Marvell Technology shares surge with Nvidia praise
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The news: Marvell Technology shares surged 26% in premarket US trading on Tuesday morning, after Nvidia CEO Jensen Huang called the semiconductor company the next “trillion-dollar company”.
The numbers: A USD1 trillion valuation would be more than five times Marvell’s current capitalization, Bloomberg reported.
Marvell shares have leapt 158% this year. The company has a market value of USD192 billion.
Nvidia invested USD2 billion in Marvell earlier this year.
The context: A surge in AI use is increasing demand for specialised chips, such as those made by Marvell.
Fellow chipmaker SK Hynix said on Tuesday it would double memory chip production, while STMicroelectronics NV has nearly doubled its forecast revenue from its data centres.
