20/08/2026
Google just did a $12.2 billion chip deal with Marvell. And Google didn’t pay a single rupee.
(Also — this is Marvell Technology, the chipmaker. Not Marvel. No Iron Man here.)
Here’s what actually happened. Marvell gave Google a warrant — the right to buy almost 59 million shares at a fixed price. But that right isn’t free. Google has to buy chips first.
Every $500 million of chips unlocks another tranche. The more you buy, the more of the company is yours.
It’s not a deal. It’s a loyalty program at $12 billion scale.
If Google hits its targets by 2033, Marvell could earn ~$120 billion in revenue — and Google becomes their fifth-largest investor.
The real victim? Broadcom. They were Google’s main custom chip partner. Their stock fell 5% from a deal they weren’t even part of.
And notice the pattern — AMD did the exact same thing with OpenAI in October. Chip companies are now paying their customers in equity, just to lock in demand.
Because Big Tech is spending $700 billion on AI infrastructure this year. Last year it was $400 billion.
The question isn’t who makes the chips anymore.
It’s who ends up owning who, just to buy them.
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