Marvell Technology agreed to buy Lumentum in an all-stock deal at a $115 billion enterprise value, with Marvell shareholders to hold 67% of the combined company; Lumentum fell about 4% after rising 128% ahead of the deal. Lumentum makes lasers and optical equipment used to move large volumes of data at high speed in AI data centers, and Nvidia had announced a $2 billion stake in the company in March. EchoStar shares gained after The Washington Post reported that SpaceX held talks about launching its own wireless service with Boost Mobile's parent, a deal that would need consent from AT&T and T-Mobile in a market estimated at about $235 billion. Apple shares, up about 25% since a late-June low, were moving ahead of earnings, with Wall Street expecting fiscal fourth-quarter revenue to rise 11% and net income 6%. The stock trades at its priciest levels since 2008, at 36 times earnings.
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