The market may still be underestimating Marvell as it becomes a key supplier of custom silicon and connectivity for the AI build-out. At its Investor Day, Marvell put its addressable market at about $400 billion by 2030, targeted about $20B of FY28 revenue and said revenue could reach $70-90B by FY31. Last quarter revenue rose 37% to $2.74B on AI and data-center demand, and Nvidia's Jensen Huang reportedly called Marvell the next trillion-dollar company. x.com  x.com 

Marvell can become the next $1 trillion company, which makes the investing case simple. Jensen Huang was cited as saying so, and even if that comment actually referred to AMD, Marvell can still reach the mark. x.com  x.com 

Marvell's extremely high expectations make its valuation hard to justify amid customer concentration, custom-silicon competition and acquisition risks. It benefits from AI infrastructure spending, but those risks are making investors question what it is worth. x.com 

Marvell is the best at connectivity engineering, and optical connectivity, the fastest way to move data, is now the biggest AI bottleneck according to its CEO. Jensen Huang says Marvell is on a path to becoming a $1T+ company. Companies that own the technology to move data at the fastest speeds over any distance will be as important as GPU makers, which is why the market prices optical suppliers like the next Nvidia. x.com 

Marvell is being repriced as a core AI infrastructure holding after record results, with the bull case shifting from custom silicon toward networking and optics. Fresh June targets run $321-$385, led by KeyBanc's Street-high $385 on data center networking, scale-up and the $3.25 billion Celestial AI optical acquisition; the $236 average target is lagging, not bearish. The catch: the stock already trades above that average, and KeyBanc calls the custom XPU business less durable long term. x.com 

Marvell's ambitious long-range outlook is encouraging about hyperscaler and AI-lab spending plans, but hitting it depends on AI revenue and token consumption soaring through decade's end. Even if its FY28 estimates rise again, Marvell trades at a healthy premium to Nvidia and Broadcom, especially on a GAAP basis, and those two are growing fast too. x.com 

The Lumentum merger makes Marvell's path toward a $1 trillion valuation look clearer if it executes well. Jensen Huang had called Marvell the next $1 trillion company. Lumentum's demand is sold for the next two to three years, though whether that gives Marvell an edge remains an open question. Marvell looks like a long-term opportunity, but the route to building a position is still unclear. x.com 

A rising value of compute per watt should benefit AI cloud, chip, connectivity and power suppliers. Elon Musk says that value will rise over time. Nebius has Microsoft and Meta deals; Marvell benefits from custom silicon demand; Credo connects GPUs; Vistra has long-term nuclear supply deals with Amazon and Meta; Nokia's Nvidia partnership could help it capture data-center networking growth. x.com  x.com 

Marvell looks like the biggest bubble mankind has ever seen at about 100x trailing earnings, 170x forward earnings and 33x sales. The stock added about $110 a share, roughly $100B of market cap, after Jensen Huang said it will become a trillion-dollar company. x.com 

Marvell looks well positioned for scale-up compute domains, where interconnect is the wall that limits performance. Scale-up domains should be thought of differently from simply networking racks together, and Marvell's own commentary now focuses on exactly that opportunity. x.com  x.com