Marvell stock soars 32% as Nvidia's Huang says it could be the next trillion-dollar company

Nvidia's CEO Jensen Huang hailed Marvell Technology as the next trillion-dollar firm, sending its shares up 32.52% on Tuesday.

The stock move is Marvell's biggest one-day gain ever, narrowly topping its previous best set in May 2023.

The semiconductor firm, which designs chips for data centers, soared after Huang touted the company's efforts in supplying the AI infrastructure build-out during an onstage appearance with Marvell CEO Matthew Murphy at Computex Week in Taipei on Monday.

Marvell is set to be the "next trillion-dollar company," Huang said, adding that the company's networking and connectivity chips are essential to data centers where computing tasks are spread across thousands of connected chips that need to share data quickly.

The company's market cap was at just over $250 billion as of Tuesday's close.