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Marvell expands Google custom silicon agreement with warrants covering TPU-ecosystem products; custom revenue guided to more than double in FY28
Matt Murphy· Marvell Technology· AI· —· pub 2026-08-28· about Google (Alphabet) / Marvell Technology (MRVL / GOOGL)
“The 8K we filed last week disclosing an expanded commercial agreement and associated warrant with a key hyperscaler, one of the largest adopters of custom silicon... spans a broad range of custom silicon programs, including those that attach to the TPU ecosystem, such as AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near memory compute.”
Why it matters
Analysts on the call cited ~$120B cumulative revenue over ~6.5 years at full performance (~$18B/year), a potential transformational step-up for Marvell's custom business, with management saying custom will 'more than double' in FY28 and implying FY29 numbers well above the prior $10B+ target.
Investment implication
Bullish for MRVL custom silicon franchise and confirms Google's deepening commitment to custom TPUs and attached silicon over merchant alternatives; also validates the XPU-attach category (CXL, NICs, memory controllers) as a durable growth vector.