Editorial companion

What stands out

The clip strings three big balance-sheet moves together: Marvell’s takeover of Lumentum, Oracle’s $20B capital raise, and Estée Lauder’s stronger-than-expected quarter and raised outlook. The Marvell-Lumentum deal is striking for its size and for tying optics makers directly to the AI hardware story. Oracle’s simultaneous $10B bond sale and $10B equity raise is notable because the company is explicitly funding large artificial-intelligence infrastructure spending. Estée Lauder’s beat highlights that fragrances led recent demand and helped management lift its organic-sales guidance.