Marvell Technology has signed a new agreement with Google Corporation on the development of custom chips, which includes warrant provisions. According to analysts from Stifel, who maintain a “Buy” rating, this deal could bring Marvell up to $120 billion in total revenue over approximately six and a half years. This figure far exceeds the company’s current annual revenue.

According to the terms of the agreement, Google is entitled to a share only if the costs for user chips from Marvell increase. At the same time, Marvell’s expenses are conditional and non‑monetary in nature and do not constitute a firm purchase obligation, Raymond James notes, maintaining the “Buy” rating. Stifel analysts believe that the agreement indicates progress in Marvell’s user‑chip development, driven by the XPU Attach technology. Experts believe that Marvell continues to successfully compete and win major projects from tier‑one customers, establishing itself as a comprehensive partner for building AI infrastructure..

At the same time, analysts from Wolfe Research noted that additional details are needed to fully understand the deal — specifically, what exactly Marvell will supply, what the delivery deadlines are, and whether there is any overlap with products already supplied by Broadcom and MediaTek. In addition, the warrant calculations require clarification to assess the real revenue potential. Raymond James stated that the deal fully aligns with their investment thesis, which focuses on the undervalued ASIC business and the resilience of optical transceivers. Previously, the firm emphasized Marvell’s ties with Amazon and Microsoft, without including Google in its forecasts.