Google and Marvell signed a stock-warrant agreement under which Google can purchase up to $12.2 billion worth of Marvell sharesCITE:E2. Under the agreement, Marvell granted Google a warrant to buy up to 58.97 million Marvell shares at $206.58 per share, a stake worth $12.18 billion if fully exercisedCITE:E16. Google separately confirmed it can acquire up to 58.97 million shares, with the deal valued at $12.18 billion if the warrant is exercised in fullCITE:E3. The rights are not unconditional: Google must generate $500 million in revenue for Marvell through their custom-chip collaboration to unlock each additional tranche of sharesCITE:E5. If all collaboration targets are met, the partnership could deliver Marvell up to $120 billion in cumulative revenue through fiscal year 2033CITE:E6CITE:E12. The technical scope spans AI inference accelerators, storage controllers, network and memory interface controllers, and near-memory computing productsCITE:E7, which Google and Marvell describe as covering the Google TPU ecosystem, including AI inference accelerators, storage devices, and network interface controllersCITE:E18.
MediaTek shares fell more than 4% at one point on the news of the Google-Marvell agreementCITE:E1. The move reflects Google's construction of a triangular balance among three ASIC partners — Broadcom, MediaTek, and Marvell — each handling a distinct role while Google retains control of system architecture and IPCITE:E9. MediaTek is currently developing a next-generation inference TPU for Google codenamed "Zebrafish," built on TSMC's 2nm process and targeted for a product cycle around 2027CITE:E10. Marvell's newly expanded role as a third supplier introduces competition into a roadmap MediaTek had been building toward with Google.
If Google exercises its warrant in full, it would become Marvell's fifth-largest investorCITE:E4. Google would become Marvell's fifth-largest shareholder, but the actual exercise of those rights is tied to Google's purchasing progress through fiscal year 2033CITE:E17. Reuters reported that Marvell would help Google develop custom chips in exchange for granting Google warrants worth up to $12.2 billionCITE:E11. Combined with the up-to-$120 billion revenue potential through fiscal 2033CITE:E12, the agreement positions Marvell as both a financial and commercial beneficiary of the deal.
Marvell shares jumped 9.85% while Broadcom shares fell 4.57% in the same August 19, 2026 trading sessionCITE:E13CITE:E14.
| Company | Price Change | Closing Price | Date |
|---|---|---|---|
| Marvell | +9.85% | $237.27 | Aug 19, 2026 |
| Broadcom | -4.57% | $362.48 | Aug 19, 2026 |
| +0.12% | $341.70 | Aug 19, 2026 |
Marvell stock closed at $237.27, up 9.85% for the sessionCITE:E13. Broadcom, Google's long-standing custom-chip partner, closed at $362.48 after falling 4.57%CITE:E14. Google's own stock was largely unchanged, edging up 0.12% to close at $341.70CITE:E15.
Broadcom currently holds more than 70% of the custom AI chip market and has a long-term agreement with Google running through 2031CITE:E8. Morningstar analyst William Kerwin said the Marvell agreement is a major win for Marvell, but does not necessarily mean Broadcom is being displaced, and more likely reflects Google broadening its AI chip supply sourcesCITE:E19.
Taken together, the facts already cited show a diversification rather than a replacement: Broadcom's contract with Google runs through 2031 at over 70% market shareCITE:E8, MediaTek's Zebrafish TPU is targeted for roughly 2027 on TSMC's 2nm processCITE:E10, and Marvell's new warrant rights extend to fiscal 2033 with revenue tied to $500 million unlock tranchesCITE:E5CITE:E17. The market's same-day reaction — Marvell up 9.85%, Broadcom down 4.57%, Google flat at 0.12%, and MediaTek down more than 4% — shows investors pricing in a reshuffled, three-way ASIC supply structure rather than a single winner.
The revenue architecture is the tell: Google's Marvell warrant only unlocks in $500 million tranches through fiscal 2033, and its stake only becomes real if those purchasing milestones are hit — this is a conditional supply hedge, not a switch away from Broadcom, whose Google contract runs through 2031 at over 70% share of the custom AI chip market. MediaTek's exposure is more structural than sentimental: its Zebrafish TPU is still on track for TSMC's 2nm process around 2027, so the stock move reflects Google adding a third supplier into the same roadmap window MediaTek occupies, not a canceled one. The metric worth watching next is simple — whether Marvell actually hits the $500 million revenue tranches on schedule between now and 2033, since that pace is what will show whether this triangular ASIC structure is diversification in name or in dollars.
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