•Charlie Moon• 🌛

Walleye Capital will return part of its capital and cut most of its internal equity long/short teams after its worst month since March 2020, per its client letter.

$MRVL TO ACQUIRE $LITE IN $115B ALL-STOCK DEAL Marvell has agreed to acquire Lumentum in an all-stock transaction valued at approximately $115B in enterprise value, combining two major suppliers of AI infrastructure and optical networking technology. Under the agreement: • Lumentum shareholders will receive 4.5 Marvell shares for each LITE share, implying roughly $1,132 per share. • The offer represents a 23.9% premium to unaffected closing prices on October 28. • Marvell shareholders will own approximately 67% of the combined company, with Lumentum shareholders holding 33%. The deal brings together Marvell's custom AI chips, networking switches and interconnect technology with Lumentum's lasers, optical transceivers and optical circuit switching capabilities. The bigger opportunity is the growing shift from copper to optical connectivity as AI data centers require faster data transfer, greater bandwidth and improved power efficiency. Marvell says the combination could expand its addressable market to $550B, allowing it to offer more integrated connectivity solutions across AI data centers and within advanced chip packages. The companies also expect: • More than $1B in annual run-rate cost synergies. • Improved long-term revenue growth and profit margins. • Accretion to Marvell's adjusted EPS in the first year after closing. Matt Murphy will remain CEO of the combined company, with the transaction expected to close in H1 2028, subject to shareholder and regulatory approvals. Separately, Marvell reaffirmed the midpoint of its fiscal Q3 revenue guidance while narrowing the expected range to ±2% from ±5%.