If Bloomberg's report holds, Marvell would be paying for optics with its own stock.
If Bloomberg's report holds, Marvell would be paying for optics with its own stock. The market's first reaction fits my usual read on deals: they tend to favor the company being bought more than the buyer.
- Bloomberg reported on October 28, citing unnamed sources, that Marvell is in advanced talks to buy Lumentum. The deal could be all-stock and could be announced as soon as next week. Lumentum is valued at about $82.79B, against Marvell's roughly $221B.
- $MRVL closed October 29 at $218.34, down 13.24%. It's at $205.86 in October 30 pre-market, another 5.72% lower. With about $3.93B in cash at the August 1 quarter-end, dilution is the obvious worry if the reported all-stock structure holds.
- LITE isn't trading like a done deal either. It was up about 5% early on October 29, closed up only 0.61%, and is at $859.73 pre-market, down 6.5%.
- Nvidia holds a $2B convertible preferred stake in Lumentum. If a deal closes and that stake converts, Nvidia could end up owning Marvell stock.
I'm still mixed on Nvidia. What would make me more cautious is optics becoming the bottleneck that makes its systems too expensive to scale, and that $2B stake looks like Nvidia hedging exactly that. For Marvell, I want to see formal terms before deciding how much of this drop is overdone.
Source:
The Codew — Daily Tech Briefing: https://www.thecodew.com/2026/10/daily-tech-briefing-october-30.html
Not financial advice. For informational and educational purposes only.
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