据彭博社报道，芯片制造商Marvell Technology正处于收购Lumentum的高级谈判阶段，后者生产用于在AI芯片之间传输数据的激光器。Marvell可能会以股票支付，两家公司最早可能于下周宣布交易。
Chipmaker Marvell Technology is in advanced talks to buy Lumentum, which makes the lasers that move data between AI chips. Marvell would likely pay in shares, and the companies could announce a deal as soon as next week, according to Bloomberg.
Ryan Gould、Michelle F. Davis和David Carnevali周三为彭博社报道了此次谈判，引述了知情人士的消息。Valida Pau也为《The Information》单独报道称，两家公司一直在进行谈判，引述了一位知情人士。TNW未能独立核实这些报道。
Ryan Gould, Michelle F. Davis and David Carnevali reported the talks for Bloomberg on Wednesday, citing people familiar with the matter. Valida Pau separately reported for The Information that the companies have been in talks, citing one person. TNW has not independently verified the reports.
彭博社报道称，Lumentum的市值约为850亿美元，Marvell约为1960亿美元。彭博社未能获悉交易条款。据彭博社报道，这笔交易将是科技行业有史以来最大的交易之一。
Lumentum is worth about $85bn and Marvell about $196bn, Bloomberg reported. Bloomberg could not learn the terms. A deal would be one of the largest ever in the technology industry, according to Bloomberg.
尚未达成协议 Marvell收购Lumentum的交易尚未最终敲定。知情人士告诉彭博社，两家公司尚未达成协议，谈判仍可能在未达成协议的情况下结束。时间也可能发生变化。彭博社表示，无法联系到Marvell或Lumentum置评。
Not agreed yet The Marvell Lumentum deal is not final. The companies have not reached an agreement, and the talks could still end without one, the people told Bloomberg. The timing could also change. Bloomberg said it could not reach Marvell or Lumentum for comment.
在报道发布后，Lumentum股价周三在盘后交易中上涨，Britney Nguyen为MarketWatch报道。据彭博社报道，周四，Marvell在纽约股价一度下跌14%，Lumentum股价一度上涨7%。在大型科技公司财报引发对AI支出的疑虑后，纳斯达克100指数也下跌了。
Lumentum shares rose in extended trading on Wednesday after the report, Britney Nguyen reported for MarketWatch. On Thursday, Marvell fell as much as 14% in New York and Lumentum rose as much as 7%, according to Bloomberg. The Nasdaq 100 also fell, after big tech results renewed doubts about AI spending.
为什么激光很重要 Lumentum生产激光器和其他光学元件，用于高速传输大量数据。AI数据中心连接不断扩大的处理器集群。现在，更多此类流量通过光链路传输，而非铜线。
Why lasers matter Lumentum makes lasers and other optical parts that send large amounts of data at high speed. AI data centres link growing clusters of processors. More of that traffic now moves over optical links instead of copper wires.
Lumentum首席执行官Michael Hurlston本月表示，该公司的光学元件已售罄至2029年初，彭博社报道称。他表示，明年公司将无法满足某些产品约70%的需求。Lumentum计划在日本至少投资3.5亿美元，以生产更多磷化铟元件。9月份，IQE首席执行官曾就该材料的供应发出警告。
Lumentum chief executive Michael Hurlston said this month that its optical parts are sold out through early 2029, Bloomberg reported. He said the company will not be able to meet about 70% of demand for some products next year. Lumentum plans to invest at least $350m in Japan to make more indium phosphide components. In September, IQE’s chief executive warned about the supply of that material.
Marvell 已从 Lumentum 采购激光器。该公司制造定制 AI 和网络芯片，并与 Amazon Web Services 及 Microsoft 合作开发它们自己的 AI 芯片。8 月，Marvell 与 Google 达成了一项芯片协议。今年早些时候，它收购了 Celestial AI，后者构建用于在处理器之间移动数据的光子技术。
Marvell already buys lasers from Lumentum. It makes custom AI and networking chips and works with Amazon Web Services and Microsoft on their own AI chips. In August, it agreed a chip deal with Google. Earlier this year it bought Celestial AI, which builds photonic technology for moving data between processors.
据 Bloomberg 报道，今年早些时候，Nvidia 在 Lumentum 投资了 20 亿美元，该交易包括在光子学方面的合作。Nvidia 还持有约 990 亿美元的购买其芯片的公司的股份。
Nvidia took a $2bn stake in Lumentum earlier this year, in a deal that included work together on photonics, Bloomberg reported. Nvidia also holds about $99bn in shares of companies that buy its chips.
分析师观点 RBC Capital Markets 分析师写道，该交易“考虑到高度互补的产品组合，具有战略意义”，据 Bloomberg 报道。
What analysts said The deal “makes strategic sense given the highly complementary product portfolios,” RBC Capital Markets analysts wrote, according to Bloomberg.
RBC 分析师表示，如果 Marvell 出售 Lumentum 的可插拔模块业务，交易理由最为充分。Raymond James 分析师写道，全股票交易避免了利息成本，因此对盈利的摊薄较小。不过，Marvell 股东将放弃更多所有权。
The RBC analysts said the case is strongest if Marvell sells Lumentum’s pluggable module business. Raymond James analysts wrote that an all-share deal avoids interest costs, so it would dilute earnings less. Marvell shareholders would give up more ownership, though.