The Globe and Mail reports in its Tuesday, Nov. 3, edition that Marvell Technology is acquiring Lumentum Holdings in a $115-billion (U.S.) all-stock deal, aiming to compete with Broadcom in the artificial intelligence spending boom. A Reuters dispatch to The Globe reports that the deal, announced Monday, is one of the biggest of 2026 and a bold bet on AI growth that chip executives expect to drive industry demand for years. The heavy spending is facing a reality check as investors doubt its sustainability amid tightening margins and slowing cash flow, leading to a sell-off in chip stocks. "AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," said Marvell chief executive officer Matt Murphy, who will remain chairman and CEO of the combined company. "We intend to help shape the next era of AI connectivity and create exceptional stockholder value." Both stocks have fallen sharply since deal talks were first reported late last month owing to the AI bubble concerns. Lumentum makes photonic products, including high-performance lasers and optical components used in AI, cloud computing and communications networks.