Prediction: This Nvidia-Backed Artificial Intelligence (AI) Stock Could 10X by 2033

The question hanging over Marvell Technology (NASDAQ: MRVL) is not whether its artificial intelligence (AI) story is real. Its share price has already answered that. Marvell stock opened 2026 at around $87, ripped to a high above $300 in June, got clobbered throughout July and August , and recently bounced back toward the $240 range.

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This is the kind of action that growth investors live for. It is also the kind of volatility that forces investors to take a hard look at the business, its partners, and the math that supports whether Marvell can realistically produce a 10x gain from here.

What is Marvell's position in the AI chip stack?

Marvell is not a GPU designer nor a specialty manufacturer. Rather, it is a fabless designer that used to be primarily known for networking silicon but has spent the AI revolution transitioning into a data center infrastructure business. Marvell's stack within AI factories covers optical DSPs, Ethernet and switching, silicon photonics, and custom chips.

However, its custom silicon designs are why Marvell has become such a hot semiconductor stock . Hyperscalers like Amazon , Microsoft , Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), and Meta Platforms do not want to rent every watt of compute from the duopoly GPU suppliers, Nvidia (NASDAQ: NVDA) and Advanced Micro Devices . Instead, they are allocating meaningful capital expenditures toward application-specific integrated circuits (ASICs) and XPUs (specialized AI accelerators) that are fine-tuned to their own models.

Marvell's financial performance is beginning to match the growth story. In its fiscal 2026 (which ended Jan. 31), the company reported record revenue of $8.2 billion, up 41% year over year. The data center business grew 46% to $6.1 billion, fueled by demand for optical interconnects, custom silicon, switching, and storage. During its most recent fiscal quarter, which ended Aug. 1, Marvell generated revenue of $2.7 billion, up 37% year over year. The data center segment comprised 79% of sales and grew 46% year over year.

Nvidia's stamp of approval, plus a high-five from Google

In March, Nvidia invested $2 billion into Marvell as part of a broader strategic collaboration. Marvell's ecosystem is now folded into Nvidia's NVLink Fusion. By partnering with Marvell, Nvidia can integrate the smaller company's custom XPUs and networking equipment within its own racks. While Marvell supplies the custom silicon and compatible interconnects, Nvidia supplies the rest of the server. A few months later, in June, Nvidia CEO Jensen Huang called Marvell "the next trillion-dollar company" during a public event in Taipei, Taiwan.