Marvell Technology shares surged more than 25% on Tuesday after Nvidia CEO Jensen Huang called the chipmaker the next "trillion-dollar company," a remark that sent the stock to a record high and put a fresh spotlight on one of the market’s most closely watched AI suppliers.
The rally left Marvell last up 22.5% at $234 billion in market value, a striking gain even as Huang’s praise still left the company far short of the one-trillion mark. Huang and Marvell CEO Matt Murphy were speaking during Computex week in Taipei, where a single public endorsement from Nvidia’s chief was enough to reprice a company that had been under a harsher valuation lens only days earlier.
That reaction mattered because investors have been trying to sort out how much of Marvell’s upside is tied to its own business and how much comes from the Nvidia halo. Nvidia invested $2 billion in Marvell earlier this year, and the two companies have been linked in a push to make it easier for customers to use custom artificial intelligence chips designed by Marvell alongside Nvidia’s networking gear and central processors.
Marvell’s business is built around the kind of specialized chips and interconnect technologies that sit at the center of advanced data centers, linking thousands of processors used to train and run AI models. The company added to that case last week when it forecast its custom chips business would surpass $10 billion in revenue in fiscal 2029, a projection that landed as cloud companies keep expanding AI data centers and looking for more custom silicon to support them.
Still, the market’s reaction underscored how quickly a marquee endorsement can move a semiconductor name. Marvell looked set to add more than $45 billion in market capitalization if the gains hold, but the scale of the move also showed the gap between hype and reality: a company at $234 billion is a long way from the valuation Huang’s one-line praise evoked.
Nvidia shares climbed 3.2% on the same day, giving the broader AI trade another lift. For Marvell, the next test is whether investors keep treating Huang’s comment as a one-day spark or as a signal that the company’s own growth story is now strong enough to stand on its own.
