An interesting SEC filing from $MRVL yesterday. CEO Matt Murphy sent a company-wide email following the brutal selloff in AI connectivity stocks. He put some numbers on the damage: • Marvell: -51% over the past month • Connectivity peers: -49% on average • Marvell still +66% YTD Murphy also pushed back against criticism of the $LITE acquisition, arguing that some analysts misunderstood the strategic rationale. After meeting major shareholders in Boston and New York, he said their most common question was: Why now? His answer was interesting. Marvell acquired Inphi ahead of the transition toward scale-out optics. Now it wants to position itself ahead of the next transition toward optical scale-up and scale-in connectivity. I can certainly understand that logic, especially considering what we've seen from the optical supply chain over the past few quarters. But I also think investors are right to question the economics of a $115B acquisition. The deal isn't expected to close until H1 2028. That's a long period of regulatory uncertainty
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