Marvell Technology's stock soared 29.75% intraday on Tuesday, reaching a record high, after Nvidia CEO Jensen Huang publicly endorsed the chipmaker as the next "trillion-dollar company."
The surge was triggered by Huang's comments during a joint appearance with Marvell CEO Matt Murphy at the Computex conference in Taipei. Huang emphasized Marvell's critical role in providing networking and connectivity infrastructure for next-generation AI data centers, noting that the company is "so essential" to the AI build-out. The endorsement underscores the deepening strategic partnership between the two firms, which includes a $2 billion investment from Nvidia announced earlier this year.
Analysts and investors interpreted Huang's remarks as a strong vote of confidence in Marvell's growth trajectory, particularly in the AI infrastructure space. The company's focus on custom AI chips, optical interconnect technology, and data center solutions positions it to capitalize on the booming demand for AI hardware.
