What happened: Marvell Technology (MRVL) stock skyrocketed 32% on Tuesday — and another 10% in premarket on Wednesday — after Nvidia (NVDA) CEO Jensen Huang called the custom chipmaker “the next trillion-dollar company.”
What’s behind the move: Huang’s comments made at Computex week in Taipei sent Marvell stock soaring as he appeared onstage alongside Marvell CEO Matt Murphy.
After taking the stage, Huang said, “Ladies and gentlemen, the next trillion-dollar company,” in reference to Marvell.
The custom chipmaker’s market cap sat just under $254 billion on Tuesday, still a long way from $1 trillion.
Last month, memory chipmakers Micron Technology (MU), Samsung Electronics (005930.KS), and SK Hynix (000660.KS) all made headlines as they topped valuations of $1 trillion for the first time.
What’s behind the move: Huang’s comments made at Computex week in Taipei sent Marvell stock soaring as he appeared onstage alongside Marvell CEO Matt Murphy.
After taking the stage, Huang said, “Ladies and gentlemen, the next trillion-dollar company,” in reference to Marvell.
The custom chipmaker’s market cap sat just under $254 billion on Tuesday, still a long way from $1 trillion.
Last month, memory chipmakers Micron Technology (MU), Samsung Electronics (005930.KS), and SK Hynix (000660.KS) all made headlines as they topped valuations of $1 trillion for the first time.
1 day ago
