Nvidia CEO Jensen Huang just called Marvell the next $1 trillion company - a more than 5x move from where the stock sits today, and Nvidia already owns a $2 billion piece of it.
The market took the call seriously, sending Marvell 25% higher in a single day.
Huang made the prediction Tuesday at Computex in Taipei, where he stood on stage next to Marvell CEO Matt Murphy.
His pitch: Marvell's value will climb fast now that "useful AI has arrived."
Shares ran 25% higher to $274.58 - the biggest single-day pop for the stock since May 2023.
That move pushed Marvell's full-year gain to 222% and the company's market cap to $239 billion.
Marvell makes custom chips and networking gear for the cloud giants - the kind of silicon that moves AI data around inside data centers.
Custom silicon means a cloud giant like Amazon hires a chip company to design chips made just for its servers - cheaper and faster than buying off the shelf.
It's not Nvidia's GPUs, but it sits next to them in every AI server rack.
The detail Huang skipped: three months back, Nvidia put $2 billion into Marvell as part of a wider partnership.
That deal locked Marvell into the Nvidia ecosystem just as every cloud giant raced to build out AI capacity.
So the world's most valuable company is publicly calling a 5x move for a company it already owns a slice of.
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Marvell isn't the only chip name having a week - the AI infrastructure trade is widening out fast.
The money behind all of it traces back to the same place: Amazon, Alphabet, and Microsoft have pledged hundreds of billions of dollars to AI data centers.
That spending flows through every layer of the chip stack - GPUs, memory, networking, custom silicon - and Marvell sits in the networking layer.
Nvidia itself remains the cleanest read on this whole trade, with its stock up over 1,400% in roughly two years and the company now worth $5.5 trillion.
Fewer than 20 companies on the planet are currently worth more than $1 trillion, and almost all of them are tech.
Marvell would need to roughly 5x from here to crack the list. Nvidia did 14x in two years, so the math isn't crazy - but that's the bar.
Huang just told the market who he thinks gets there next.
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