Google Turns Custom AI Chips Into a Marvell Equity-Control Deal

Marvell disclosed that it entered a July 29, 2026 commercial agreement with Google to develop custom semiconductor products tied to the TPU ecosystem. The August 19 filing also says Marvell issued Google a warrant for up to 58,970,907 shares at $206.58 per share, with most vesting tied to Custom Products revenue through Marvell’s fiscal 2033. The structure turns Google’s AI chip demand into a potential equity position while giving Marvell a long runway into TPU-adjacent infrastructure.