Jim Cramer Is Watching Marvell After Jensen Huang Called It the Next Trillion-Dollar Stock

Jim Cramer told Mad Money viewers on June 16 that Marvell Technology (NASDAQ:MRVL | MRVL Price Prediction) is the AI hardware name he is tracking most closely, after NVIDIA (NASDAQ:NVDA) CEO Jensen Huang publicly tagged the chip designer as a candidate to join the trillion-dollar club. Cramer’s enthusiasm for the story has a limit: He questions whether the earnings power is there to justify that kind of ceiling.

His framing on the show was direct: “The one to watch is Marvell. This is the one that was anointed by Jensen Huang, CEO of NVIDIA’s, as the next trillion dollar stock.” He immediately tempered the call, adding, “I think that’s a little fanciful because it just doesn’t really have that kind of earnings power yet. Yet it might.”

Why Cramer Is Watching Marvell Right Now

The stock has been one of the most dramatic AI hardware reversals on the board. Marvell shares closed at $308.88 on June 15, 2026, after starting the year at $84.88. Over the past month alone the stock has climbed 75%, and the one-year return stands at 361%. Cramer noted the whiplash: “The stock was down very badly and it’s reversed. And I think that what you’re seeing is the desire to buy all sorts of hardware… as space closes in.”

Market cap has followed the run. Marvell now carries a valuation of roughly $272.83 billion, with a trailing P/E of 96 and a forward P/E of 69. The Wall Street consensus target sits at $235.70, well below current trading levels, even with eight Strong Buy ratings and 31 Buy ratings already in place.

The Data Center Engine Behind the Story

Cramer’s bull case rests on the same lever management keeps pulling: “The data center is key because that’s a data center stock… they need a lot of GPUs.” Marvell’s most recent quarter backs up that framing. In Q1 FY2027 results filed May 27, the company posted revenue of $2.418 billion, up 28% year over year, with the data center segment contributing $1.83 billion, or 76% of total revenue. Non-GAAP EPS came in at $0.80.

Guidance was the louder signal. CEO Matt Murphy guided Q2 to $2.7 billion at the midpoint, or roughly 35% year-over-year growth, and said, “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.” Product strength is concentrated in 800G and 1.6T scale-out optics, 51.2T Ethernet scale-out switches, and custom XPU solutions. The recent Celestial AI acquisition (closed Feb. 2) deepened the photonic interconnect roadmap.

The Jensen Huang Connection

Huang’s endorsement carries real substance. NVIDIA’s own Q1 FY2027 disclosures cite a strategic partnership with Marvell via NVLink Fusion and collaboration on silicon photonics technology. NVIDIA itself posted Q1 FY2027 revenue of $81.61 billion, up 85% year over year, with data center networking alone growing 199% to $14.8 billion. NVIDIA’s market cap sits near $5.06 trillion, the bar Huang is implicitly suggesting Marvell could one day approach.

The scale gap is enormous. NVIDIA shares are up 50% over the past year, a far tamer move than Marvell’s run, reflecting that NVIDIA has already earned its trillions. Marvell would need to deliver many multiples of its current $8.72 billion TTM revenue base to validate the comparison.

What Investors Should Watch Next

Cramer’s stance reduces to two questions investors will resolve over the next several quarters. First, can Marvell convert accelerating bookings into the kind of earnings power that supports a forward multiple in the high 60s? Second, does the customer base diversify away from the 73% to 76% data center concentration that magnifies both the upside and the cyclical risk? Huang’s call sets the ceiling for ambition. The next two earnings reports will determine how seriously the market keeps pricing it in.

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