--- title: "邁威爾 Marvell：“貼錢” 結盟谷歌，能 “撬動” 博通牆角嗎？" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/296459676.md" datetime: "2026-08-20T08:46:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296459676.md) - [en](https://longbridge.com/en/news/296459676.md) - [zh-HK](https://longbridge.com/zh-HK/news/296459676.md) generator: "portal-rs" --- # 邁威爾 Marvell：“貼錢” 結盟谷歌，能 “撬動” 博通牆角嗎？ **Marvell Technology (MRVL) issues warrants to Google for the first time, driving a 10%+ rally in MRVL shares**, while Broadcom (AVGO) sold off. The move signals the market’s view that MRVL could capture Google’s TPU-related orders. Here, Dolphin Research reviews the two parties’ deal structures and implications. We outline the key points below. **1) Marvell–Google agreement** Per the disclosed terms, the commercial agreement was signed on Jul 29, 2026, with warrant issuance on Aug 18, 2026. **The strike is set at $206.58 per share (vs. the 8/18 close of $216, ~4% discount)**. **Total warrants issued: 58.97 mn shares, split into two buckets:** **① Time-based vesting (outright grant): 1.36 mn shares**. Roughly 0.34 mn shares vest at months 3/6/9/12 post-issuance. This portion is unconditional. **② Performance-based vesting (revenue unlock): 57.61 mn shares**, divided into 240 tranches. **From Aug 1, 2026 through Jan 29, 2033**, each **$500 mn of qualified sales unlocks one tranche (240k shares)**. **Qualified sales must be for custom-developed products, including third-party purchases on Google’s behalf**. This means Marvell’s standard parts sold to Google — optical DSPs, DCI modules, general-purpose SSD controllers — do not count, while custom ASICs do, including AI inference accelerators, storage controllers, NICs, memory interface controllers, and near-memory compute. Notably, the agreement allows **Google to choose cash or cashless exercise unilaterally; if in-the-money at expiry, it will auto cashless exercise**. Under net share settlement, Marvell receives no cash and issues shares equal to the intrinsic value. **2) Implications of the new agreement** Reading the key terms, **Marvell is clearly the weaker side here**: ① **it grants 1.36 mn warrants upfront regardless of subsequent revenue**; ② **Google can opt for net share settlement, avoiding a cash outlay**. Combined with the ASIC-only revenue qualification, this looks like Marvell’s bid to **pry away Google’s custom ASIC business from Broadcom**. For Google, there is **a free warrant package to accept**. It already collaborates with Marvell on custom ASICs (Axion CPU), with MPU plans ahead, and can enhance bargaining power vs. Broadcom. For Marvell, this is not its first equity-linked arrangement. **The company has signed similar structures with Amazon and Nvidia**. **1) Amazon: two warrant agreements** **The first, signed on Dec 2, 2024**, covers custom AI products, optical DSP, AEC DSP, PCIe retimers, DCI optical modules, Ethernet switch silicon, totaling 4.18 mn shares. **Vesting: 0.28 mn time-based (free grant); 2.70 mn tied to custom AI revenue; 1.20 mn tied to other product revenue (including standard parts)**, with revenue measured through Jan 5, 2030 (5 years). **The second, signed on Dec 2, 2025, as a customer incentive alongside an acquisition**. Announced the same day as the Celestial AI deal (Amazon is a core customer), **vesting is linked to Amazon’s procurement of Photonic Fabric products, totaling 1.045 mn shares**. This aligns incentives with Amazon’s adoption of the acquired technology. **2) Nvidia: Series A convertible preferred** **Signed on Mar 31, 2026, tied to NVLink Fusion collaboration**: Marvell provides a custom XPU with NVLink Fusion-compatible scale-up networking, while Nvidia contributes the Vera CPU, ConnectX NIC, BlueField DPU, NVLink, Spectrum-X switching, and rack-level environments; the parties also pursue silicon photonics. **Nvidia is the only party paying real cash — $2 bn — becoming a voting strategic shareholder, with the option to convert to common**. Overall, the Google agreement mirrors the Amazon template but at a different scale: **① shares jump from 4.18 mn to 58.97 mn (10x+)**; **② the strike is near spot**, with Google’s $206.58 far above Amazon’s $87. Customer context also differs: Amazon is already a major buyer, while Google is an entry Marvell is attempting to pry open from Broadcom, which has a decade-long TPU partnership with Google. **Broadly, Marvell–Nvidia looks like a strategic, mutual collaboration**. By contrast, the Amazon and Google agreements are more of Marvell’s proactive overtures to secure large client orders. **On TPU, the market may be misreading the setup**. Marvell is more likely to win adjacent components rather than the TPU itself. Google already has MediaTek as a backup co-developer over years, making it hard for Marvell to take core TPU orders in the near term. **In the latest Google deal, Marvell offered very generous terms to crack Google–Broadcom custom ASIC ties**. Google already works with Marvell on Axion CPU, and custom MPU and TPU-adjacent chips could follow. **From Marvell’s standpoint, securing validation and large orders from top clients is paramount**. As collaboration with Google and others deepens, it might even inadvertently land a TPU mega order. \ Dolphin Research’s archive on Marvell (MRVL): Earnings: May 28, 2026 Trans: [Marvell (Trans): FY28 $16.5 bn guide with room to go higher](https://longportapp.cn/en/topics/41197136) May 28, 2026 Earnings Take: [Marvell: In AI inference, connectivity beats compute?](https://longportapp.cn/en/topics/41191713) Mar 6, 2026 Trans: [Marvell (Trans): Raised revenue guide again; second XPU to ramp in FY28](https://longportapp.cn/en/topics/39099470) Mar 6, 2026 Earnings Take: [Marvell: ASIC card miss, winning back AI via interconnect](https://longportapp.cn/en/topics/39096551) Dec 3, 2025 Trans: [Marvell (Trans): AWS becomes Celestial AI’s lead lighthouse customer](https://longportapp.cn/en/topics/36868576) Dec 3, 2025 Earnings Take: [Marvell: Acq. to fill gaps, Nvidia alternative advancing](https://longportapp.cn/en/topics/36866810) Aug 29, 2025 Trans: [Marvell (Trans): Still no direct response to Alchip’s challenge](https://longportapp.cn/en/topics/33459106) Aug 29, 2025 Earnings Take: [Marvell: Cloud majors are more generous spenders; why didn’t ASIC catch a tailwind?](https://longportapp.cn/en/topics/33455225) May 30, 2025 Trans: [Marvell (Trans): AI to reach half of total revenue over time](https://longportapp.cn/en/topics/30189065) May 30, 2025 Earnings Take: [Marvell: AI QoQ stall; what’s the next trump card?](https://longportapp.cn/en/topics/30184584) Mar 6, 2025 Trans: [Marvell (Trans): Data center growth slowed sharply](https://longportapp.cn/en/topics/27852608) Mar 6, 2025 Earnings Take: [Marvell: Another dose of cold water for AI; ASIC flashing warning signs](https://longportapp.cn/en/topics/27847825) Deep Dives: Jan 14, 2025 Company Deep Dive: [ASIC championship: Can Marvell beat Broadcom?](https://longportapp.cn/en/topics/26604690) Jan 2, 2025 Company Deep Dive: [Marvell vs. trillion-dollar Broadcom: Can ASIC ignite a comeback?](https://longportapp.cn/en/topics/26395071) Risk disclosure and statement: [Dolphin Research disclaimer and general disclosure](https://support.longbridge.global/topics/misc/dolphin-disclaimer) ### 相關股票 - [MRVL.US](https://longbridge.com/zh-HK/quote/MRVL.US.md) ## 相關資訊與研究 - [期權熱點｜周四 MRVL 跌 3%，部分看跌期權飆升 300%](https://longbridge.com/zh-HK/news/298678490.md) - [如果你在 10 年前投資了 1000 美元於邁威爾科技的股票，那麼今天你將擁有這麼多](https://longbridge.com/zh-HK/news/298775687.md) - [邁威爾科技公司股票（MRVL）在 9 月 10 日收盤下跌 3.43%：詳細分析](https://longbridge.com/zh-HK/news/298639901.md) - [美股盤中速遞：慧榮科技大漲 9.30%：車用安全認證獲突破，十年高回報率彰顯長期價值](https://longbridge.com/zh-HK/news/298757966.md) - [美股盤中速遞：惠普大漲 7.81% 創近期新高，聯手英偉達佈局 AI 平台抵消 PC 出貨下滑壓力](https://longbridge.com/zh-HK/news/298759958.md) --- > **免責聲明: 本文僅供參考，不構成任何投資建議。**