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Aug 19 2026

Marvell grants Google a warrant for up to a $12.2 billion stake as part of a custom AI-silicon deal, with 57.6 million of the shares vesting in 240 tranches, one per $500 million of custom-product revenue, implying up to roughly $120 billion through fiscal 2033.

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58.97 million shares at $206.58; Marvell rose about 10%. The same customer-warrant instrument AMD used to land OpenAI in October 2025, completing the pattern of taking equity in their custom-silicon suppliers.

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