Investing.com -- Marvell Technology shares have extended a historic surge Wednesday, rising a further 13% in premarket trading after soaring 32.5% in the prior session, following Nvidia CEO Jensen Huang's declaration that Marvell would be the next trillion-dollar company.

Huang made the remarks during an onstage appearance with Marvell CEO Matthew Murphy at Computex Week in Taipei on Monday, praising the chipmaker's networking and connectivity products as essential to the AI infrastructure buildout.

Tuesday's gain was the largest single-day move in the company's history, just slightly beating the previous record set in May 2023.

In a note to clients, Stifel analyst Tore Svanberg raised his 12-month price target on Marvell to $321 from $230 and reiterated his Buy rating, citing growing market recognition of the company's positioning within the data center and AI investment cycle.

Murphy's Computex keynote, titled "The Future of AI Scaling Depends on Connectivity," was described by Stifel as a reaffirmation of the firm's long-held thesis on Marvell.

"The address was, in our view, a high-production reaffirmation of the data-infrastructure thesis we have underwritten for some time, and it dovetailed cleanly with the financial trajectory management framed on last week's F1Q27 call," Svanberg wrote.

Stifel's new target is based on a 55x CY27 price-to-earnings multiple. "Given what we view as the market's increased acceptance of MRVL's positioning within the DC/AI supercycle, we reiterate our Buy rating," Svanberg added.