MRVL - 1 Chip Company Few Investors Know About Was Named a Top AI Stock for 2024 -- Is It a Buy?
2024-01-28 08:35:00 ET
After an epic run in 2023 thanks to artificial intelligence (AI) hype that turned out to be more than just a fleeting fad, Nvidia has soared into the public's collective consciousness. The GPU (graphics processing unit) designer is at the forefront of a movement to accelerate the world's computing infrastructure, and the company's shareholders have been handsomely rewarded.
But how many investors have heard of Marvell Technology (NASDAQ: MRVL) ? Not nearly so many. And yet, while Marvell isn't at the heart of the AI movement like Nvidia is, Citi analyst Atif Malik just named Marvell his top specialty chip stock for 2024. Is it time to buy?
Last spring, Marvell stock skyrocketed on the heels of Nvidia's own AI-fueled blowout revenue growth. The reason? GPU-powered systems used to train AI in data centers need to be networked together, and chips used to string these GPU systems together into giant computing "clusters" are a specialty of Marvell -- as well as its bigger rival Broadcom .
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1 Chip Company Few Investors Know About Was Named a Top AI Stock for 2024 -- Is It a Buy?