A $115 billion all-stock deal—the largest merger in semiconductor history—is set. Marvell is buying optical communications component maker Lumentum, with Lumentum shareholders receiving 4.5 Marvell shares for each share they own and holding 67% of the combined company. Jensen Huang was asked for his opinion before the announcement and gave it the nod. But on the day the deal was announced, Marvell rose by less than half a percent, while Lumentum fell by less than one percent. The market wasn't impressed.