Top 10 AI Stocks on Investors’ Radar

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

Number of Hedge Fund Holders: 105

Marvell Technology, Inc. (NASDAQ:MRVL) engages in the development and production of semiconductors. On March 22, CNBC reported that Bank of America is recommending investors buy the dip in a slew of buy-rated tech stocks, one of which is Marvell Technology. Analyst Arya sees a slew of positive catalysts for the company.

After hosting CEO Matt Murphy for a series of meetings, the firm came away with a “reassuring tone in [the] near & longer-term growth outlook.” There is also a large data center opportunity for the company, noted Arya. The firm has a “Buy” rating on the stock with a price target of $120.

“We expect the overall data center TAM [total addressable market] to be raised towards ~$100bn with continued targeting of 20% share over time,” he added. In addition, Marvell has a much anticipated analyst day in June where it could raise its growth forecast. Meanwhile, shares of the company are down 37% this year and remain attractive.”

Marvell “Confident tone in AI opportunity, capability, execution. … .Reassuring tone in near & longer-term growth outlook. … .MRVL could raise growth opportunity at next analyst day. … .We expect the overall data center TAM to be raised towards ~$100bn (20% of $500bn long-term AI opportunity) with continued targeting of 20% share over time.”