Stock prices for Marvell Technology jumped dramatically in early Tuesday trading, climbing more than 24% after Nvidia’s chief executive made a bold prediction about the company’s future.
During a technology conference presentation at Computex week in Taipei on Tuesday, Nvidia CEO Jensen Huang described the chipmaker as the next “trillion-dollar company.” Huang appeared alongside Marvell CEO Matt Murphy at the event.
The stock surge pushed Marvell shares up 24.4% to $272.9 in premarket trading. If those gains maintain throughout the trading day, the company stands to increase its market value by more than $47.2 billion. Nvidia’s own stock also climbed 1.4% following the comments.
