Goldman Sachs and Wells Fargo Underwrite Spree of Tech Megadeals and AI Capital Raises

Surging corporate spending on artificial intelligence infrastructure and supply-chain consolidation is fueling a concentrated burst of underwriting and advisory activity on Wall Street, according to reporting by CNBC Business.

The activity is generating substantial advisory mandates and underwriting fees for top investment banks, notably Goldman Sachs and Wells Fargo, as technology corporations turn to public capital markets at scale.

Leading the mergers and acquisitions pipeline is semiconductor manufacturer Marvell Technology, which announced an all-stock acquisition of optical component supplier Lumentum. At announcement, the transaction valued Lumentum at $115 billion including debt, positioning it among the largest enterprise technology takeovers on record. Goldman Sachs is serving as a financial advisor to Marvell on the acquisition.

The transaction carries an extended completion horizon. Marvell does not anticipate closing until the first half of calendar 2028, deferring customary advisory success fees that depend on final execution. Completion remains contingent on shareholder approvals as well as clearance from antitrust authorities across multiple global jurisdictions, including regulators in China. In an interview on CNBC, Marvell chief executive Matt Murphy stated he was confident the deal would clear the necessary regulatory reviews.

Alongside M&A, large cloud and infrastructure operators are tapping capital markets for liquidity to finance data center expansion. Oracle filed on Monday to issue $10 billion in common stock, with Goldman Sachs and Wells Fargo among the coordinating bookrunners.

Separately, Microsoft launched a $25 billion debt offering scheduled to close on Wednesday. The transaction marks Microsoft's first major domestic bond offering since raising $17 billion in 2017. Both Goldman Sachs and Wells Fargo are working on the issuance. Goldman Sachs is also acting as a lead bank on a major stock offering from Meta Platforms.

The multi-deal mandate lineup highlights ongoing gains for Wells Fargo chief executive Charlie Scharf, who has prioritized expanding the bank's corporate and investment banking division to compete directly with Wall Street's established advisory powerhouses.