邁威爾斥資1,150億美元收購Lumentum，加碼押注AI熱潮

文／Anhata Rooprai與Aditya SoniBy Anhata Rooprai and Aditya Soni

11月2日（路透社）——邁威爾科技（Marvell Technology）將以含債務在內、總值1,150億美元的全股票交易，收購光學元件製造商Lumentum。這是科技產業規模最大的收購案之一，也是一場大膽押注：AI建置潮將在未來多年推升晶片需求。Nov 2 (Reuters) - Marvell Technology is buying optical components maker Lumentum in a $115 billion all-stock deal, including debt, one of the tech industry's largest takeovers and a bold bet that the AI build-out will fuel chip demand for years.

週一公布的這項收購案，將使兩家獲晶片巨頭輝達（Nvidia）支持的公司合而為一，並協助邁威爾更積極與博通（Broadcom）爭奪AI支出。The buyout unveiled on Monday would unite two companies backed by chip giant Nvidia and help Marvell compete more aggressively with Broadcom for AI spending.

不過，這筆龐大支出正面臨現實考驗。亞馬遜、Alphabet等科技巨頭現金消耗激增、債務上升，使外界對成本攀升的疑慮加深，也助長近期晶片股賣壓。The hefty spending, however, is facing a reality check. Surging cash burn and rising debt at tech giants such as Amazon and Alphabet have deepened concerns about the rising costs, fueling a recent selloff in chip stocks.

民主黨若可能在本週美國期中選舉中橫掃勝出，恐為關鍵資料中心建設增添阻礙；這類建設原本就已面臨強烈的地方反彈。A likely Democratic sweep in this week's US midterm elections could add to the hurdles for crucial data-center construction, which already faces strong local pushback.

邁威爾股價週一下跌逾10%。部分分析師質疑，這家晶片製造商是否因這筆交易而把自己逼得太緊；該交易股權價值達1,025億美元，超過邁威爾市值一半，也逾其過去最大收購案——2021年以100億美元收購Inphi——的10倍。Marvell shares fell more than 10% on Monday as some analysts doubted if the chipmaker was stretching itself too thin with a deal that has an equity value of $102.5 billion, more than half its market capitalization and over 10 times its previous biggest purchase, the $10 billion Inphi buyout in 2021.

依據交易條件，Lumentum易受邁威爾股價波動影響，股價重挫逾15%。兩檔股票表現均落後大盤。Lumentum, vulnerable to swings in Marvell's shares under the deal, tumbled over 15%. Both the stocks lagged the wider market.

IG集團首席技術分析師阿克塞爾・魯道夫表示：「這是一場龐大的押注，投資人質疑邁威爾是否付出太高代價、是否一次承擔太多，是合理的。」"This is an enormous bet and investors are right to ask if Marvell is paying too much and taking on too much at once," said Axel Rudolph, chief technical analyst at IG Group.

邁威爾的崛起MARVELL'S RISE

收購Lumentum，代表邁威爾押注光學元件需求。光學元件是AI基礎設施中關鍵但常被忽視的一環，能以極高速率將資料送入昂貴處理器，避免瓶頸。By buying Lumentum, Marvell is betting on demand for optical components—a critical but overlooked part of AI infrastructure that prevents bottlenecks by feeding data to expensive processors at extreme speeds.

隨著資料中心連結數以千計的晶片並共享資料，速度已超出傳統銅線所能負荷，這些元件因此變得至關重要。These parts have become vital as data centers link up thousands of chips that share data faster than traditional copper wiring can handle.

邁威爾執行長麥特・墨菲表示：「AI基礎設施正經歷一場朝向光學連接的根本架構轉變，創造出一個世代才會出現一次的機會。」墨菲將續任合併後公司的董事長兼執行長。"AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," said Marvell CEO Matt Murphy, who will remain chairman and CEO of the combined company.

他說：「我們打算協助塑造AI連接的下一個時代。」"We intend to help shape the next era of AI connectivity."

墨菲告訴CNBC，這筆交易將使輝達受益；輝達今年稍早分別投資邁威爾與Lumentum各20億美元，而這項交易將使其兩家關鍵供應商結合。墨菲形容這筆交易是「加倍支持輝達」。Murphy told CNBC the deal would benefit Nvidia, which invested $2 billion each in Marvell and Lumentum earlier this year, as it brings together two of its key suppliers. It is "a double down on supporting Nvidia", Murphy said of the deal.

輝達未回應媒體詢問。Nvidia did not respond to a request for comment.

在AI熱潮於2022年展開前，邁威爾是一家相對不知名的晶片製造商。此後，隨著該公司協助亞馬遜等科技巨頭打造客製化AI晶片和資料中心網路設備，市值已飆升至約1,700億美元。Before the AI boom started in 2022, Marvell was a relatively little-known chipmaker. Its market value has since surged to around $170 billion as it helps tech giants such as Amazon build custom AI chips and data-center networking gear.

在這個過程中，邁威爾獲得輝達執行長黃仁勳加持。黃仁勳稱邁威爾是下一家「兆美元公司」，推升其股價在6月創下歷史新高。Along the way, it got a boost from Nvidia CEO Jensen Huang, who called Marvell the next "trillion-dollar company", sending its shares to a record high in June.

主要交易條款KEY DEAL TERMS

邁威爾將以股票支付每股1,132美元，較Lumentum在談判最初由彭博新聞報導前、10月28日最後一個未受消息影響的收盤價溢價23.9%。Marvell will pay $1,132 per share in stock, a 23.9% premium to Lumentum's last unaffected closing price on October 28, before talks were first reported by Bloomberg News.

根據路透社依LSEG資料計算，這筆交易對Lumentum的估值約為其未來12個月預估核心營業獲利的33倍，超過同業約16倍中位數的兩倍。The deal values Lumentum at about 33 times its projected core operating profitability over the next 12 months, more than double the median of about 16 times for industry peers, according to Reuters calculations based on LSEG data.

Lumentum股東每持有1股將獲得4.5股邁威爾股票，使其在合併後公司持股約33%；邁威爾投資人則持有其餘股份。Lumentum shareholders will receive 4.5 Marvell shares for each share they own, giving them roughly 33% stake in the combined company, while Marvell investors will own the rest.

監管文件顯示，若邁威爾董事會退出交易，或邁威爾為接受自身的收購要約而退出，邁威爾須向Lumentum支付58億美元分手費。在類似情況下，Lumentum則須向邁威爾支付29億美元。Marvell will have to pay Lumentum $5.8 billion as break-up fee if its board drops out of the deal or it walks away to accept a takeover offer for itself. Lumentum would owe Marvell $2.9 billion under similar circumstances, a regulatory filing showed.

若監管機關阻擋這筆交易，邁威爾也將向Lumentum支付32億美元。交易預計於2028年上半年完成。It would also pay Lumentum $3.2 billion if regulators block the deal, which is expected to close in the first half of 2028.

這家客製化晶片製造商表示，依近期預測，合併後公司年營收將超過210億美元，調整後營業利益率將落在40%出頭區間。The custom chipmaker said the combined company would generate more than $21 billion in annual revenue, with adjusted operating margins in the low 40% range, based on near-term forecasts.

Lumentum可能受惠於擬議中的美國對中國光收發器禁令LUMENTUM MAY BENEFIT FROM PROPOSED CHINA BAN

Lumentum與在美國上市的Coherent以及中國中際旭創（Zhongji Innolight）競爭。美國擬禁止新中國光收發器，可能使需求轉向美國本土供應商，Lumentum可望受惠。Lumentum, which competes with US-listed Coherent and China's Zhongji Innolight, stands to benefit from a proposed US ban on new Chinese optical transceivers that could shift demand toward domestic suppliers.

邁威爾一直在擴大光子業務，並於2月完成以35億美元收購Celestial AI；AI正推動資料中心晶片之間更快速連結的需求。Marvell has been expanding its photonics business and wrapped up a $3.5 billion purchase of Celestial AI in February as AI drives demand for faster links between data-center chips.

Lumentum交易也可能強化邁威爾對博通的挑戰。博通是Google長期合作的客製化晶片夥伴，並提供更廣泛的AI資料中心硬體。The Lumentum deal could also bolster Marvell's challenge to Broadcom, Google's longtime custom-chip partner, which offers a wider range of AI data-center hardware.

邁威爾8月取得重大勝利，與Google達成一項晶片供應協議，到2033會計年度銷售額最高可達1,200億美元，並賦予這家搜尋巨頭取得價值122億美元持股的權利。Marvell had scored a big win in August with a Google chip-supply deal worth up to $120 billion in sales through fiscal 2033, giving the search giant the right to acquire a $12.2 billion stake.

在投資人日活動上，邁威爾預估2031會計年度營收將達700億至900億美元，其中約375億美元來自互連業務；該公司預期互連市場將以每年65%的速度成長，至2030年達650億美元。At its Investor Day, Marvell forecast fiscal 2031 revenue of $70 billion to $90 billion, including about $37.5 billion from interconnect, a market it expects to grow 65% annually to $65 billion by 2030.

（Anhata Rooprai與Aditya Soni班加羅爾報導；Sayantani Ghosh與Arun Koyyur編輯）(Reporting by Anhata Rooprai and Aditya Soni in Bengaluru; Editing by Sayantani Ghosh and Arun Koyyur)