Marvell to acquire Lumentum in $115 billion AI connectivity deal

What happened: Marvell Technology announced it would acquire Lumentum Holdings in an all-stock deal valued at $115 billion, one of the biggest tech industry deals ever. Marvell said the combined company would be a "category leader in AI connectivity." Key numbers: Deal valued at $115 billion. Nvidia earlier this year said it was buying a $2 billion stake in Lumentum. Why it matters: Marvell's CEO said AI infrastructure is shifting toward optical connectivity, an opportunity that comes "once in a generation." Markets appear less certain, with both stocks falling after the announcement. Coverage: 4 outlets in 24h

Marvell Technology announced it would acquire Lumentum Holdings in an all-stock deal valued at $115 billion, one of the biggest tech industry deals ever. Marvell said the combined company would be a "category leader in AI connectivity."

Marvell's CEO said AI infrastructure is shifting toward optical connectivity, an opportunity that comes "once in a generation." Markets appear less certain, with both stocks falling after the announcement.