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Marvell Takes a Shot a Broadcom's Throne With Google Deal

By Leo Miller. First Published: 8/24/2026.

Semiconductor giant Broadcom (NASDAQ: AVGO) has seen its share price take a significant tumble in recent weeks, with diversification in custom AI chips emerging as a key investor concern.

Compared with a recent high of about $428, Broadcom shares have fallen more than 10%. This decline is partly attributable to broader weakness among AI semiconductor stocks, with NVIDIA (NASDAQ: NVDA) also down moderately over the same period. However, news surrounding Broadcom’s biggest customer and a leading custom-chip competitor has accelerated the decline in Broadcom stock.

Alphabet (NASDAQ: GOOGL) subsidiary Google is well known as Broadcom’s largest and longest-standing buyer of custom AI chips. Marvell Technology (NASDAQ: MRVL) has complicated this relationship by signing its own deal with Google to develop custom semiconductor products. Furthermore, Marvell isn’t the only chip company threatening Broadcom’s position, making its upcoming earnings report a key opportunity to restore investor confidence.

Marvell and Google Enter Custom Chip Collaboration

A recent Marvell SEC filing states that at the end of July, it “entered into a commercial agreement relating to the Company’s development of custom semiconductor products to Google.” The filing notes that the partnership “spans a comprehensive range of custom silicon programs that attach to the TPU ecosystem, including AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near-memory compute.”

Some have characterized this development as Broadcom effectively losing share in Google’s Tensor Processing Unit (TPU) development pipeline. However, the wording of Marvell’s filing is more ambiguous. Marvell refers to “custom silicon programs that attach to the TPU ecosystem” rather than saying it will develop TPUs outright.

Still, its programs with Google include “AI inference accelerators,” which aligns with Google’s description of chips such as its TPU 8i. In this sense, Marvell may be developing chips that serve a similar purpose to inference TPUs, potentially eroding Broadcom’s share of Google’s AI chip business.

Despite this development, it is important to note that Broadcom signed a TPU and networking deal with Google through 2031 in April. This deal demonstrates that Broadcom is likely to remain a key Google TPU partner for years to come.

On the other hand, the Marvell-Google deal includes potential equity investments that could bring the companies closer together and indicate that their relationship could become substantial.

Marvell Warrant Structure Indicates a Huge Revenue Opportunity

Marvell has issued warrants to Google that allow it to purchase nearly 59 million shares of Marvell stock. With approximately 876 million shares outstanding, exercising all of these warrants would give Google more than 6% ownership in Marvell. This economic alignment could give Google an additional incentive to direct business to Marvell. In turn, Google’s spending at Broadcom could suffer.

However, the second part of the warrant structure is more notable. Most of the warrants vest only after Google makes discretionary purchases of custom products. They vest in 240 equal tranches, with each tranche requiring $500 million in product purchases. In total, Google would need to make $120 billion in cumulative purchases from Marvell to gain access to all of the warrants.

Google has from Marvell’s fiscal Q3 2027 through the end of Marvell’s fiscal year 2033 to make these purchases. (Note that Marvell’s fiscal reporting period is several quarters ahead of the calendar period, with the company currently in its fiscal Q2 2027.)

The incredible size of this figure makes it difficult to believe that it will fully materialize. For reference, $120 billion is more than 13 times Marvell’s revenue of $8.7 billion over the last 12 months—and more than 11 times Broadcom’s $10.8 billion in AI semiconductor revenue last quarter. Nonetheless, the figure highlights how material the Marvell-Google relationship could become.

Still, there is no clear dollar figure to establish how large Marvell’s relationship with Google could be. This makes it difficult to assess the deal’s potential negative impact on Broadcom.

The deal is another clear signal that competition in custom chips is intensifying, particularly around Google’s TPUs. Analysts believe that MediaTek (OTCMKTS: MDTKF) is one of Google’s alternate TPU partners. Meanwhile, rumors have surfaced that Advanced Micro Devices (NASDAQ: AMD) is working with Google on future TPU generations. For incumbent leader Broadcom, it is difficult to view these developments as anything but negative.

AI Chip Guidance Increase Could Get Investors Back on Broadcom’s Side

Amid this heightened competition, there is one particularly powerful lever Broadcom could pull to quell investor fears: raising its guidance. Broadcom’s decision not to raise its fiscal 2027 AI semiconductor revenue guidance was one of the main reasons its shares tumbled after its latest earnings report. (Note that Broadcom’s fiscal reporting period is ahead of the calendar period, with the company currently in its fiscal Q3 2026.)

There is reason to believe Broadcom was simply being conservative. However, intensifying competition, highlighted by the Marvell-Google deal, raises concerns. Could Broadcom be uncertain about its growth prospects because of this development, leading it to leave its guidance unchanged? Questions like these are likely swirling in investors’ minds.

Significantly raising its 2027 guidance could go a long way toward putting these fears to rest, although it would not eliminate broader competition concerns. This makes Broadcom’s fiscal 2027 AI semiconductor guidance likely the biggest factor to watch in its upcoming earnings report.