TLDR
- Marvell expanded its Google partnership in July to cover multiple custom AI chip programs tied to Google’s TPU ecosystem
- The deal includes AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near-memory compute
- Google received a warrant on Aug. 18 to buy up to 58.97 million Marvell stock at $206.58 per share
- Wedbush analyst Matt Bryson says the deal is not a zero-sum game and could benefit multiple chip designers
- Google is also reportedly exploring a similar custom chip arrangement with AMD
Marvell Technology (MRVL) is drawing fresh attention after expanding its partnership with Google (GOOGL) on custom AI chips. MRVL was trading down 6.7% when the news broke.
Marvell Technology, Inc., MRVL
The expanded agreement, signed on July 29, covers a broad range of semiconductor programs tied to Google’s TPU ecosystem. That includes AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near-memory compute technologies.
Wedbush Securities analyst Matt Bryson says the deal signals that custom silicon is in an “advantageous position” right now. He noted that companies with custom chip design capabilities and strong IP are well placed in the current environment.
Bryson also pushed back on the idea that Marvell winning means others lose. He wrote that the current wave of custom silicon deals is “not necessarily a zero-sum game,” meaning Broadcom, AMD, and Nvidia don’t automatically come out worse if Marvell gains ground with Google.
Google Warrant Adds Financial Tie
As part of the expanded partnership, Marvell issued Google a warrant on August 18. The warrant gives Google the right to buy up to 58.97 million Marvell stock at an exercise price of $206.58 per share.
That financial structure creates a direct incentive for Google to stay close to Marvell’s success. It also signals a longer-term commitment between the two companies beyond a single chip program.
The warrant is a notable detail. It ties Google’s potential upside to Marvell’s stock performance, which is not typical in a standard supplier agreement.
AMD Also in the Picture
The Marvell deal is not the only Google chip story this week. Bryson separately commented on reports that AMD could be tapped for work on a future Google TPU.
He described a potential AMD-Google chip partnership as “significant,” suggesting Google is actively diversifying its custom silicon supplier base.
Broadcom currently holds the title of Google’s largest TPU partner. But the flurry of activity around Marvell and AMD points to Google casting a wider net as its AI chip needs grow.
Marvell’s expanded role now spans multiple program types, not just one area of the TPU stack. That breadth is part of what Wedbush sees as meaningful about the deal.
The partnership covers the full range from inference to memory, which gives Marvell a wider footprint inside Google’s AI infrastructure plans.
Bryson’s note to clients this week framed the news as confirmation that specialized chip designers are in demand, rather than a surprise outcome.
Marvell issued the Google warrant on August 18, just weeks after the expanded partnership agreement was signed on July 29.
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