Marvell Technology’s shares reportedly surged 23% in premarket on Tuesday after Nvidia’s Jensen Huang called the chipmaker the next “trillion-dollar company.”
The remarks were made while Huang and Marvell were speaking together at Computex in Taipei on Tuesday.
Nvidia previously made a significant investment of $2 billion in Marvell to make the chipmaker’s AI and accelerated computing processors easier to use as reported by Reuters.
According to Marvell last week’s forecast, its custom chips business will exceed expectations to reach $10 billion in revenue by fiscal 2029, fueled by cloud companies upgrading their AI data centers.
It has been observed that Marvell shares were up 23% at $269.93 adding more than $44.6 billion in market capitalization.
Notably, the AI boom has triggered a surge in demand for specialized chips, positioning Marvell’s interconnected technologies to play a significant role in advanced data centres by linking thousands of processors to run complex AI models.
Earlier Huang shared his thoughts at a launch celebration in Taipei for the chip company’s planned Taiwan headquarters, which he said will break ground this year and aims to become operational in 2030.
