Marvell Technology shares jumped about 22% on Tuesday after Nvidia boss Jensen Huang called the chipmaker the next “trillion-dollar company.”

Last week, Marvell projected its custom chip business could exceed $10 billion in revenue by fiscal 2029, driven by cloud providers building out AI data centers and increasing investment in custom silicon to reduce dependence on Nvidia processors.

The company said rising AI adoption is boosting demand for specialized chips, alongside its interconnect technologies, which are used in data centers to link large clusters of processors required for training and running AI models.

The company also raised its 2028 revenue outlook to about $16.5 billion, up from a prior forecast of $15 billion. 

Marvell’s stock has more than doubled year-to-date.

Huang and Marvell CEO Matt Murphy appeared together at a Computex event in Taipei this week. At the event, Nvidia unveiled a new chip designed to bring artificial intelligence capabilities directly into laptops and desktop computers, competing with Advanced Micro Devices, Intel and Apple.

Huang said the new RTX Spark PC chip reflects Nvidia’s broader push with Microsoft to “reinvent the PC” for the AI era, following three years of collaboration between the companies.