RESOLVING THE LEDGER
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See the full story · 2 sourcesMarvell Technology shares rallied 8% on a deal that would allow Google to buy up to $12.2 billion in shares of the chipmaking company, according to a securities filing .
The deal, part of Google and Marvell's partnership on custom chips, would allow the tech giant to purchase up to 58,970,907 shares at $206.58 apiece. The stake is tied to purchasing targets through the 2033 fiscal year.
Marvell said in a filing that the expanded agreement will include products that "attach to the [tensor processing unit] ecosystem," such as artificial intelligence inference accelerators and storage and network interface controllers.
In April, Marvell shares popped on a report of a chip deal with Google for artificial intelligence workloads. At the time, The Information reported that the deal would include a TPU and memory processing unit.
Google and its megacap competitors, including Amazon, Meta and Microsoft have been working on custom silicon chips for AI workloads in a bid to find cheaper substitutes to Nvidia chips.
Over the last decade, Google has largely collaborated with Broadcom on custom chips. The companies expanded that deal in April .
Broadcom 's stock fell about 4% on Wednesday.
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