Marvell Technology signed a commercial agreement with Google on July 29, 2026, to develop custom silicon for data centers and AI workloads. The stock surged nearly 10% following the announcement, pushing the company’s market capitalization to approximately $220 billion as of August 19-20, 2026. Google received warrants to purchase up to 58.97 million Marvell shares at a total value of approximately $12.2 billion, with vesting tied to revenue milestones of up to $120 billion in cumulative custom-product revenue by fiscal year 2033. Nvidia CEO Jensen Huang stated in June 2026 that Marvell could become the next trillion-dollar company, which would require roughly quadrupling its current valuation. Broadcom, which also has a deep relationship with Google around custom TPU silicon, saw its stock decline as the market weighed the implications of Google diversifying its AI chip supply chain.
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