Marvell Partners with Google on Custom AI Chips, Issues $12.2B Warrants

The warrant structure is the tell: Marvell is paying Google in future equity, not cash, to lock in a hyperscaler design win. That signals how contested custom AI silicon has become, and it gives Google a stake in its supplier's upside — an alignment worth watching as more cloud players pursue in-house chips. For RWA readers, the honest read is that this item sits outside tokenization entirely; the relevance is indirect, through the AI infrastructure buildout that increasingly underpins real-world asset networks.