Nvidia's Huang said Marvell could join the trillion-dollar club - and the stock immediately surges
By Nora Redmond
Marvell Technology surged in value after Nvidia's Jensen Huang talked up the company's prospects.
Marvell Technology could be the next member of the trillion-dollar club, according to Nvidia CEO Jensen Huang.
"The next trillion-dollar company, ladies and gentlemen," the head of the chipmaker giant said of Marvell (MRVL) during CEO Matt Murphy's keynote speech at the annual Computex tech trade show in Taipei, Taiwan.
Shares in the semiconductor company are up more than 24% in pre-market trading, bringing its value by market capitalization to about $240 billion.
Nvidia's Jensen Huang (left) with Marvell CEO Matt Murphy
The stock has a long way to go to reach a $1 trillion market cap: it would have to climb to $1,152, from just under $275 now.
"Useful AI has arrived," Huang said, adding that AI agents have the capability of performing tasks with little human intervention, leading to demand "going through the roof" for Nvidia (NVDA) and Marvell.
He added that Marvell's role in providing microchips and the necessary infrastructure to power data centers and cloud computing was the reason the company is "so essential."
"That's why you're going to be the next trillion-dollar company," Huang said to Murphy.
"We've got a little work to do, but we're on our way," Murphy replied.
Nvidia reached a market valuation of $1 trillion for the first time in June, 2023, and now is worth more than $5 trillion. Big Tech companies like Tesla (TSLA), Meta (META) and Amazon (AMZN) are also valued above $1 trillion, along with oil behemoth Saudi Aramco and Berkshire Hathaway (BRK.A) (BRK.B).
At the end of March, Nvidia announced a $2 billion investment into Marvell as part of a partnership to allow customers to use parts from both companies to develop AI infrastructure and to support collaboration on silicon photonics technology, which uses light to transmit data.
-Nora Redmond
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(END) Dow Jones Newswires
06-02-26 0553ET
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