15 Buzzing AI Stocks Making Headlines

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

Number of Hedge Fund Holders: 70

Marvell Technology, Inc. (NASDAQ:MRVL is a fabless chipmaker that supports AI-optimized data centers through AI compute programs, interconnect switching, and storage solutions. On November 26, Oppenheimer analyst Rick Shafer raised the price target on Marvell Technology, Inc. (NASDAQ:MRVL) to $110.00 from $90.00 and maintained an “Outperform” rating. Oppenheimer expects strong results for the current quarter and guidance for the next, driven by growth in custom computes and networking/optics. It also stated that CSP/hyperscale AI builds remain early innings.

“MRVL reports Tuesday (12/3). We see upside to F3Q (Oct) print and F4Q (Jan) guide led by custom compute and networking/optics. CSP/hyperscale AI builds remain early innings. AI-related on track to surpass mgmt sales targets of $1.5B/$2.5B in CY24/CY25. Conversations reveal investors modeling $2B AI ASIC next year. We see MRVL’s four projects (Trainium, Inferentia, Axion, and Maia) potentially supporting revenues 2x that. Trainium alone could approach $2B, in our view. Trainium/Axion now ramping, Inferentia next year, Maia as early as 4Q25. 1.6T PAM4 DSP ramping, contribution $10Ms in F4Q; 1.6T/800G cross-over likely 1H CY26. We see 51.2T TL10 (ToR switch) sales also $10Ms in F4Q. Non-DC segments (carrier, enterprise, storage) expected to broadly improve, driving additional upside. We see GM 60%+/- long-term. MRVL’s structural growth, led by cloud DC AI, accelerating into CY25. We reiterate our Outperform rating. New target $110 (prior $90)”.