Google Could Gain $12.2 Billion in Marvell Stock From Its AI Chip Spending

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Marvell (MRVL) and Google expanded their agreement to develop AI silicon, with Google having the option to buy up to $12.2B in Marvell shares. UBS raised MRVL's price target to $310, citing long-term revenue potential. The $120B figure is a warrant vesting ceiling, not a revenue forecast. Broadcom (AVGO) shares dropped on deal news, but ARK Invest bought AVGO stock, suggesting no direct competition.

Marvell Technology (MRVL) announced an expanded custom chip agreement with Google (GOOGL), including a warrant for Google to buy up to 58.97 million Marvell shares at $206.58 each, potentially worth $12.2 billion. The warrant is tied to Google's chip purchases, unlocking shares based on $500 million increments in revenue. Marvell shares rose 10% on the news, while Broadcom (AVGO) shares fell slightly. The deal positions Marvell with all three major US cloud providers, but full exercise could dil

Alphabet (GOOG) could earn a 7% stake in Marvell (MRVL) through a warrant tied to future purchases of custom silicon. The deal, worth up to $12.2B, requires Google to meet revenue milestones with Marvell's products. Marvell's expansion in AI infrastructure, including chips and networking hardware, is central to the partnership.

Google (Alphabet) and Marvell Technology signed a chip supply agreement. Marvell issued Google a warrant for 58.97 million shares (7% of Marvell) at $206.58 per share. Marvell's stock rose 10% after the disclosure. The warrant vests as Google makes purchases, with no obligation to spend. Alphabet's capital spending is substantial, and the warrant is a small part of its portfolio.

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