10 AI Stocks Making Waves on Wall Street

5. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 70

Marvell Technology, Inc. (NASDAQ:MRVL) engages in the development and production of semiconductors, focusing heavily on data centers. On January 17, BofA analyst Vivek Arya raised the firm’s price target on Marvell to $150 from $140 and kept a “Buy” rating on the shares. The firm has raised its multiple on long-term share AI potential. Moreover, the firm sees an increased potential for Marvell Technology, particularly in areas of compute with custom silicon and optics with DSPs. The firm anticipates that Marvell will grow in these areas in the next few years. The analysts further told investors in a research note that the firm believes that custom silicon will maintain about 15% value share of the AI accelerator market and for the company itself to represent about 20% of this over time. AI accelerators speed up artificial intelligence tasks which are critical in data centers and cloud computing. Capturing this market share will position the company as a key player in the industry.