Google's new agreement with Marvell is easy to read as another custom AI chip headline. Reuters reported that Marvell issued Google a warrant to buy up to 58.97 million Marvell shares at $206.58 a share, worth about $12.18 billion if fully exercised.
The financial structure matters more than the label. Most of the warrant vests only if Google keeps buying custom products from Marvell through fiscal 2033. A supply contract becomes a shared payoff. Google gets another credible partner for the TPU ecosystem, Marvell gets a visible purchase path, and Broadcom gets a new reference point in future negotiations.
I wrote this up as an AI economics piece because the deal is less about one chip and more about bargaining power in the infrastructure stack.
Read the full essay here: https://deanlee.info/essays/google-marvell-tpu-warrant/
