Marvell Wins Big with Google Warrant Deal, But Can it Chip Away at Broadcom?

Marvell Technology (MRVL) has issued warrants to Google for the first time, driving a 10%+ rally in MRVL shares. This move signals that the market views MRVL as a potential winner of Google's TPU-related orders.

The commercial agreement between Marvell and Google was signed on July 29, 2026, with warrant issuance on August 18, 2026. The strike price is set at $206.58 per share, which is around 4% below the closing price of $216 on August 18.

The total warrants issued are 58.97 million shares, split into two buckets: time-based vesting and performance-based vesting. The latter is tied to revenue unlock and requires custom-developed products, including third-party purchases on Google's behalf.

This deal mirrors the Amazon template but at a larger scale, with Marvell offering generous terms to crack Google-Broadcom custom ASIC ties. However, securing large orders from top clients is paramount for Marvell, which has collaboration plans with Google and others in areas such as Axion CPU and TPU-adjacent chips.