TradingKey – Google (GOOGL) is accelerating its expansion in custom AI chips, while Marvell (MRVL) has become the latest beneficiary.

On August 19, Marvell’s stock rose more than 13% intraday before closing up 9.85%. Behind the sharp rally was a long-term custom AI chip partnership agreement reached between the company and Google. Under the agreement, Google will participate in developing custom semiconductor products related to the TPU ecosystem and receive warrants to purchase up to 58.97 million Marvell shares, with a potential value of nearly $12.2 billion based on the agreed strike price.

Even more notably, this equity arrangement is not merely a financial investment, but is directly linked to the scale of Google’s future purchases…