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An AI chip deal with Google is in focus for Marvell Technology ($MRVL), with the agreement giving Google the ability to buy up to $12.2 billion in Marvell shares. The stock moved 8% in the session.
The next confirmable step is a definitive agreement or regulatory filing that sets the structure and any conditions on that purchase right. The $12.2 billion is the stated ceiling. No committed minimum was attributed.
The "up to" framing is material: this is a purchase option, not a firm transaction, and the final amount drawn depends on terms not yet disclosed.
Google has been pursuing custom AI silicon alongside its largest cloud competitors, with the stated aims of better efficiency in AI workloads and reduced dependence on Nvidia hardware.
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