Marvell Soars as Nvidia CEO Calls It 'Next Trillion-Dollar Company'
Marvell Technology shares rocketed 17% in overnight trading after Nvidia CEO Jensen Huang referred to it as the 'next trillion-dollar company' at Computex. The comment was made during an onstage conversation with Marvell CEO Matthew Murphy, who had just presented his company's latest technologies.
Huang's remark was seen as a strong endorsement of Marvell, which has been gaining interest in recent months due to its involvement in the AI data center boom. The company's shares have surged nearly 160% year-to-date, and it now accounts for roughly 76% of total revenue with its data center business.
Nvidia invested $2 billion in Marvell in March as part of a partnership to integrate Marvell's custom AI chips into Nvidia's NVLink Fusion ecosystem. Huang also highlighted other Nvidia partners during his presentations at Computex, leading to gains in their shares.