Marvell Technology signed an expanded agreement with Google on July 29, 2026, to co-develop custom silicon products for Google's Tensor Processing Unit ecosystem. The collaboration spans AI inference accelerators, storage controllers, network interface controllers, memory controllers and near-memory computing capabilities. In connection with the deal, Marvell issued a warrant allowing Google to purchase up to 58.97 million shares at $206.58 each, which was executed on August 18, 2026. If exercised in full, the warrant would be worth roughly $12.2 billion and give Google an approximately 7% stake in Marvell. Google cannot receive the shares for free; the warrant vests in tranches tied to Google's chip purchases through fiscal 2033, with a cumulative revenue target of $120 billion. Marvell shares rose nearly 10% after the announcement, bringing its market capitalization to roughly $220 billion. Broadcom fell approximately 5%. Jensen Huang, Nvidia CEO, said in June 2026 that Marvell could become “the next trillion-dollar company.” Reaching $1 trillion in market cap would require Marvell to roughly quadruple its current valuation. Near-memory computing, which moves processing closer to data storage, cuts latency and power use and is especially valuable for AI inference workloads. Analysts see the move as Google diversifying its custom-chip suppliers rather than replacing Broadcom, whose separate TPU and networking partnership with Google remains active through 2031.