Stocks
Marvell Soars 12% on New Google Chip Deal
Marvell Technology Inc. (MRVL) saw its shares jump over 12% in premarket trading after announcing a new partnership with Google.
The semiconductor maker will supply custom AI chips to support artificial intelligence workloads, deepening Marvell's role in bespoke silicon and data-center networking.
As part of the deal, Marvell will offer warrants to Alphabet, the parent company of Google, giving an unusual equity component to the partnership.
The agreement makes the deal more significant than a standard supplier announcement, as it provides Marvell with another major customer directly linked to hyperscaler AI spending.