On November 2, Marvell Technology (MRVL.O) announced that it has agreed to acquire data center optical equipment maker Lumentum Holdings in a deal valued at $115 billion enterprise value. The transaction ranks among the largest in tech industry history and underscores how companies are racing to capitalize on the AI boom. According to statements from both parties, the deal will be structured as an all-stock transaction, with Marvell shareholders owning 67% of the combined company upon completion. Bloomberg had previously reported that the two Silicon Valley companies were nearing the massive deal. Measured by equity value, it would be the largest M&A transaction of the year and the biggest deal in global tech industry history (excluding the SpaceX and xAI merger). The deal illustrates how the AI boom is fueling M&A activity across nearly every major industry and region, drawing in chipmakers, specialty technology suppliers, data center operators, and electric utilities, among others.