5 5G Stocks Billionaires Are Loading Up On

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

Number of Hedge Fund Holders: 62

Number of Billionaire Investors: 17

Marvell Technology, Inc. (NASDAQ:MRVL) is a semiconductor company that specializes in the development and deployment of advanced technologies, including solutions for 5G connectivity. Marvell Technology, Inc. (NASDAQ:MRVL) offers baseband processors, digital front-end solutions, Ethernet switches, and PHY transceivers. These products enable high-speed data transfer, low-latency communication, and efficient network processing, supporting the backbone of 5G networks. It is one of the top 5G stocks on the radar of billionaires as of the March quarter. 

On May 26, Needham analyst N. Quinn Bolton raised the firm’s price target on Marvell Technology, Inc. (NASDAQ:MRVL) to $65 from $50 and reiterated a Buy rating on the shares. This follows Marvell’s Q1 earnings beat and positive guidance. Although the company’s results slightly exceeded expectations, the standout highlight was its success in the AI sector. Furthermore, Needham emphasized that Marvell Technology, Inc. (NASDAQ:MRVL)’s opportunity in cloud-optimized ASICs (Application-Specific Integrated Circuits) has significantly increased, with around 50% of the opportunity now being AI-related, up from the previous estimate of about 20%.

According to Insider Monkey’s first quarter database, 62 hedge funds were bullish on Marvell Technology, Inc. (NASDAQ:MRVL), compared to 58 funds in the prior quarter. Billionaire Chris Rokos’ Rokos Capital Management is a significant stakeholder of the company, with a position worth $29 million. 

Carillon Tower Advisors made the following comment about Marvell Technology, Inc. (NASDAQ:MRVL) in its Q4 2022 investor letter:

“Marvell Technology, Inc. (NASDAQ:MRVL) provides infrastructure semiconductor solutions. Investors are concerned about the semiconductor cycle and how demand for Marvell’s products will fare in a slowing economic environment. We remain confident that the company’s portfolio of products is highly important in parts of the datacenter server market and note that the company recently has secured strong wins with large technology companies to use its products. The company also benefits from 5G wireless infrastructure build-outs that remain on pace and are generally insulated from macroeconomic pressures. With supply chain issues easing, we believe Marvell remains in a strong position to post healthy growth in 2023.”