Marvell (MRVL) Stock Keeps Climbing — Here’s What’s Fueling the Rally

TLDR

• Marvell stock rose another ~13% in premarket Wednesday, extending a historic 32.5% single-day surge — its largest ever.
• Nvidia CEO Jensen Huang called Marvell “the next trillion-dollar company” at the Computex conference in Taiwan.
• Nvidia has invested $2 billion in Marvell as part of a collaboration on semi-custom AI infrastructure.
• Marvell ended Tuesday with a market cap of $254.38 billion, making it the largest company eligible for S&P 500 inclusion.
• The next S&P 500 rebalancing is due June 19, and analysts say Marvell would enter the top 50 companies in the index.

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Marvell Technology (MRVL) stock was trading at $324.41 in premarket Wednesday, up roughly 13%, after posting a 32.5% gain the prior session — its best single-day move on record.

Marvell Technology, Inc., MRVL

The rally was triggered by Nvidia CEO Jensen Huang, who declared at the Computex conference in Taipei that Marvell would be “the next trillion-dollar company.” Huang made the comments during an on-stage appearance alongside Marvell CEO Matthew Murphy, praising the company’s networking and connectivity products as critical to AI infrastructure development.

Nvidia has backed that confidence with cash, investing $2 billion in Marvell as part of a collaboration that lets customers combine components from both companies to build semi-custom AI infrastructure.

Murphy’s Computex keynote — titled “The Future of AI Scaling Depends on Connectivity” — laid out Marvell’s positioning in the data center and AI investment cycle. Stifel analyst Tore Svanberg called it a “high-production reaffirmation” of the thesis the firm has held on Marvell for some time.

Marvell’s stock has now more than tripled so far in 2026. Tuesday’s 32.5% jump narrowly beat its previous record set in May 2023.

S&P 500 Watch

With a market cap of $254.38 billion at Tuesday’s close, Marvell is now by far the largest company not yet in the S&P 500. If added, it would rank in the top 50 within the index — just ahead of SanDisk, which was included late last year.

The next quarterly rebalancing for the S&P 500 is scheduled for June 19. Inclusion would likely prompt a fresh burst of buying from passive index funds tracking the benchmark.

That said, the S&P Dow Jones Indices committee has discretion on additions and is not required to act at each rebalancing cycle. There’s no guarantee Marvell gets the call this month.

Analyst Reaction

Stifel raised its 12-month price target on MRVL to $321 from $230, maintaining its Buy rating. The new target is based on a 55x CY27 price-to-earnings multiple.

Analyst Svanberg said the Computex event “dovetailed cleanly with the financial trajectory management framed on last week’s F1Q27 call,” suggesting the bull case is strengthening with each new data point.

Svanberg wrote: “Given what we view as the market’s increased acceptance of MRVL’s positioning within the DC/AI supercycle, we reiterate our Buy rating.”