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Big Tech's race to reduce dependence on Nvidia's graphics processors has created a new capex cycle for the companies building the infrastructure beneath it.
Against that backdrop, Marvell Technology disclosed a broad custom chip agreement with Google on Wednesday, a deal that includes a warrant allowing Google to acquire up to 58.97 million Marvell shares at $206.58 each.
If fully exercised, the stake is worth approximately $12.18 billion and would make Google the fifth-largest investor in the chipmaker. Marvell shares climbed nearly 8% on the announcement.
The deal spans processors that run AI models, systems that manage data storage, and technology that moves information across networks.
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