JP MORGAN: Google is potentially turning Marvell into one of the key suppliers of the infrastructure surrounding its TPU ecosystem. And the numbers behind the deal are pretty insane. Potential $120B Google opportunity through FY33. The warrant structure implies more than $120B of cumulative Marvell custom-product revenue if fully vested, equivalent to roughly $19.2B per year over 6.25 years. For context, JPM's previous AI ASIC revenue expectation for $MRVL was only around $11.5-$16.8B for FY27/FY28. One important distinction though, is that JPM does NOT think Marvell won Google's core TPU. The opportunity is more about the chips sitting around the TPU and making the entire AI system work. Basically, Google is expanding its custom silicon strategy beyond just the accelerator itself. And $MRVL is positioning itself to supply more and more of that surrounding infrastructure. It validates the broader custom ASIC TAM thesis. Hyperscalers are increasingly designing custom silicon not only for compute, but also for networking, storage, memory and other adjacent workloads. JPM reiterates OVERWEIGHT on $MRVL with a $240 PT. $MRVL has also been one of the stronger AI semicons names recently, holding up relatively well despite volatility. People are now calling $MRVL the next $MU - do you agree with this 🤔 Fun facts we bet you didn't know about $MRVL: - Members of Congress (Rep. Byron Donalds & Rep. Maria Salazar) were buying before the recent run - Jensen Huang literally called Marvell the "next trillion-dollar company.