Google Is Getting Paid in Marvell Stock Warrants for Buying Marvell's Chips

Google negotiated an unusual deal with Marvell Technology in July 2026, receiving warrants for approximately 7% of Marvell's shares (58.9 million shares at $206.58 exercise price) as part of a custom chip agreement. Most warrants vest based on Google's discretionary purchases, with one block vesting per $500 million spent. This arrangement reflects growing leverage of major AI chip buyers over suppliers, similar to AMD's deal with OpenAI. For Alphabet, the warrant represents a small but valuable sweetener on chip spending already in the company's budget.