Marvell Technology, a U.S. high-performance semiconductor design company, surged 23% in pre-market trading after Nvidia CEO Jensen Huang praised the company as "a candidate to become the next trillion-dollar firm."
Marvell traded at $270 in New York pre-market on Tuesday, up 23%, according to Bloomberg. The stock has risen 158% this year, pushing its market capitalization to $192 billion. "If it maintains the gains after the open, it would mark the biggest intraday jump since March," Bloomberg said.
Behind the rally was Huang. Appearing on stage alongside Marvell CEO Matt Murphy at Computex 2026 in Taipei, Taiwan, Huang said, "Marvell will be the next trillion-dollar company," adding, "Marvell's networking and connectivity chips are essential for data centers, where computing tasks are distributed across thousands of connected chips and data must be shared quickly." Nvidia invested $2 billion in Marvell three months ago.
"With demand exploding for AI and the data centers needed to train and run AI models, the entire semiconductor industry is booming," Bloomberg said. "Marvell is one of the chip companies benefiting from the rekindled enthusiasm around the AI boom this week."
