Tony Zipparro says the stock market "does not like" Marvell (MRVL) buying Lumentum (LITE) in a jaw-dropping $115 billion all-stock offering. He explains how the stock's rich valuation and share dilution play a role in investors largely stepping to the sidelines on the name. A bull case resides in AI compute staying strong, as Tony highlights Marvell's ability to capitalize on a key bottleneck. Tom White offers an example options trade for Marvell.