Muse: Huang’s Marvell ‘trillion-dollar’ remark was figurative

Cantor Fitzgerald senior managing director CJ Muse described Jensen Huang’s comment at the Computex conference in Taipei that Marvell could be “the next trillion-dollar opportunity” as figurative, saying the valuation math does not match the phrase.

Marvell’s market capitalization stood near $192 billion heading into Tuesday. Reaching $1 trillion would require roughly a fivefold increase from that level.

Muse acknowledged Marvell’s role in the artificial intelligence supply chain, including its work on custom silicon and interconnect technology used to scale AI workloads inside data centers and across distributed systems. He pointed to company figures showing Marvell’s data-center business accounted for about 76% of total revenue in the first quarter.

The stock has risen roughly 300% from its year-to-date low in early February. Technical indicators show shares trading above key moving averages while the relative strength index climbed into the mid-80s after the rally, a reading traders often view as overbought.

Wall Street’s consensus rating on Marvell remains “strong buy,” while the average price target is about $225, which implies more than 20% downside from recent levels.

On the wider semiconductor market, Muse argued that Nvidia remains underappreciated by some investors. He described Nvidia as “the obvious name left for dead in AI,” projected the company could earn as much as $16 per share next year and calculated that figure would place the stock at about 14 times forward earnings at current prices. Nvidia’s market capitalization stands near $5.4 trillion.

Huang’s original phrase at Computex — that Marvell could be “the next trillion-dollar opportunity” — provoked the market reaction. Muse called Huang “a great cheerleader” and characterized the trillion-dollar framing as “a little more aspirational and figurative, not literal.”