Marvell Technology (MRVL Quick QuoteMRVL - Free Report) ) is becoming one of Wall Street’s hottest AI stocks after Nvidia (NVDA Quick QuoteNVDA - Free Report) ) CEO Jensen Huang called the specialized chip leader the “next trillion-dollar company” at Computex 2026 this week, which is one of the world’s largest technology shows.

The endorsement has sparked a massive rally in MRVL shares, which have surged more than 40% in the first few days of June to over $300 and pushed the company’s market capitalization to roughly $250 billion.

Huang highlighted Marvell’s critical role in AI infrastructure, particularly its networking and connectivity solutions that help power next-generation AI data centers. This comes as Nvidia has strengthened its relationship with Marvell through a $2 billion strategic investment announced earlier in the year.

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Investors Hope Marvell Can Be the Next Micron

Marvell’s trillion-dollar ambitions come just days after Micron Technology (MU Quick QuoteMU - Free Report) ) crossed the $1 trillion market-cap threshold, joining an elite group of global companies.

Micron’s surge has been driven by explosive demand for AI memory products, particularly high-bandwidth memory (HBM) used in advanced AI systems.

With Micron now valued at more than $1 trillion, investors are increasingly looking for the next semiconductor company capable of making a similar leap.

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Marvell vs. Micron: Different AI Opportunities

While Marvell and Micron are both benefiting from the AI boom, their businesses are quite different.

• Marvell focuses on networking, custom silicon, optical interconnects, and data center infrastructure that enables AI clusters to communicate efficiently.

• Micron specializes in memory and storage products, supplying the DRAM and HBM chips that are essential for AI accelerators and servers.

In other words, Micron provides the memory that AI systems require, while Marvell helps move data throughout those systems.

MRVL & MU Valuation Comparison

Of course, Marvell would need to nearly quadruple its market capitalization to join Micron in the trillion-dollar club. However, Nvidia’s endorsement and Marvell’s growing position within AI infrastructure have convinced many investors that such a path is increasingly plausible.

Marvell also has the luring high double-digit top and bottom line growth trajectory that has remained compelling, but not to the same extent as Micron, which has a critical supply and demand advantage that is leading to unprecedented pricing power regarding the HBM supply shortage.

Investors may also want to keep in mind that although Micron’s stock has ballooned to over $1,000 a share, its trillion-dollar market cap is still justified by a much more reasonable P/E valuation of 18X forward earnings. In comparison, Marvell shares are trading at a rather high premium of 95X forward earnings, even with MRVL having the more appealing and affordable price tag.

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Bottom Line

Micron has already proven that AI-driven semiconductor companies can reach trillion-dollar valuations in a short amount of time. While Marvell still has a significant gap to close before reaching that milestone, its leadership in AI networking, custom silicon, and data center connectivity provides investors with a compelling long-term growth story.

That said, Marvell's premium P/E valuation already reflects considerable optimism about its AI opportunity. To justify a trillion-dollar market cap similar to Micron's, Marvell will need to deliver sustained revenue growth and meaningfully expand earnings over the coming years.

For now, Marvell Technology stock carries a Zacks Rank #3 (Hold), while Micron Technology boasts a Zacks Rank #1 (Strong Buy), reflecting the stronger earnings outlook and estimate revision trends.