Nvidia's $2 billion（約3200億円） investment in Marvell positions the chipmaker to benefit from AI data center upgrades, with analysts projecting its revenue and adjusted EBITDA to grow at CAGRs of 41% and 43% respectively through fiscal 2029.

What happened: Nvidia invested $2 billion（約3200億円） in Marvell Technology and formalized a partnership called NVLink Fusion, which integrates Marvell's networking and connectivity chips into Nvidia's data center ecosystem. The two companies are co-developing optical interconnect and silicon photonics solutions for AI data centers, and Marvell is merging its infrastructure hardware into Nvidia's Aerial AI-RAN software platform.

Why it matters: Marvell generates most of its revenue from data center hardware—optical connectivity chips, custom ASICs (application-specific integrated circuits) for large cloud providers, Ethernet switches, and data processing units that combine CPUs, networking, and acceleration engines. Companies upgrading data centers for new AI applications will need this hardware, and Nvidia's CEO Jensen Huang has stated Marvell could become the 'next trillion-dollar company' because its chips are essential to data centers.

What to watch: From fiscal 2026 to fiscal 2029, analysts expect Marvell's revenue and adjusted EBITDA to grow at CAGRs of 41% and 43% respectively, compared with CAGRs of 16% and 17% from fiscal 2022 to fiscal 2026. If the company matches those growth expectations and trades at 30 times adjusted EBITDA by 2036, its stock could rise more than eightfold over the next ten years, driving its valuation above $2.3 trillion（約370兆円）.