10 Most Promising AI Stocks According to Analysts

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

Analyst Upside as of October 9, 2024: 23%

Number of Hedge Fund Holders: 74

Marvell Technology, Inc. (NASDAQ:MRVL) ranks eighth on our list of the most promising AI stocks to buy now. The company is based in California and engages in the development and production of semiconductors.

During the fiscal second quarter of 2025, the company’s revenue grew by 10% sequentially, driven by its strong demand from the AI industry, and expects its data center market to accelerate significantly in the coming quarters. For the fiscal year ended 2024, the company generated over 10% of its revenue from AI-related chips, at $550 million, up from 3% in FY 2023.

Over the next five years, data center operators are expected to invest capital expenditure worth $2 trillion in AI infrastructure. This offers a huge opportunity to Marvell and believes it is well-equipped to meet the growing demand for AI compute infrastructure. In July, the company shipped its flagship ethernet switch chip for cloud data centers. The chip is capable of supporting inference, computing, training, and other workloads, positioning MRVL as an important stakeholder in the AI wave.

Last year, the company held a 10% market share of the data center market for accelerated custom compute, connectivity, and storage, a $21 billion industry. The company estimates that the industry will reach $78 billion by 2028 and aims to capture a larger chunk of the market.