Shares of Marvell Technology Inc. (NASDAQ:MRVL) surged 32.52% on Tuesday after Nvidia CEO Jensen Huang described the AI infrastructure company as a potential “next trillion-dollar company,” sparking renewed interest in leveraged exchange-traded funds tied to the chipmaker.
Among the biggest beneficiaries of the move were the GraniteShares 2x Long MRVL Daily ETF (NASDAQ:MVLL) and the Direxion Daily MRVL Bull 2X ETF (NASDAQ:MRVU).
GraniteShares 2x Long MRVL Daily ETF
MVLL seeks two times the daily performance of Marvell Technology shares. The fund launched in March 2025 and carries a net expense ratio of 1.50%.
It has $386.91 million in assets under management (AUM) and trades an average daily volume of 1.18 million shares. The fund skyrocketed nearly 770% since the start of the year and about 1,160% over the past year.
Price Action: The ETF surged 65% during Tuesday’s regular trading session and gained another 19.5% in extended trading.
Direxion Daily MRVL Bull 2X ETF
MRVU also offers two times exposure to the performance of Marvell stock.
The fund has $52.15 million in assets under management and charges an annual expense ratio of 0.97%.
The fund has surged 997% since it launched in February.
Price Action: MRVU climbed 65% during Tuesday’s regular trading session and gained another 20% in extended trading.
Other ETFs Gain
Other ETFs, including iShares Semiconductor ETF (NASDAQ:SOXX) , iShares Future AI & Tech ETF (NYSE:ARTY) and First Trust Nasdaq Semiconductor ETF (NASDAQ:FTXL) gained between 3% to 5% on Tuesday. As MRVL accounts for a significant portion of these funds, sizable inflows or outflows could amplify trading activity in the underlying stock.
Marvell’s rally
Marvell shares rallied after Nvidia CEO Jensen Huang described the company as a potential “next trillion-dollar company” while appearing alongside Marvell CEO Matt Murphy at the Computex trade show.
Huang said Marvell’s optical interconnects, silicon photonics and custom chip business position the company at the center of the AI infrastructure buildout, highlighting the growing importance of networking and connectivity as AI workloads scale across large data centers.
Benzinga Edge Stock Rankings indicate MVLL and MRVU maintain a strong price trend in the short, medium and long term with a MVLL Momentum score in the 99.68th percentile.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Michael Vi on Shutterstock.com
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