Marvell hands Google a $12.2bn share option in a custom-chip deal

Marvell will grant Google warrants to purchase up to 58,970,907 shares at $206.58 each, potentially worth $12.2 billion, with tranches unlocking for every $500 million of custom-chip orders through 2033. The chips support Google’s TPU ecosystem, including AI inference accelerators and storage-networking controllers, and could generate roughly $120 billion in sales if the purchase targets are met.