Google’s Marvell Warrant Puts Equity Behind Its TPU Supply Chain

Google has secured a target-linked warrant to buy up to $12.2 billion of Marvell shares while expanding the chipmaker’s role in hardware attached to its Tensor Processing Unit, or TPU, ecosystem. The arrangement puts a potential equity stake alongside a commercial relationship that reaches into AI inference, storage and networking.

Marvell said the expanded agreement is part of its custom-chip partnership with Google. Its scope extends beyond a core processor: the company will supply products that attach to the TPU ecosystem, a collection of infrastructure Google uses around its AI chips.

A stake that must be earned

The warrant gives Google the right to acquire as many as 58,970,907 Marvell shares at $206.58 each. It is not a completed share purchase or a current equity stake. The rights are tied to purchasing targets through Marvell’s 2033 fiscal year, so their eventual use depends on the companies’ commercial progress over that period.

At full exercise, the warrant would represent about $12.18 billion in shares, according to Reuters reporting cited by Competition Policy International. That account also estimated that Marvell could receive roughly $120 billion in revenue through fiscal 2033 if the targets tied to the warrant are met. Both figures are conditional, not present-day results.

58,970,907Maximum shares

Google may acquire up to 58,970,907 Marvell shares under the warrant.

$206.58Exercise price

The warrant sets an exercise price of $206.58 per share.

$12.18 billionFull-exercise value

The stated value applies only if Google fully exercises the warrant.

Infrastructure around the chip

Marvell’s assignment covers AI inference accelerators, storage controllers and network interface controllers. Inference means operating an already-trained AI model. Together, those components place Marvell in the equipment that supports computing, data storage and connections across Google’s TPU infrastructure, rather than limiting the relationship to one chip category.

What Marvell will cover

• Inference accelerators for running AI models
• Storage controllers
• Network interface controllers

A new supplier role, not a declared swap

Broadcom has been Google’s principal custom-chip partner. Analysts cited by Competition Policy International characterized the Marvell deal as an expansion of Google’s supplier base for a growing market, rather than evidence that Google is replacing Broadcom. That interpretation remains important: a broader supplier roster and a supplier handoff are different business outcomes.

Investors treated the disclosure as consequential: Marvell shares rose 6%, while Broadcom fell about 5% on the day. The immediate change is clearer than the final ownership outcome. Marvell has gained a stated role across more of Google’s TPU-adjacent infrastructure, and Google has attached future share rights to the purchasing relationship that will determine how large that role becomes.