Google's Marvell Warrant Doesn't Fully Vest Until Google Buys $120 Billion of Chips

Marvell Technology issued Google a warrant for nearly 59 million shares worth $12.2 billion as part of a custom chip partnership. The warrant vests in 240 installments, with each $500 million in qualifying purchases unlocking another batch of shares. Full vesting requires $120 billion in Google purchases over 6.5 years—more than double Marvell's current annual revenue—but Google has made no binding commitment to reach that amount.