Nvidia Stalls as Google's $12.2 Billion Custom-Chip Push Expands

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Nvidia Stalls as Google's $12.2 Billion Custom-Chip Push Expands Khac Phu Nguyen Wed, August 19, 2026 at 1:36 PM EDT 2 min read NVDA GOOG AAPL TSLA AMZN This article first appeared on GuruFocus . Nvidia ( NASDAQ:NVDA ), the king of AI accelerators, held near $219.31 Wednesday morning while Apple ( NASDAQ:AAPL ), Tesla ( NASDAQ:TSLA ), Amazon ( NASDAQ:AMZN ) and Meta ( NASDAQ:META ) bounced harder. That is the story. Big Tech found buyers. Nvidia barely moved. Chip stocks remained under pressure, and suddenly investors have another reason to watch the AI hardware battle very closely. Warning! GuruFocus has detected 4 Warning Signs with NVDA. Is NVDA fairly valued? Test your thesis with our free DCF calculator. Google is turning up the pressure. Its new custom-chip agreement with Marvell ( NASDAQ:MRVL ) Mcovers AI inference accelerators and a wider stack of silicon supporting Google's TPU ecosystem. The deal also gives Google warrants to buy as many as 58.97 million Marvell shares at $206.58 each, potentially worth roughly $12.18 billion. This is bigger than another supplier contract. Google is building more ways to attack AI workloads without automatically reaching for Nvidia GPUs. Every workload that moves onto purpose-built silicon is a workload Nvidia has to fight harder to keep. But here is why Nvidia remains so difficult to knock off the throne. Fiscal first-quarter revenue ripped 85% higher to a record $81.6 billion. Data Center alone exploded 92% to $75.2 billion. Those are not numbers from a company watching its moat disappear. They are numbers from a company sitting directly in the middle of an AI spending supercycle. The GuruFocus picture drives that point home. Nvidia carries a monster GF Score of 95/100, with profitability and growth sitting near the top of the chart and financial strength not far behind. Momentum remains strong. The glaring weak spot is GF Value. Translation: this is an exceptional business carrying an exceptional valuation. Investors are not paying for Nvidia to be merely good. They are paying for dominance. And that is where Google and Marvell matter. Custom silicon does not need to destroy Nvidia to become a headache. It only needs to grab a bigger slice of inference spending. Hyperscalers are throwing staggering amounts of money at AI infrastructure, and they have every incentive to build cheaper, more specialized alternatives instead of handing every incremental dollar to Nvidia. Nvidia still has the scale. It still has the growth. It still has the profitability. And a 95/100 GF Score shows just how powerful the underlying machine remains. But the AI chip war is getting crowded fast. Nvidia is still wearing the crown. Now it has more companies trying to take a piece of it.

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Nvidia (NVDA) stock is showing a stagnant trend as Google expands its $12.2 billion custom AI chip partnership with Marvell (MRVL). Nvidia proved its strong fundamentals with a 85% surge in Q1 revenue to $81.6 billion, but pressure from big tech companies shifting to their own chips is a burden. Investors are watching how much custom silicon will erode Nvidia's monopoly.

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Google's $12.2 billion custom chip investment is a direct challenge to Nvidia's monopoly in the AI inference market. As hyperscalers strengthen their own TPU ecosystems to cut costs, Nvidia's market share defense costs are increasing, acting as a constraint on stock price appreciation.

In the bullish scenario, Nvidia's overwhelming technology and 85% high growth will continue to justify its valuation, but in the bearish scenario, the expanded inference chip market share of the Google-Marvell alliance will increase margin pressure on Nvidia. The future direction of big tech AI infrastructure spending and the speed of custom chip adoption are key monitoring indicators.

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