Google is making a special deal to push the AI chip supply chain further beyond NVIDIA. Marvell disclosed that the two parties are expanding their custom chip collaboration, granting Google up to 58.97 million stock warrants at an exercise price of $206.58 per share. If fully exercised, this would amount to approximately $12.2 billion. Most of the shares will vest in phases based on custom chip revenue brought in by Google, with the partnership extended through fiscal year 2033. The news sent Marvell's stock price up about 10% intraday. Note: This doesn’t mean Google is directly buying $12.2 billion worth of stock today. Instead, it’s tying long-term procurement and R&D to potential equity returns. Cloud giants aren’t just buying GPUs—they’re also accelerating custom ASIC development. The AI chip ecosystem beyond NVIDIA is being revalued. Official document: https://investor.(marvell.com)/sec-filings/all-sec-filings/content/0001193125-26-356217/d412696d8k.htm