tech
When Jensen Huang Speaks, Investors Listen
Nvidia CEO's comments sent shares of Marvell Technology soaring.
TL;DR
- Nvidia CEO Jensen Huang called Marvell Technology a "next trillion-dollar company."
- Marvell Technology's stock increased by almost 33% after Huang's comments.
- Nvidia previously announced a $2 billion investment in Marvell in March.
- Marvell, which makes semiconductors for data centers, is experiencing AI-driven growth, with revenue up 28% in its recent quarter.
- Huang's comments alongside Marvell CEO Matt Murphy at a trade show in Taiwan were seen as crucial for the stock's rise.
- Marvell's market cap increased to nearly $250 billion from $53 billion last year.
- Huang also recently stated that AI is beneficial for the software industry, increasing software stock prices.
- Previously, Huang's comments about quantum computing negatively impacted companies in that sector.