Marvell가 Lumentum 인수를 제안하면서 시간외 거래에서 광통신 관련 주가가 움직였다. MRVL은 11% 넘게 하락했고, LITE는 4% 넘게 상승했으며, COHR은 0.63% 밀렸다.

On October 28 (ET), Reuters reported, citing people familiar with the matter, that Marvell Technology (MRVL) is in advanced acquisition talks with optical communications equipment maker Lumentum Holdings (LITE). A deal could be announced as early as next week, though the two parties have not yet reached a final agreement.

The stocks diverged after the report. In pre-market trading on October 29, as of press time, Marvell fell more than 11% to about $223, while Lumentum rose about 4.71% to $957.

Coherent (COHR) fell 0.63% to $238.07, and Nvidia (NVDA) slid 0.59% to $214.10.

**Marvell Plans to Acquire Lumentum to Expand AI Data Center Optical Interconnect Business**

Marvell primarily provides custom AI chips, data center networking, and interconnect products. Lumentum produces lasers and other optical components used in communication networks and data centers.

If a deal is reached, Marvell is expected to further integrate its chips and network interconnect technology with Lumentum's optical components, expanding its product coverage in the AI data center interconnect field. However, the actual gains from the transaction will depend on the acquisition consideration, financing costs, and integration outcomes.

Marvell previously announced the acquisition of photonics technology company Celestial AI for an initial consideration of approximately $3.25 billion, completing the deal in February 2026. In October 2026, the company raised its fiscal year 2028 revenue target from $15 billion to $20 billion, citing strong demand for custom AI chips and data center networking products.

If it acquires Lumentum, Marvell will further expand its optical device business, but whether this will enhance long-term profitability remains to be seen.

**Acquisition Financing Pressure Draws Focus; Nvidia Partners With Both Optical Firms**

Financing capacity is a key issue in the potential transaction. Reuters reported that as of the end of Marvell's latest quarter, the company held approximately $3.92 billion in cash and cash equivalents, compared with Lumentum's market capitalization of around $83 billion at the time.

Market capitalization does not equal the final acquisition price, but the gap in scale suggests that if the deal value is substantial, Marvell may need to raise funds through debt, equity issuance, or other means. That could increase interest expenses or cause share dilution. The ultimate impact will depend on the acquisition price and specific financing arrangements.

Nvidia previously invested $2 billion in Marvell and established a strategic partnership with the company. It also invested $2 billion each in Lumentum and Coherent.

Nvidia has signed multi-year, non-exclusive strategic agreements with both Lumentum and Coherent covering advanced lasers, optical components, and optical networking products, along with multi-billion-dollar purchase commitments. This indicates that both companies have commercial ties to Nvidia's AI infrastructure supply chain.

If Marvell acquires Lumentum, it could alter the competitive landscape in the optical components sector. The actual impact on Coherent will depend on product competition, customer demand, and later business developments.

The market will next watch whether Marvell and Lumentum reach a definitive agreement, and what the transaction consideration, financing structure, and integration plan look like. For Marvell investors, the acquisition valuation, financing costs, and integration performance will be the critical factors in evaluating the deal.