Shares of Marvell Technology surged about 25% in premarket trading after Nvidia CEO Jensen Huang described Marvell as a potential “next trillion-dollar company,” according to CNBC. The comment spotlighted Marvell as a key supplier in the AI hardware ecosystem as demand for AI accelerators remains intense. In the same session, Hewlett Packard Enterprise climbed roughly 25% after the company posted current-quarter earnings and revenue guidance that topped analysts’ estimates and said it was raising its full-year outlook. Victoria’s Secret rose more than 35% after lifting full-year guidance following a fiscal first-quarter beat, driven by lower tariff costs. Credo Technology slipped about 3% despite reporting a fourth-quarter beat on both earnings and revenue. Microchip Technology advanced about 12% after signaling stronger data-center revenue, while Alphabet dipped around 2.8% after unveiling an $80 billion stock-sale plan that includes a $10 billion investment by Berkshire Hathaway. STMicroelectronics rallied more than 10% after raising its data-center revenue target for 2026 to about $1 billion, from a prior forecast of “nicely above $500 million.” CNBC’s Lisa Kailai Han contributed reporting.
Key takeaways
- Price move: Marvell (+~25%), Hewlett Packard Enterprise (+~25%), Victoria’s Secret (>35%), Credo Technology (−~3%), Microchip Technology (+~12%), Alphabet (−~2.8%), STMicroelectronics (>10%).
- Catalyst: Nvidia’s CEO praising Marvell as a potential future trillion-dollar company; quarterly results and guidance beating estimates at HPE and Victoria’s Secret; Credo’s beat yet negative stock reaction; Microchip’s data-center revenue signal; Alphabet’s large stock sale plan with Berkshire Hathaway involvement; STMicro’s raised data-center revenue ambition.
- Implication: The batch of moves underscores ongoing investor focus on AI-driven demand for semiconductors and data-center equipment, mixed earnings signals across the tech sector, and the potential macro implications of large stock-financing plans by major names.
What drove the move
Marvell Technology’s shares rose sharply after Nvidia’s chief executive officer publicly highlighted the potential for the company to become the next trillion-dollar technology player. The remark, relayed by CNBC, placed Marvell squarely in the orbit of Nvidia’s AI ecosystem, where component suppliers are seen as beneficiaries of sustained capex in data centers and AI workloads. While the comment was qualitative, it amplified a narrative about hardware suppliers riding the AI wave, and investors reacted with a sharp reassessment of Marvell’s growth trajectory.
Hewlett Packard Enterprise’s rally followed a quarterly print that exceeded expectations on earnings and revenue, with guidance for the current period topping consensus and an upgrade to the full-year outlook. The result reinforced the notion that enterprise IT demand remains resilient even as broader markets weigh macro questions. Victoria’s Secret also benefited from the same risk-on mood as it lifted its full-year sales guidance to a new range, driven by lower tariff costs that helped translate into improved profitability for the period. The magnitude of the move suggested investors were pricing in a stronger, tariff-relief-fueled margin path for the year ahead.
Credo Technology’s retreat, despite delivering a fourth-quarter beat on both the top and bottom lines, reflected a nuanced reaction to the earnings narrative. The company reported adjusted earnings per share of $1.16 on revenue of $437 million, beating the earnings and revenue expectations. However, the stock sold off modestly, signaling that investors may have been weighing near-term profitability against longer-term AI-backbone demand indicators.
Microchip Technology’s positive reaction was driven by a data-center solutions revenue signal, with its unit generating $302.7 million in revenue in 2025 and management signaling roughly 65% top-line growth this calendar year. The strength in the data-center segment underscored the ongoing shift in demand toward AI infrastructure, where suppliers with exposure to data-center deployments can see outsized earnings momentum as workloads scale.
Alphabet’s shares moved lower after the company disclosed an $80 billion stock sale plan, including a $10 billion investment by Berkshire Hathaway. The move highlighted the market’s sensitivity to capital allocation decisions and the potential dilution implications of large stock offerings, even as Alphabet continues to fund growth initiatives and strategic investments.
STMicroelectronics posted a more-than-10% advance after lifting its 2026 data-center revenue ambition to about $1 billion, up from a prior forecast of “nicely above $500 million.” The upgrade signaled a stronger-than-expected push into AI-centric infrastructure and reinforced the stock’s sensitivity to semiconductors tied to data-center workloads.
Overall, the day’s moves reflect a crowded tape where AI-related demand remains a persistent driver, even as individual company dynamics — including earnings beats, margins, and capital-allocation decisions — create divergent trajectories within the sector. The reporting was attributed to CNBC, with additional context provided by the market’s reaction to earnings and guidance in the period.
Bigger picture
Investors appear to be weighing a few concurrent themes: the durability of AI-driven demand for semiconductors and related equipment, the degree to which tariff economics influence margins in consumer-facing retailers like Victoria’s Secret, and how large-scale stock financing by major players will impact equity markets and corporate funding strategies. Marvell’s rally points to the ongoing fascination with suppliers that stand to benefit from Nvidia’s AI ecosystem, while the HPE move underscores the resilience of enterprise IT spending in the current cycle.
Analysts have long debated how much of the rally in AI-related hardware names is sustainable versus a phase of multiple expansion on optimism about long-run demand. The Alphabet development adds another layer of complexity, illustrating how capital-allocation choices can influence share performance even when near-term growth remains intact. STMicro’s upgrade, meanwhile, reinforces a trend of semiconductors increasingly guiding revenue expectations for 2026, particularly in segments tied to data centers and AI workloads.
From a broader perspective, the market remains focused on the health of data-center spending, the pace of AI adoption across industries, and the macro backdrop of rates and inflation that frame corporate guidance. The day’s movers suggest a marketplace that rewards profitability signals and strategic positioning within AI infrastructure, even as risk remains tied to execution and competitive dynamics in the semiconductor supply chain.
What to watch next: upcoming earnings releases and guidance from other AI-related hardware and software players, any fresh read on data-center capex trends, and broader macro indicators that could shape enterprise technology budgets in the coming quarters. Investors will closely track how catalysts from capital allocation and tariff dynamics translate into sustained earnings momentum or shifts in profitability trajectories.
