Marvell Surges After Google Gets $12.2 Billion Stock Warrant in AI Chip Deal
In a new custom semiconductor agreement, Marvell Technology issued Alphabet's Google a warrant to acquire up to 58.97 million shares of Marvell common stock. If fully exercised, the warrant could be valued at as much as $12.2 billion. The announcement triggered a more than 11% jump in Marvell's share price during premarket trading on Wednesday.
Key facts
- Marvell Technology issued Google a warrant for up to 58.97 million shares.
- The warrant is valued at up to $12.2 billion if fully exercised.
- The warrant is part of a new custom semiconductor agreement.
- Marvell stock rose over 11% in premarket trading on Wednesday.
Entities
Institutions
- Marvell Technology
Sources
- Quartz —