Marvell Technology (MRVL) Signs $12.2B Chip Deal with Google

On August 19, 2026, Marvell Technology (MRVL) announced an expanded custom chip agreement with Google's parent company Alphabet (GOOGL). The deal includes a warrant for Google to buy up to 58.97 million Marvell shares at $206.58, potentially worth $12.2 billion. To access the full stake, Google must purchase approximately $120 billion in Marvell products over several years. Following the announcement, Marvell's stock rose nearly 10% to close around $234. This agreement positions Marvell as a key supplier alongside Broadcom for Google's AI infrastructure, which is significant for investors considering the competitive landscape.