Marvell's all-stock Lumentum deal called the signature deal of this bubble
TiernanRayTech · x · 2026-11-04
Tiernan Ray argues Marvell's all-stock acquisition of Lumentum is its second ill-advised fiber-optics deal in under a year — dilutive, unnecessary, and timed as massive AI spending gets questioned, evoking the JDS-Uniphase bubble-era deal. Accompanying slides detail their complementary optical module roadmap: ZR, PAM4, NPO today, CPO and scale-in optical I/O next.
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