Jensen Huang made a surprise appearance at Marvell CEO Matt Murphy's Computex 2026 keynote on June 2, declaring Marvell as "the next trillion-dollar company." MRVL pre-market trading immediately jumped 23% to $269, a record high, pushing its market cap above $230 billion.
Huang's Surprise Endorsement: 'The Next Trillion-Dollar Company'
"Ladies and gentlemen, the next trillion-dollar company," Huang said, drawing a standing ovation. He was not on his own NVIDIA stage but at Murphy's keynote titled The Future of AI Scaling Depends on Connectivity. Murphy opened with: "Computing at this scale is fundamentally a connectivity challenge." His core argument: AI infrastructure bottlenecks are shifting from compute to interconnect, and Marvell sits at that inflection point.
Marvell has spent roughly $36 billion over the past decade building its data center platform, revenue has more than quadrupled, and data center now accounts for 76% of total revenue. It currently has 18 custom AI silicon (XPU) projects, with 12 from Amazon, Google, Microsoft, and Meta, plus six from emerging AI startups. Custom chip revenue hit $1.5 billion in FY2026, and the company expects it to double by FY2028.
NVIDIA Invests $2B, Deepens NVLink Fusion Tie-Up
NVIDIA invested $2 billion in Marvell in March, leveraging its NVLink Fusion ecosystem to let cloud customers pair Marvell custom AI chips with NVIDIA infrastructure in the same rack, targeting the next critical market: AI data center interconnects. Marvell's Q1 FY27 revenue reached a record $2.418 billion, with Q2 guidance raised to $2.7 billion.
Teralynx T100: Industry's First 102.4 Tbps Switch Chip
The Teralynx T100, unveiled on June 1, is a highlight: the industry's first 102.4 Tbps switch chip, built on 3nm process, with power consumption under 1,000 watts (about 25% less than competitors), supporting up to 512 ports. Sampling begins this quarter. Murphy emphasized that 200G/lane is the last copper generation; beyond 400G/lane, optics take over.
At a pre-market valuation of ~$230 billion, Marvell would need to rise about 4.3x to reach trillion-dollar status. FY2027 revenue target of $11.5 billion (up ~40% YoY) shows growth, but the trailing P/E of ~75x means the stock is not cheap. The market is watching whether Marvell can replicate NVIDIA's explosive trajectory.