Marvell Technology (NASDAQ:MRVL) shares continued their remarkable advance on Wednesday, rising another 13% in premarket trading after delivering a record-breaking 32.5% gain in the previous session. The surge followed comments from Nvidia CEO Jensen Huang, who identified Marvell as a potential future trillion-dollar company.
The latest move builds on growing investor enthusiasm surrounding Marvell’s role in the rapidly expanding artificial intelligence infrastructure market.
Nvidia CEO Highlights Marvell’s Role in AI Expansion
Huang made the comments during a joint appearance with Marvell Chief Executive Officer Matthew Murphy at Computex Week in Taipei on Monday.
During the discussion, the Nvidia chief praised Marvell’s networking and connectivity technologies, describing them as critical components supporting the next generation of AI infrastructure.
Investor reaction was swift, helping drive Tuesday’s share-price jump, which marked the largest single-day gain in Marvell’s history and narrowly surpassed the company’s previous record set in May 2023.
Stifel Raises Price Target and Reaffirms Bullish View
Adding to the positive momentum, Stifel analyst Tore Svanberg increased his 12-month price target on Marvell to $321 from $230 while maintaining a Buy rating on the stock.
The analyst cited growing recognition of Marvell’s strategic position within the ongoing data center and artificial intelligence investment cycle.
According to Stifel, investors are increasingly appreciating the company’s exposure to key infrastructure technologies required to support large-scale AI deployments.
Computex Presentation Reinforces Long-Term Growth Thesis
Murphy’s Computex keynote presentation, titled “The Future of AI Scaling Depends on Connectivity,” was viewed by Stifel as further validation of the firm’s long-standing investment case for Marvell.
“The address was, in our view, a high-production reaffirmation of the data-infrastructure thesis we have underwritten for some time, and it dovetailed cleanly with the financial trajectory management framed on last week’s F1Q27 call,” Svanberg wrote.
The analyst noted that the presentation aligned closely with management’s recent financial outlook and reinforced confidence in the company’s growth prospects.
AI and Data Center Demand Continue to Drive Optimism
Stifel’s revised valuation is based on a 55-times projected calendar-year 2027 earnings multiple.
“Given what we view as the market’s increased acceptance of MRVL’s positioning within the DC/AI supercycle, we reiterate our Buy rating,” Svanberg added.
The latest rally highlights investor enthusiasm for companies viewed as key beneficiaries of continued spending on artificial intelligence infrastructure, with Marvell increasingly positioned as a major participant in the sector’s long-term growth story.