors were selling.

Yet management expects the deal to raise non-GAAP (adjusted) earnings per share starting in the first year after it closes, and it sees over $1 billion in annual cost savings. The deal is expected to close in the first half of 2028.

Plus, Marvell’s own plan was already big before Lumentum. At its Oct. 6 investor day, management mapped out revenue rising from $8.2 billion in fiscal 2026 to around $12 billion this fiscal year and about $20 billion next year. These numbers mean growth of about 47%, then about 67%. Simply put, Marvell expects its growth to accelerate as the company grows. Its revenue target for fiscal 2031 (which ends in early 2031) is $70 billion to $90 billion, and its long-term model points to adjusted earnings of over $30 a share that year.

At about $171, Marvell stock costs under 6 times those targeted earnings. Sure, targets can slip, and this one came before a deal that adds shares. But even at half that per-share number, shares would cost under 12 times earnings.

2. ServiceNow’s revenue growth is picking up

ServiceNow’s third quarter itself was good. Subscription revenue climbed 21% year over year to around $3.99 billion, and free cash flow jumped about 39% year over year to $822 million.

The sell-off came from one line in the forecast. Management guided for fourth-quarter growth of 18.5% in current remaining performance obligations (cRPO), the contract revenue it expects to recognize in the next 12 months, down from 21% in constant currency in the third quarter.

Just after the fall, I wanted to see fourth-quarter cRPO hit that guide before buying. For someone holding through 2030, though, I think the lower price makes one quarter’s number matter less.

Management blamed early renewals pulled into the third quarter, more on-premise deals with public sector customers, and contracts that count toward revenue but not cRPO.

“[W]hile cRPO is a good indicator of next year’s revenue, it’s certainly not perfect,” CFO Gina Mastantuono said on the third-quarter earnings call.

Revenue guidance backs her, at least for now. Subscription revenue growth in constant currency dropped from 23% in the second quarter to 20.5% in the third. But management sees 21.5% in the fourth quarter.

At its May 4 Financial Analyst Day, ServiceNow targeted over $30 billion in subscription revenue by 2030, almost twice its 2026 guidance of around $15.8 billion. At this year’s guided free cash flow margin of 36%, $30 billion could mean around $11 billion in free cash flow. ServiceNow’s market value is about $105 billion, or about 10 times that free cash flow.

Why own both through 2030?

The two are at opposite ends of artificial intelligence (AI) spending. Marvell sells the chips that carry data around AI data centers, and Lumentum would add lasers and optical parts.

ServiceNow sells software that businesses use to put AI agents to work — and to keep them in check. And it raised its 2026 target for annual AI contract value to $1.7 billion, up from $1 billion at the start of the year.

Sure, each has its own risk. Marvell’s largest customers might slow AI spending well before 2031, and ServiceNow could see AI agents doing work that customers pay it for today.

Still, each stock now trades at a low price compared to its company’s own long-term targets. I think both are worth considering for a buy-and-hold investor, ideally bought a little at a time. I’d just expect Marvell’s share price to keep swinging hard until the deal closes.

But the damage reached far beyond the office. Police departments struggled to receive online crime reports, hospitals fell back on other ways to communicate, and some government services were suspended.

The disruption exposed how deeply governments and essential public services now depend on a single private company’s technology, and how something as ordinary as an email outage can interfere with the systems people rely on for public safety, health care, and justice.

Police, courts, and governments lost a key line of communication

In California, the Los Angeles County Sheriff’s Department reported disruptions to its email and other essential communication platforms. The Los Angeles Police Department and the county district attorney’s office also had email problems.

Law enforcement elsewhere was hit too. In Florida, St. Lucie County confirmed that its sheriff’s office and fire district were affected. Colorado’s Weld County Sheriff’s Office reported email problems and asked residents to call or text instead.

Across the Atlantic, British police forces including Dorset, Cumbria, South Wales, Wiltshire, and Dyfed-Powys had trouble receiving online crime reports, according to The Sun. Some forces said officers and staff could not access Outlook. Emergency phone lines kept working.

Courts were not spared either.

In Maine, the state’s judicial branch warned that requests for protection orders submitted by email after 12:30 p.m. Thursday might never have reached the courts. In New York City, evictions scheduled for Friday, Nov. 13, were suspended; the city’s Department of Investigation said the decision followed consultation with the Civil Court.

In Britain, The Guardian reported that a criminal trial in Manchester was suspended for the day, with jurors sent home and court staff searching for a fax machine. Some civil court judgments were pushed to Monday.

In Colorado, the Arapahoe County Sheriff’s Office said its jail could not process online bond payments because staff weren’t receiving confirmation emails. Anyone seeking an inmate’s immediate release had to pay in person.

The outage also stalled legislative work and city governments. On Capitol Hill, congressional staffers struggled to reach their email and calendars. “There goes a day of legislative work,” one House staffer told Politico.

The cities of Austin, Texas, Jacksonville, Florida, Richmond, Virginia, and Laurel, Maryland, also reported email or other Microsoft-related disruptions and pointed residents to other channels.

Governments across the Asia-Pacific region were hit as well. Australia’s spy agency, the Australian Security Intelligence Organisation, and the Australian Federal Police confirmed they had been affected, according to CNA.

Singapore’s Government Technology Agency reported disruptions to government systems, though emergency services and Singpass stayed up. Japan’s Foreign Ministry said it could not send or receive emails, and the Philippines’ Supreme Court warned of delays in email responses and other transactions.

Hospitals, airlines, and trains felt it too

In Canada, Unity Health Toronto, which runs several hospitals, declared a Code Grey, an alert used for infrastructure failures, after staff had trouble sending and receiving emails. The network stressed that patient and resident care was not affected and its facilities stayed open. Toronto’s Hospital for Sick Children, known as SickKids, also warned that some calls and emails to staff might not go through.

In Britain, the National Health Service was affected. According to The Guardian, health care workers had trouble accessing emails, appointment information, and patient data, and some services turned to backup systems or paper records. The National Pharmacy Association warned of prescription delays as pharmacies struggled to reach doctors and patients through NHS email.

Transportation companies faced a different problem: reaching passengers.

Canada’s VIA Rail warned that travelers might not receive trip emails and pointed them to its train tracker and text alerts. Britain’s National Rail advised passengers who couldn’t open emailed tickets to retrieve them through their ticket retailer’s website or app.

Airlines including India’s IndiGo and Hong Kong’s Cathay Pacific also reported email problems, although flights generally ran as normal.

The hidden costs for everyone else

Microsoft said in January that it had more than 450 million paid Microsoft 365 commercial seats, according to the Associated Press, though how many users were affected Thursday is hard to pin down.

For people who get verification codes or password-reset links by email, losing Outlook could mean getting locked out of other accounts too. That could hold up online banking, payments, document signing, and other everyday transactions, even when those services were working normally.

For small businesses that run much of their day on Microsoft 365, routine tasks like answering customers, scheduling meetings, or sending invoices could grind to a halt.

The outage also gave scammers an opening. The University of Sussex warned students and staff about people posing as Microsoft engineers and asking for passwords or other login details under the pretense of fixing email.

The full economic cost, including lost productivity and missed business, remains unclear.

Why governments keep relying on one provider

In 2022, Google, which sells a competing productivity suite, commissioned a survey warning about the risks of an IT “monoculture,” in which governments rely heavily on one company’s technology. Four years later, this outage showed how far that dependence has spread.

The survey, conducted by Public Opinion Strategies, found that 84% of D.C.-area government employees primarily used Microsoft products. A 2021 report by Omdia, co-commissioned by Google and the Computer & Communications Industry Association, cited an earlier estimate that Microsoft held 85% of the U.S. government’s office productivity software market. Microsoft even offers Office 365 Government, a version of its suite built specifically for government agencies.

Jeanette Manfra, then Google Cloud’s head of risk and compliance, wrote that more than half of respondents believed the government’s dependence on Microsoft made it more vulnerable to hacking or cyberattacks.

The appeal of an all-in-one platform is easy to see. Organizations can use one provider for email, calendars, meetings, and document sharing instead of maintaining separate systems.

But according to Google’s survey, the reason governments stick with Microsoft “has more to do with inertia than innovation.” Nationwide, 59% of respondents who used Microsoft at work said their employers chose it because it was the most effective tool for their jobs, while 41% said it was because their employers had always used Microsoft and were reluctant to change.

A June 2026 Government Accountability Office report shows why diversifying isn’t simple. Of the 24 federal agencies examined, 11 reported technical challenges in adopting multiple cloud vendors, including interoperability issues, and 10 cited resource constraints in building the cloud workforce they need.

What one company’s mistake revealed

Microsoft said Friday that it was seeing broad recovery after identifying a technical issue introduced during an earlier network capacity upgrade, which surfaced after a more recent network change. The company said the incident was not related to a cyberattack or AI systems and apologized for the disruption.

Google’s warning four years ago focused on hackers. This week’s outage needed none. A routine network change at one company was enough to send jurors home, stall protection orders, and leave hospitals reaching for paper.