Top 10 AI Stocks Dominating 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 27, Melius Research initiated coverage of the stock with a “Buy” rating and a $188 price target. Melius initiated Marvell as buy considering the semis stock is the “next multi-hundred billion dollar AI semis company. With a shortage of semis names that “can get really big from here”, it asserts that Marvell “is the next one to do it on the back of the AI theme”. The firm said that Marvell’s networking chips are anticipated to benefit from what they refer to as an “AI Halo Effect”. It also believes there is a potential upside to Marvell’s current quarter, which ends this January. There is also an analyst day in June, where Marvell might unveil an expanded addressable market for Marvell’s custom silicon solutions.

“Despite Marvell’s stock being up 108% since the start of 2024, there is more to go since there’s a shortage of semis names that can get really big from here – and we bet this company is the next one to do it on the back of the AI theme.”