Via barchart.com
Nvidia's CEO put his weight behind Marvell Technology at Computex, and a massive Google partnership is now adding fuel to the thesis.
Jensen Huang doesn’t hand out trillion-dollar predictions like business cards. So when the Nvidia CEO stepped onto the Computex stage on June 2 and called Marvell Technology “the next trillion-dollar company,” the semiconductor world paid attention.
Marvell’s stock responded accordingly, surging 25-33% in the days following Huang’s endorsement. And now, a freshly inked strategic deal with Google is giving that bold forecast something it previously lacked: a concrete revenue roadmap.
The Google deal changes the math #
On July 29, Marvell signed a strategic agreement with Google focused on developing customizable silicon for AI workloads and data-center applications. The deal’s revenue projections could reach $120 billion by fiscal year 2033, a figure that would fundamentally reshape Marvell’s financial profile.
Google also stands to receive warrants for approximately 59 million shares of Marvell as part of the arrangement. That kind of equity component signals this isn’t a routine supplier contract. It’s an alignment of incentives where Google has skin in Marvell’s upside.
For a company currently sitting at roughly $200 billion in market capitalization, the path from here to $1 trillion requires a 5x expansion.
Why Huang is betting on Marvell #
Nvidia’s interest in Marvell isn’t just rhetorical. The company made a $2 billion strategic investment in Marvell back in March 2026, building a partnership around NVLink Fusion and broader AI infrastructure technologies.
Huang’s thesis centers on a straightforward observation: building massive AI computing clusters is only half the problem. Connecting them is the other half. Marvell designs the high-speed networking solutions and silicon photonics technology that make those connections possible.
The timing of Huang’s endorsement wasn’t accidental. Market trends have been shifting decisively toward optical interconnects as AI models grow larger and training clusters expand to warehouse-scale installations. Marvell sits at the center of that shift.
Huang specifically pointed to the rise of “useful AI” agents, autonomous systems that operate continuously and generate persistent demand for data-center connectivity, as the demand driver that makes Marvell’s technology essential rather than optional.
The trillion-dollar gap #
The Google deal’s $120 billion revenue milestone by FY 2033 provides one plausible engine for that growth. But revenue projections tied to long-term partnerships are inherently forward-looking. They assume both parties execute flawlessly and that market conditions cooperate.
Still, having both Nvidia and Google in your corner simultaneously is a rare competitive moat. Nvidia’s $2 billion investment means the company has direct financial incentive to route AI infrastructure demand through Marvell’s products. Google’s warrant structure means the search giant profits when Marvell’s stock rises, creating alignment that goes beyond a typical buyer-seller relationship.
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