Marvell Keep Surging After Nvidia CEO Calls It the Next Trillion-Dollar Company

Jensen Huang has spent the last three years declaring various inflections, factories, and platforms, and the market has spent those same three years front-running every one of them. So when the NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) CEO reportedly called Marvell Technology (NASDAQ:MRVL) the next trillion-dollar company, traders treated the comment as gospel.

Marvell shares have now shot up 84% in just the past month. This is an extraordinary move for a company that already carries a market capitalization of roughly $264 billion. The endorsement landed with extra force because NVIDIA had recently put real money behind it. NVIDIA invested $2 billion in Marvell, which turns a CEO compliment into something closer to an industrial alliance. It arrived against a backdrop of Marvell already running hot on its own merits, with bookings, guidance, and acquisitions pointing in the same direction.

The endorsement and the partnership behind it

The verifiable substance behind Huang’s comment shows up in NVIDIA’s earnings disclosures, where management cited a “strategic partnership with Marvell via NVLink Fusion and collaboration on silicon photonics technology” as a growth initiative. NVLink Fusion lets third-party silicon plug into NVIDIA’s interconnect fabric, and Marvell is one of the few merchant suppliers credible enough to play in custom XPU work, optical interconnect, and the switching layer that ties hyperscale clusters together.

NVIDIA reported Q1 FY2027 revenue of $81.6 billion, with data center networking up 199% year over year to $14.8 billion. The networking line is where Marvell lives. If NVIDIA’s networking business is compounding at that rate, Huang’s compliment reads as an acknowledgement of dependency.

Marvell’s underlying numbers

The fundamentals support the enthusiasm. Marvell’s Q1 FY2027 revenue came in at $2.418 billion, up 27.57% year over year, with non-GAAP EPS of $0.80. The data center segment, now 76% of total revenue at $1.83 billion, grew 11% sequentially. Management guided Q2 to $2.7 billion at the midpoint, implying roughly 35% year-over-year growth.

CEO Matt Murphy framed the setup directly in the 8-K filing, saying “We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028”.

The product list reads like a tour of AI infrastructure plumbing. 800G and 1.6T scale-out optics, 51.2T Ethernet switches, co-packaged optics, custom XPU and XPU-attach solutions all show up. Marvell also closed two tuck-in acquisitions earlier this year, Celestial AI on February 2, 2026 for photonic fabric and XConn Technologies on February 10, 2026 for chiplet connectivity, and raised $2 billion in Series A Convertible Preferred Stock on March 31, 2026.

The valuation is where the trillion-dollar talk gets harder to defend. Marvell trades at a trailing P/E of 98x and a forward P/E of 75x, with shares up 355% over the past year.

The infrastructure trade extends to HPE

The same enterprise-AI thesis lifted Hewlett Packard Enterprise (NYSE:HPE) on the same morning. HPE shares climbed 92% in a month after a top and bottom line beat, with server revenue as the standout, and management raised full-year guidance while saying it is tracking two years ahead of its long-term financial plans.

The Juniper Networks acquisition explains most of that growth. Networking revenue hit $2.69 billion, up 148.2% year over year, while server revenue grew 32.7% to $5.45 billion. CEO Antonio Neri raised the FY2026 non-GAAP EPS outlook to $3.35 to $3.45, with free cash flow now expected to hit at least $3.5 billion, a target originally pinned to FY2028.

The other side of the AI trade

The mirror image of the AI infrastructure rally played out in Intuit (NASDAQ:INTU). Goldman Sachs downgraded the stock to sell from neutral and cut its price target in half, citing mounting competition from AI-driven tax software. Shares fell 10%. Intuit’s actual results are fine. Q3 FY2026 revenue grew 10.37% to $8.56 billion with non-GAAP EPS of $12.80, and management raised full-year guidance.

But the company announced a 17% workforce reduction with $300 million to $340 million in restructuring charges, which confirms the bear case rather than refutes it. Marvell sells the picks and shovels for AI. Intuit sells software that AI might replace. The market is pricing that difference with unusual clarity.