Marvell Technology announced Monday that it will acquire data center laser manufacturer Lumentum Holdings in an all-stock deal valued at approximately $115 billion. If completed successfully, the transaction—measured by equity value—will be the largest global M&A deal since 2026 and the largest in the global tech industry, excluding the merger between SpaceX and xAI. Before the deal was announced, Marvell CEO Matthew Murphy and Lumentum CEO Michael Hurlston sought NVIDIA CEO Jensen Huang's views by phone, and both received his support. Jensen Huang's support highlights that, as demand for faster optical connectivity becomes a bottleneck in the construction of ever-larger data centers, NVIDIA is driving consolidation among key suppliers. Michael Hurlston said NVIDIA has been very responsive and that through the merger the companies can deliver more products to NVIDIA more quickly. Matthew Murphy said Lumentum is a major customer of Marvell Technology and that the combination came together naturally. Earlier this year, NVIDIA invested $2 billion each in Marvell Technology and Lumentum, for a total of $4 billion. The merger can combine Marvell's chips, signal processing, and interconnect technologies with Lumentum's lasers, optical devices, and manufacturing capabilities, helping improve the supply of optical components for AI data centers and drive performance gains in next-generation AI infrastructure.