Markets
Wednesday, 8/19, 09:52 PM
Marvell surges after Google takes a $12.2 billion warrant in a custom-chip deal
- Marvell Technology shares jumped as much as 13% on Wednesday after the chipmaker granted Google a warrant to buy roughly 59 million of its shares, tied to a custom-silicon agreement that runs to 2033.
- Broadcom, Google's longtime custom-chip partner, fell on the news as investors weighed what the deal means for its marquee customer relationship.