35 Chip Stocks Powering AI Boom

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

Number of Hedge Fund Holders: 74    

Marvell Technology, Inc. (NASDAQ:MRVL) makes and sells semiconductors. The firm recently posted second quarter earnings that beat analyst expectations and also released guidance numbers that were well above Street estimates. The data center revenue of the company attracted a lot of attention in the finance world. In the second quarter earnings, the firm reported that revenue from the data center segment nearly doubled year over year, totaling $880 million compared to $459 million previously. However, there were year-over-year revenue declines in other end-markets for the company, including enterprise networking, carrier infrastructure, consumer and automotive/industrial.

AI tailwinds have forced the generally skeptical analysts on Wall Street to turn bullish on Marvell Technology, Inc. (NASDAQ:MRVL) stock. For example, investment advisory KeyBanc has an Overweight rating on the shares with a price target of $95. In a recent investor note, the advisory pointed out that feedback indicates that the demand for optical networking was robust across all segments for the firm, including 800G/400G/200G, and the AI outlook stood to benefit from a meaningful ramp of AWS Trainium/Inferentia and Google Axion.