Nvidia's Huang boosts Marvell as next big AI hardware winner

Jensen Huang’s latest vote of confidence gave Marvell Technology a jolt that could add more than $47 billion to its market value in a single session. The stock rose more than 24% in premarket trading after Huang singled out Marvell as a next major winner in artificial intelligence hardware, pushing the chipmaker well beyond the kind of move usually reserved for the market’s biggest AI names.

The reaction was striking because Marvell already carried a market value just under $192 billion at the prior close. Huang’s remarks in Taipei suggested investors may still be underpricing the company’s role in the AI build-out, especially in the less visible infrastructure that links thousands of processors inside advanced data centers. Marvell does not sell the most prominent AI accelerators; instead, it sits in the networking and custom silicon layers that make those systems work at scale.

The tie between the two companies runs deeper than a brief onstage endorsement. Nvidia invested $2 billion in Marvell earlier this year as part of a broader partnership centered on Nvidia’s NVLink Fusion platform. Under that arrangement, Marvell is expected to provide custom XPUs and NVLink Fusion-compatible scale-up networking, while the companies also collaborate on silicon photonics. That makes Marvell both a supplier and a strategic partner in the AI supply chain, not just another beneficiary of market enthusiasm.

The rally also landed after a year of concrete operating growth. Marvell reported record fiscal 2026 revenue of $8.195 billion, up 42% from a year earlier, and management said robust AI demand was driving the business. Last week, the company said its custom chip business could top $10 billion in fiscal 2029, a forecast that reflects how aggressively cloud providers are spending to expand data centers and train larger models. For a company already growing at that pace, Huang’s endorsement gave Wall Street a fresh reason to stretch its valuation assumptions.

Still, the market’s response highlights how much further Marvell would have to run to join the very top tier of corporate America. Reaching a $1 trillion valuation would require the stock to rise more than fivefold from its roughly $192 billion market cap, and only about 15 companies currently sit above that threshold. Huang’s comments, delivered during COMPUTEX week in Taipei, where Marvell chief executive Matt Murphy was also scheduled to speak, underscored the strategic importance of Taiwan in the AI infrastructure race and the premium investors are still placing on companies that can prove they are essential to it.