Mysterious traders rush to AI stock after NVIDIA CEO’s $1T call

NVIDIA Corp. (Nasdaq: NVDA) CEO Jensen Huang recently made a surprising prediction when he called Marvell Technology (Nasdaq: MRVL) the next trillion-dollar company.

The billionaire tech tycoon made the remark during a keynote presentation with Marvell CEO Matthew Murphy at Computex Week in Taipei on June 1.

Related: Veteran investor names the next 'NVIDIA' before AI boom

Like NVIDIA, Marvell Technology is also a semiconductor firm that designs high-performance chips for data centers running artificial intelligence (AI) operations. The company, founded in 1995, went public in 2000.

Huang said Marvell’s networking and connectivity chips are crucial to data centers where computing tasks are spread across thousands of connected chips and quick data sharing is a necessity.

Notably, NVIDIA announced a $2 billion investment in Marvell on May 31. The two companies have also entered into a strategic partnership.

Following Huang's $1 trillion call on Marvell, the company's stock has surged from over $200 on June 1 to the all-time high (ATH) of $324.15 at the time of writing.

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Marvell trading surges on Hyperliquid

As Marvell Technology's stock surged, mysterious traders rushed to trade the tech company's shares.

Hyperliquid, the decentralized crypto trading exchange built primarily for perpetual futures, emerged as a major platform where investors rushed to trade Marvell-linked contracts.

On Hyperliquid, traders aren't identified by name, only by their blockchain wallet addresses, so nobody knows who is actually behind the trades.

That means anyone can watch these wallets pile into the Marvell contract in real time, seeing the size and timing of every position, but not the person placing it.

That public-but-anonymous setup is why they're called "mysterious traders", the activity is fully visible on-chain, the identity behind it is not.

The MRVL contract tracks the value of a single share of Marvell Technology common stock and offers leverage of up to 10x. 

The contract mirrors the Nasdaq-listed stock on the price chart and has surged from over $200 on June 1 to nearly $340 on June 3.

MRVL-USDC, Source: Hyperliquid

In fact, it is the largest U.S. stock-linked contract being traded on Hyperliquid over the last 24 hours.

The MRVL contract posted $293 million in trading volume and $121.87 million in open interest in 24 hours.

Hyperliquid Perp Markets Overview, Source: HyperScreener

Given that Hyperliquid is primarily a crypto exchange, Bitcoin (BTC) and Ethereum (ETH) remained among the most traded assets.

As reported earlier, oil traders have also founded the platform convenient amid market volatility due to the Iran war. Contracts linked to Brent and WTI Crude oil are also among the top 10 contracts on Hyperliquid in the last 24 hours.

Related: Beloved oil trading platform lands on Wall Street with ETF