India, Nov. 2 -- Marvell Technology shares fell more than 3% on Monday after the chipmaker announced a $115 billion deal to acquire optical components maker Lumentum. Lumentum shares also fell after the announcement.

The $115 billion deal could become the largest merger between two publicly traded companies on record. The agreement is expected to give Marvell a stronger position in the fast-growing artificial intelligence (AI) infrastructure market, according to the companies' announcement.

The deal is expected to increase the combined company's total addressable market to $550 billion. This means the two companies will have access to a much larger market for their products and services, according to Yahoo Finance.

Marvell CEO Matt Mur...