Key Points
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Nvidia has been a powerhouse in tech, but its growth may inevitably slow down in the near future.
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Other chipmakers may take more market share from the business and prove to be better investments.
- 10 stocks we like better than Broadcom ›
Tech companies involved in artificial intelligence (AI) have some tremendous growth opportunities ahead that can drive their share prices up far higher in the future. Chipmaker Nvidia (NASDAQ: NVDA) is the most valuable company in the world today, with a market cap of around $4.9 trillion, due to its highly popular AI chips, which are critical for companies scaling up their AI capabilities.
But as well as Nvidia has performed in recent years, it may be due for a period of slower growth. Over the next couple of years, through until the end of 2028, analysts at LSEG project that it’ll grow its sales at a compounded annual growth rate (CAGR) of approximately 26.2%. While that’s impressive, the following three stocks are projected to grow at even faster rates: Broadcom (NASDAQ: AVGO), Advanced Micro Devices (NASDAQ: AMD), and Marvell Technology (NASDAQ: MRVL).
Will AI create the world’s first trillionaire? Our team just released a report on the one little-known company, called an “Indispensable Monopoly” providing the critical technology Nvidia and Intel both need. Continue »
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Broadcom
Broadcom works with hyperscalers and helps them make custom chips. And that can be a key way for companies to lessen their dependence on Nvidia, while also reducing their costs in the process, as Nvidia’s chips are by no means cheap. Broadcom has strong relationships with many of the big players in tech and has been experiencing incredible growth over the years.
During the next couple of years, analysts project that its revenue will expand at a CAGR of 35.6%, dwarfing Nvidia’s growth over that time frame. It’s a testament to the growth potential analysts see in the custom chip market and to Broadcom’s growing opportunities in the industry. CEO Hock Tan previously stated that the company may generate over $100 billion in revenue just from chips in 2027. That’s significant for a company whose total revenue over the past four quarters has totaled $68 billion.
This isn’t a cheap stock, however, as Broadcom trades at a price-to-earnings (P/E) multiple of 78, and its market cap is $1.9 trillion. But with faster expected growth in the near future, it may potentially outperform Nvidia’s stock.
Advanced Micro Devices
One of Nvidia’s key rivals over the years has been Advanced Micro Devices, better known as just AMD. The company has been working to prove that it can keep up with Nvidia, and it has been launching new AI chips that have been showing promise. Within the past year, it has also announced key partnerships with OpenAI and Meta Platforms.
The latter part of this year could be a significant one for the company as CEO Lisa Su says the company is in the midst of launching its MI450 GPU, referring to that as an “inflection point” for the business. Revenue from its new chip will begin to flow through to the business in the third quarter.
Analysts are equally bullish on the company, projecting that its CAGR for revenue through to the end of 2028 will be 35.2%, far higher than its rival’s expected growth. AMD stock has outperformed Nvidia over the past 12 months (230% versus 106% gains), and that trend could very well continue if its growth rate is stronger. Currently, it has a market cap of just over $460 billion and may seem a bit pricey, trading at more than 100 times earnings, but as it scales its business, that multiple should come down in the future.
Marvell Technology
Another custom chipmaker that shows a lot of promise these days is Marvell Technology. Nvidia itself recently invested $2 billion in the company as it wants to ensure that Marvell’s custom chips work within its ecosystem.
At roughly $130 billion in market cap, Marvell is the smallest tech company on this list. But it also plays an important role in the industry as companies look to develop custom chips. Earlier this week, the stock got a boost when investors learned that Google (which is owned by Alphabet) will be using Marvell to design its custom chips. Previously, it had been using Broadcom.
Analysts project that during the next couple of years, the CAGR for Marvell’s top line will be 30.3%. Technically, this is the cheapest stock on this list, but it’s still not all that inexpensive, as it trades at a P/E multiple of nearly 50. There’s a bit of future growth priced in here, but it may still outperform Nvidia’s stock in the near future. Its shares have roughly tripled over the past 12 months.
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David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Broadcom, Marvell Technology, Meta Platforms, and Nvidia. The Motley Fool has a disclosure policy.