On June 2, Marvell Technology surged 19.26% in pre-market trading, trading at approximately $259.00/share, with trading volume of $177 million.
The rally was primarily driven by NVIDIA CEO Jensen Huang's remarks at Computex Taipei, where he stated that Marvell Technology will become the next trillion-dollar company. Huang emphasized that the two companies are consolidating their partnership to expand the critical networking and connectivity infrastructure needed to power next-generation AI data centers.
Adding to the momentum, Marvell launched the Teralynx T100, the industry's first 102.4-terabit-per-second switch chip designed specifically for AI and cloud data-center infrastructure, addressing data transmission bottlenecks in large AI clusters. Multiple institutions also raised their price targets — UBS lifted its target to $230 with a Buy rating, while HSBC raised its target to $300, citing an AI networking super cycle. The convergence of Huang's endorsement, new product launch, and collective institutional upgrades formed the core catalyst behind the sharp pre-market move.
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