The $MRVL–$LITE deal looks structurally terrible. All-stock means massive dilution, the close drags to 2028 — that's a three-year overhang killing both names. Lumentum's CEO just said they're sold out through 2029, the stock was ripping on supply tightness, and now they hand the keys to Marvell for paper. That timing makes zero sense. Either Lumentum's management sees a cliff coming in optical demand that the market doesn't, or they're cashing out at exactly the wrong moment. Either way, this deal reads like a forced marriage with a bad prenup.