Marvell Technology shares surged more than 10% in premarket trading on Wednesday after announcing a new commercial agreement with Alphabet regarding custom artificial intelligence chips. This partnership covers Google’s tensor processing units (TPUs), including accelerators and storage controllers. Google will also have the option to purchase approximately $12 billion worth of Marvell shares. Meanwhile, Broadcom shares fell as investors feared the rival chipmaker could lose market share in the custom AI chip segment for data centers.
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