10 Unstoppable Tech Stocks to Buy Right Now

2. Marvell Technology Inc. (NASDAQ:MRVL)

Upside Potential: 20%

Number of hedge funds: 70

Marvell Technology Inc. (NASDAQ:MRVL) is a supplier of data infrastructure semiconductor solutions for end-markets spanning from the data center market to enterprise networking, carrier infrastructure, consumer, and automotive/industrial. Its current product portfolio includes custom Application Specific Integrated Circuits (“ASICs”), electro-optics, ethernet solutions, fibre channel adapters, processors and storage controllers.

The key growth drivers for Marvell Technology Inc. (NASDAQ:MRVL) are the rising demand for data infrastructure solutions, the widespread adoption of AI and machine learning technologies, and the expansion of cloud computing services. Marvell’s platforms, custom compute offerings and strategic partnerships are enabling the company to capture a larger share of the data infrastructure market. The company has a notable presence in the semiconductor industry, especially within the data infrastructure and networking segments. Its robust market position, significant opportunities in AI computing, and strategic alliances make the company make it a solid investment opportunity. The company pegs its data center accelerated compute addressable market at $202 billion by 2028, rising at a CAGR of 24% from 2023.

Melius Research has recently initiated coverage of Marvell Technology Inc. (NASDAQ:MRVL) with a Buy rating and a target price of $188. The analyst anticipates that Marvell will benefit from Microsoft’s anticipated increase in investments. He also believes that the market consensus has yet to fully account for Marvell’s long-term goal of capturing a 20% market share in the custom accelerator market for major cloud providers. In his view, the company’s growth potential is significant, particularly driven by the AI trend.