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Marvell Technology gains 37.5% in two days following Nvidia CEO endorsement and strong earnings
- Marvell Technology shares gained 37.5% over two days to close at $301.65 on June 3, coinciding with Nvidia CEO Jensen Huang's public endorsement and strong Q1 earnings.
- The stock rose from $219.43 on June 1, with volume reaching 4.1 times its 20-day average (113.85M vs 27.78M).
- The June 2 single-day gain of 32.52% marked the company's largest one-day move since its IPO, driven by the endorsement, record quarterly revenue of $2.418B, and raised forward guidance.
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Conclusion
Price rose from $219.43 on June 1 to $301.65 on June 3 (+37.5%) on volume of 113.85M vs 20-day average of 27.78M. On June 2, the stock gained 32.52% (closing at $290.79) following Nvidia CEO Jensen Huang's endorsement at Computex, where he called Marvell "the next trillion-dollar company." The company had reported record Q1 FY27 revenue of $2.418B (up 28% YoY) and guided Q2 revenue to $2.7B (35% growth). The June 2 move was Marvell's largest single-day gain since its 2000 IPO.