" Inside Google’s $12 Billion Stake in Marvell Technology
 
Marvell Technology has given its client, the Alphabet-owned Google the right to buy up to $12.2 billion of its shares. Their working relationship covers large aspects of Google’s in-demand chips, including tensor processing units, and the stake can only be exercised if Google meets purchase targets through 2033.

 
• Rival Broadcom also has a deal with Google to develop ​and supply custom artificial-intelligence chips through 2031. B. Riley analyst Craig Ellis says Marvell’s work and warrant agreement with Google broadens Marvell’s hyperscale diversification and raises and extends its revenue growth outlook.

 
• Stifel analysts likewise see the Marvell agreement as a signal of progress and “growth in spades.” The firm estimates the commercial agreement could be worth about $120 billion in cumulative revenue for Marvell over slightly more than six years.

 
• The warrants give Google the right to buy up to 58.9 million shares of Marvell common stock at $206.58 a share. They vest in stages, including more than 1.3 million in the first year and then at each $500 million in product revenue, the filing said.

 
• Separately, the combined revenue of the top five publicly listed NAND flash-memory brands rose 77% in the second quarter from the previous quarter, to $68.87 billion, according to new data from research firm Trendforce. Micron has 15%.

 
What’s Next: Demand for Google’s in-house chips has risen as many companies look to diversify and reduce dependence on Nvidia. Alphabet has added $15 billion to its 2026 forecast for AI spending, to between $195 billion and $205 billion.

 
—Kit Norton and Adam Clark "