Marvell Technology stock surged to a record high after Nvidia CEO Jensen Huang called the chipmaker 'the next trillion-dollar company' at COMPUTEX.

Marvell shares rose 32.71% on Tuesday after Huang stated during the COMPUTEX technology conference in Taiwan that Marvell's optical networking and connectivity solutions are essential for disaggregated AI data center infrastructure.

Marvell designs application-specific integrated circuits (ASICs) that accelerate AI workloads in cloud data centers, and its optical networking and connectivity solutions could prove even more profitable than its custom chip design business.

Huang believes Marvell will become a trillion-dollar company—a statement about a company currently valued at about $255 billion, which would mean investors buying today could nearly quadruple their money if correct.

Nvidia invested $2 billion in Marvell in March, and the two companies are working together to develop high-speed optical connectivity infrastructure for AI data centers.