Google Equity Partnership with Marvell | Rewire News Brief

Google Ties Chip Supply to Warrants, Clinical Results and Leverage Unwinding are Converting Long-term Outlook into Price. The latest developments in HoloMZ indicate that whether the supply can stably reach the market remains a hard constraint.

1｜Google Binds Marvell with Warrants, Purchasing Tied to Equity Incentive in Same Contract

Marvell disclosed that it has issued warrants to Google for up to 58.97 million shares of common stock, with an exercise price of $206.58 per share, exercisable no later than August 2033. If all warrants are exercised, it amounts to approximately $12.2 billion at the exercise price. The warrants are tied to Google's revenue target for custom chip procurement.

This does not mean that Google has already paid $12.2 billion, nor has it locked in all future orders. The procurement scale and supplier equity incentive are written into the same arrangement, which may strengthen long-term cooperation between the two parties and increase the opportunity cost of exiting the partnership. Major cloud providers are using capital tools to increase supply chain certainty in key design stages.

(Source: Marvell / CNBC)

2｜Bitcoin's Sharp Rise Triggers Massive Short Squeeze, Leveraging Amplifies Short-term Market

Bitcoin broke above $68,000 during trading on August 19, briefly approaching $69,000. CoinDesk, citing CoinGlass data, reported that around $1.4 billion of short positions were liquidated in the previous four hours. Ether surged nearly 9%. News of long-term Treasury repurchases concurrently pushed down US bond yields, but it cannot be considered the direct cause of the rise.

After surpassing the short squeeze level, further buying continued to drive up the market. What the market needs to observe is not $69,000 itself, but whether leverage is re-accumulating and whether spot funding can support it, to determine whether this trend is a short squeeze or a longer trend. Short-term fluctuations may still be further magnified.

(Source: CoinDesk / CoinGlass / CNBC)

3｜Moderna and Merck's Personalized mRNA Vaccine Phase 3 Trial Meets Endpoint

Merck and Moderna announced on August 19 that the personalized mRNA candidate vaccine intismeran autogene combined with pembrolizumab met the primary and key secondary endpoints in the Phase III INTerpath-001 trial. The globally randomized, double-blind trial included 1,137 fully resected stage IIB to IV melanoma patients, with registration number NCT05933577.

This is not regulatory approval. Full efficacy, long-term survival, and safety data are still pending disclosure and review. For the mRNA platform, Phase III clinical endpoints have provided a validation milestone for the oncology pipeline, but the outcome for one indication does not equate to broad commercialization.

(Source: Merck / Moderna / ClinicalTrials.gov)

4 | UAE Cuts Off Trade with Iran, Houlaomoz Appears as a US-Organized Oil Shipping Channel

The UAE announced on August 19 a suspension of trade, commercial exchanges, and financial transactions with Iran. AP reported that the UAE had been attacked by Iran again. According to Axios citing US officials, the US military has organized a shipping channel near the Omani side of the Strait of Hormuz, through which about 10 million barrels of oil pass daily, roughly half of pre-war levels.

Trade settlement channels are tightening, while physical crude flows are being attempted to be maintained. The route has not yet normalized. Reuters data from August 14 showed that only 9 ships passed through the strait in a single day, with an average of about 12 ships in August, far below the pre-conflict level of about 130 ships. Oil price risks depend on security, insurance costs, and continuity. (Continuation of yesterday's report)

(Source: AP / Axios / Reuters)

Also Worth Knowing ↓

Cognition CEO Scott Wu denies SpaceX ever sought to acquire. Bloomberg reported that SpaceX had considered acquiring Cognition, the developer of Devin, at a valuation of about $40 billion, but Wu stated that the company is not for sale. The two parties are still discussing computing power cooperation with no agreement yet. (Continuation of yesterday's report) (Source: Bloomberg / TechCrunch / Reuters)

The US Treasury Department raised the single-operation limit for the repurchase of some long-term bonds to at least $4 billion. Reuters mentioned that the operation covers 10 to 30-year bonds, with the 30-year yield subsequently declining. Repurchase is not the same as an interest rate adjustment by the Federal Reserve. (Source: US Treasury Department / Reuters / CNBC)

The US has suspended a 50% tariff on Canadian goods for three days. Trump stated that there is an agreement, but Reuters reported that key terms have not been disclosed. The suspension does not mean that trade conditions have been finalized. (Continuation of yesterday's report) (Source: White House / Reuters / BBC)

According to Reuters, Samsung Electronics has raised prices for some new orders on advanced processes by 5% to 15%. The price increase for SF4 chips for Chinese and American customers is reportedly between 10% to 15%, driven by AI chip demand that has boosted capacity utilization. (Source: Reuters / Tom's Hardware)

The U.S. Securities and Exchange Commission has proposed a draft of the "Cryptocurrency Asset Regulation Act," which plans to establish two types of cryptocurrency issuance exemptions. The SEC stated that one type is applicable to early-stage projects that raise a maximum of $5 million within four years, while the other type can raise up to $75 million within 12 months. The proposal is not yet effective. (Source: SEC)

Sarah Friar, CFO of OpenAI, announced that the company will go public in 2027 or earlier. On the same day, OpenAI committed to not retaining data from corporate clients using its models. The Wall Street Journal reported that this arrangement is aimed at attracting corporate clients unhappy with Anthropic's data retention policy. The timing of the IPO is still internal speculation. (Source: CNBC / The Wall Street Journal / TechCrunch)

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