Marvell Technology shares surge 23% after Nvidia CEO Jensen Huang calls the chipmaker the next 'trillion-dollar company'

Marvell's shares rose 23% in premarket trading on Tuesday, June 2, following remarks by Nvidia CEO Jensen Huang at Computex in Taipei. The stock gained to $269.93, on track to add more than $44.6 billion in market capitalization if gains hold.

Nvidia invested $2 billion in Marvell earlier this year to help customers integrate Marvell's custom AI chips with Nvidia's networking gear and central processors. Marvell's interconnect technologies link thousands of processors used to train and run AI models in data centers.

Marvell forecasted last week that its custom chips business would surpass $10 billion in revenue in fiscal 2029, driven by cloud companies expanding AI data centers.