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Marvell Technology agreed to acquire Lumentum in an all-stock deal valuing the optical-component maker at $115 billion, the year's largest M&A transaction and a bet that AI data centers will shift from copper to light-based interconnects. The combined company would compete directly with Broadcom, with closing expected in the first half of 2028.
Marvell unveiled a photonic module that lets HBM and DDR memory sit up to 50 meters away from a GPU while keeping latency in the hundreds of nanoseconds, decoupling memory and compute scaling in AI clusters.
JPMorgan releases ASIC industry report, predicts AI custom chips entering golden cycle, Broadcom and Marvell are biggest beneficiaries, and expects AI ASIC shipments to surpass GPU for the first time by 2027.