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Here are my steps:

$PAP^{-1}PBP^{-1}=PABP^{-1}=AB$, since both are diaglonalizale, the equation is established, is it correct?

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1 Answers1

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The result is not correct as said in the comments.

However it is true when $A$ and $B$ commute. This last result can be proven as the eigenspace of one matrix is a stable subspace of the other matrix.