What happened: Marvell Technology (MRVL) stock dropped 12% on Thursday on reports that the AI chipmaker is in advanced talks to purchase optical parts maker Lumentum (LITE). Shares of Lumentum surged as much as 5% before trimming gains. What's behind the move: The potential multibillion-dollar mega deal between the semiconductor designer and Lumentum was first reported by Bloomberg, citing people familiar with the matter. An agreement could be announced as soon as next week. Lumentum has a market value of about $83 billion, compared with Marvell's roughly $221 billion. Read more about trending tech stock moves and today's market action. (LITE ) Go deeper with AlphaSpace 934.41 +20.46 (+2.24%) As of 10:09:17 AM EDT. Market Open.
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