Marvell to buy networking equipment firm XConn in $540 million deal amid AI infrastructure push [Yahoo! Finance]
Broadcom Inc. (AVGO)
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Source: Yahoo! Finance
million, as the chipmaker doubles down on data center hardware ?amid a race to expand artificial intelligence infrastructure. XConn's acquisition will help the custom AI ?chipmaker expand its networking portfolio - an essential fixture in AI data centers that helps connect different types of hardware across servers and is instrumental in determining the speed at which data can be processed. Marvell's shares rose more ?than 2% in early ?trading. Shares of the chipmaker fell more than 23% last year amid stiff competition from larger rivals Broadcom ?and the world's most valuable firm Nvidia , whose top-of-the-line networking equipment often accompanies its leading AI chips. Through the cash-and-stock acquisition, Marvell will also add XConn engineers with ?an expertise in certain networking devices to its team, the company ?said. The transaction amount will include about 60% cash, while the remaining stock portion will be valued at Marvell's 20-day volume-weighted average price.
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