Trillion.
That is the word Jensen Huang used at Computex Monday night to describe Marvell Technology. Not "important partner." Not "key supplier." The next trillion-dollar company.
Marvell is surging more than 20% in premarket Tuesday after Nvidia's CEO endorsed it onstage as the next company to cross the trillion-dollar threshold. Iran suspended all indirect negotiations with Washington and signaled a possible full closure of the Strait of Hormuz, reversing oil's May decline in a single session. ISM Manufacturing printed 54.0 on Monday, the highest since May 2022, extending factory expansion to five consecutive months.
The endorsement came during a joint appearance with Marvell CEO Matt Murphy at Computex Week in Taipei. Huang pointed to Marvell's networking and optical interconnect chips as the connective tissue inside AI data centers, the layer that lets thousands of GPUs share data fast enough to train frontier models at scale.
Marvell's data center division generated more than $6 billion in revenue last fiscal year, growing 46%. Management guided for 40% growth this year. Custom AI accelerators and optical interconnects for hyperscale customers are the two product lines Huang singled out.
The stock already hit an all-time high during Monday's regular session, gaining roughly 7% before the Computex comments pushed it another 20%-plus overnight.
At current levels, Marvell's market capitalization is approaching $200 billion. Reaching Huang's target requires roughly a fivefold increase from here. That is not a six-month thesis. It is a bet on which companies own the chokepoints as AI infrastructure spending scales from hundreds of billions into the trillions over the coming decade.
Broadcom made a similar pivot into AI networking and custom silicon and has been one of the strongest performers in semiconductors since. Marvell's growth trajectory looks comparable, but the revenue base is earlier stage, which means both the risk and the upside are larger. Whether Huang's endorsement compresses the market's pricing timeline is the trade to watch.
Oil reversed hard
Iran suspended all back-channel communications with Washington on Monday and signaled through state media that it may move to fully close the Strait of Hormuz. WTI jumped nearly 6% to settle above $92. Brent climbed past $95.
The collapse in talks erased the diplomatic momentum that drove crude down 17% through May. Energy names that spent two weeks giving back gains are repricing this morning.
Generac signed a global supply deal with an unnamed hyperscale data center operator for backup power generators, sending the stock up more than 7% in premarket. AI's electricity demands now reach a company most investors know for home standby units.
Goldman Sachs cut Intuit to Sell this morning, dropping its price target from $519 to $276. The core concern: AI-powered tax competitors are maturing fast enough to threaten TurboTax, which still accounts for roughly a quarter of Intuit's revenue. The stock has shed nearly half its value this year.
Futures are pointing modestly lower after the S&P 500, Nasdaq, and Dow all closed at records Monday. The Nasdaq crossed 27,000 for the first time. Renewed geopolitical tension nudged gold above $4,500.
One sentence from the most influential executive in semiconductors just told the market where to look next.
