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Marvell’s $12 billion Google warrant for custom AI chips threatens Broadcom’s exclusive Google partnership through 2031, sending AVGO down 4%.
AMD and NVDA have surged 126% and 18% YTD respectively, both outpacing AVGO’s 10% gain despite Broadcom’s 143% AI revenue growth.
VMware security concerns and off-balance-sheet financing worries compound the selloff, with traders debating whether AVGO’s pullback is structural or noise.
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Broadcom (NASDAQ:AVGO) shares are down 5% to $359.66 in early Wednesday trading after Marvell Technology (NASDAQ:MRVL) landed a deal to help develop custom AI chips for Alphabet‘s (NASDAQ:GOOGL) Google. The news directly pressures Broadcom’s status as Google’s incumbent custom silicon partner.
