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$MRVL TO ACQUIRE $LITE IN $115B ALL-STOCK DEAL Marvell has agreed to acquire Lumentum in an all-stock transaction valued at approximately $115B in enterprise value, combining two major suppliers of AI infrastructure and optical networking technology. Under the agreement: • Lumentum shareholders will receive 4.5 Marvell shares for each LITE share, implying roughly $1,132 per share. • The offer represents a 23.9% premium to unaffected closing prices on October 28. • Marvell shareholders will own approximately 67% of the combined company, with Lumentum shareholders holding 33%. The deal brings together Marvell's custom AI chips, networking switches and interconnect technology with Lumentum's lasers, optical transceivers and optical circuit switching capabilities. The bigger opportunity is the growing shift from copper to optical connectivity as AI data centers require faster data transfer, greater bandwidth and improved power efficiency. Marvell says the combination could expand its addressable market to $550B, allowing it to offer more integrated connectivity solutions across AI data centers and within advanced chip packages. The companies also expect: • More than $1B in annual run-rate cost synergies. • Improved long-term revenue growth and profit margins. • Accretion to Marvell's adjusted EPS in the first year after closing. Matt Murphy will remain CEO of the combined company, with the transaction expected to close in H1 2028, subject to shareholder and regulatory approvals. Separately, Marvell reaffirmed the midpoint of its fiscal Q3 revenue guidance while narrowing the expected range to ±2% from ±5%.

SK HYNIX $SKHY Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $78.9B (Est. $74.8B) 🟢; +328% YoY 🔹 Oper Profit: $62.8B (Est. $58.5B) 🟢; +632% YoY 🔹 Oper Margin: 80%; +3,300 bps YoY; record high 🔹 QoQ: Revenue +32% / Oper Profit +38% Q4 Guide: 🔹 DRAM Bit Growth: Mid-20% QoQ 🔹 NAND Bit Growth: Mid-single% QoQ incl. Solidigm Q3 Pricing & Volume: 🔹 DRAM ASP: High-20% QoQ; bits ~+10% QoQ 🔹 NAND ASP: Mid-20% QoQ; bits slightly lower QoQ Profitability: 🔹 Gross Margin: 85.7% (Est. 85.2%) 🟢 🔹 EBITDA: $66.1B; 84% margin; +486% YoY 🔹 EPS: $41.07; +205% YoY Financials: 🔹 Cash: $86.3B; +311% YoY 🔹 Interest-Bearing Debt: $11.9B; -34% YoY 🔹 Net Debt-to-Equity: -32%; -2,800 bps YoY 🔹 Operating Cash Flow: $41.3B; +281% YoY 🔹 Total Assets: $295.5B 2027 Market Outlook: 🔹 DRAM Demand Bit Growth: +mid-20% YoY 🔹 NAND Demand Bit Growth: +high-teens% YoY 🔹 2027 CapEx: To rise significantly vs 2026 🔸 Memory demand expected to outpace supply through 2030 Product & Technology: 🔹 HBM4: Expected to surpass HBM3E in HBM shipment and revenue share in Q4 🔹 2027 HBM: Negotiations finalized; profitability gap with conventional DRAM expected to narrow meaningfully 🔹 M15X: Ramp-up accelerating to full capacity by end-2026 🔹 321L NAND: Over 50% of domestic capacity in Q4 Business Highlights: 🔹 LTAs: Signed with 14 key customers incl. major global CSPs; standard 5-year term; over 50% of 2027-2028 capacity secured 🔹 Q3 Dividend: ~₩20,000/share (~$15.08), incl. a ₩10,000 special dividend from realized Kioxia gains 🔹 Share Acquisition: ₩20T (~$15.1B) for the quarter, incl. ~₩10T for executive & employee compensation 🔸 Quarterly revenue topped ₩100T for the first time Note: 🔹 Net Profit: $30.0B; +216% YoY 🔸 Includes a $24.6B non-operating loss: a $17.3B investment-asset loss and an $8.8B FX loss as the won strengthened FX used for USD conversion: $1 = ₩1,326 (mid-market; Oct 27, 2026)