On June 3, GraniteShares 2x Long MRVL Daily ETF rose 18.81% overnight, trading at $226.0/share, with trading volume of approximately $1.0049 million. The leveraged ETF tracks Marvell Technology, which surged over 32% in the prior session.

The catalyst behind the move was NVIDIA CEO Jensen Huang publicly endorsing Marvell Technology at Computex 2026 in Taipei, calling it the next trillion-dollar company. Huang appeared alongside Marvell CEO Matt Murphy, highlighting their deepening strategic partnership in AI data center interconnect infrastructure. Reports indicated NVIDIA invested $2 billion in Marvell earlier this year, while Marvell expects its custom AI chip business to generate more than $10 billion in revenue by fiscal 2029. Additionally, Marvell launched the Teralynx T100, described as the industry's first 102.4-terabit-per-second switch built specifically for AI data centers. Morgan Stanley recently raised its price target on Marvell to $195, citing accelerating data center revenue growth expected at roughly 50% in fiscal 2027 and 55% in fiscal 2028.

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