Nvidia's Jensen Huang Says This 'Essential' Company Is Primed to Join the $1 Trillion Club
Key Takeaways
- Marvell shares are soaring Tuesday after a fresh vote of confidence from Nvidia CEO Jensen Huang.
- Huang said Marvell, which Nvidia has invested in, could be "the next trillion-dollar company" because of how important its connectivity equipment is to the way AI data centers are evolving.
Could AI chip designer Marvell Technology be the next member of the trillion-dollar market cap club?
Shares of Marvell (MRVL) jumped over 21% to a fresh record in early trading Tuesday, after Nvidia CEO Jensen Huang said Marvell—which Nvidia has invested in—could be "the next trillion-dollar company."1 Nvidia (NVDA) shares were up about 1% recently, after climbing 6% yesterday.
Huang, who appeared alongside Marvell CEO Matt Murphy at the Computex conference in Taiwan, said Marvell's networking connectivity equipment makes it "essential" for the way AI data centers are evolving.
Marvell's market capitalization, which recently hovered around $233.68 billion, is still well off that mark, though the shares have more than tripled in value this year, as investors cheered its surging sales on strong AI demand and support from partner Nvidia.
Nvidia invested $2 billion in Marvell back in March, and expanded its partnership with the company to add Marvell's custom chips to the products it offers to customers looking to outfit their AI data centers.
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