12 AI Stocks in Focus on Wall Street: Tesla, Meta, and More

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

Number of Hedge Fund Holders: 85

Improving visibility around AWS’s Trainium chips and robust near-term demand for optical components has recently led RBC Capital more optimistic toward Marvell. The stock ranks 9th on our list of 12 AI Stocks in Focus on Wall Street.

On April 21, RBC Capital analyst Srini Pajjuri raised the price target on the stock to $170.00 (from $115.00) while maintaining an “Outperform” rating.

Marvell is seen as a key supplier to AWS, offering a broad range of products including ASICs, networking components, and optical technologies. The firm said it expects that each gigawatt of capacity represents $2.5 billion to $3 billion in addressable market, with MRVL anticipated to account for at least half.

The firm further models an estimated $1.6 billion in custom silicon revenue from AWS this year. However, upside may be constrained due to tight 3nm wafer supply.

We see room for near-term upside primarily from PAM-4 optical connectivity strength and believe that the AWS/Anthropic agreement will help sustain strong double-digit growth momentum into FY28 and beyond. For FY28, our model shows 50% growth at AWS, which we believe has potential upside.

Marvell Technology, Inc. (NASDAQ:MRVL) develops and manufactures semiconductors, with a heavy focus on data centers.