Nvidia CEO Jensen Huang was wrong when he predicted Marvell Technology would be the next trillion-dollar chip company. That accolade went to Advanced Micro Devices, which closed above the milestone Tuesday.

But Marvell stock could still be a good bet for those looking to capitalize on the rapid buildout of data centers.

Seaport analyst Jay Goldberg initiated coverage of the shares with a Buy rating in a note late Tuesday. He has a price target of $270, implying around a 3% rise from Tuesday's closing price.

That's not a big jump-the stock is already up 209% so far in 2026. But two more stocks could enjoy bigger gains.

Seaport also initiated Buy ratings for On Semi and Semtech. They see On Semi shares rising 36% to $100 and Semtech climbing 15% to $200.

"Marvell has considerable growth ahead as its interconnect and custom silicon business enjoy their time in the AI sun," Goldberg said.

The company has positioned itself at the heart of the AI boom, a major supplier of optical networking products critical for connecting servers in data centers. It also designs custom chips and recently signed a lucrative deal with Alphabet's Google.

Data centers now account for around three quarters of Marvell's total revenue, Goldberg noted, up from 40% in its fiscal year 2024.

On Semi is another company set for a boost from data centers.

"On Semi is benefiting from improving industrial/auto demand for analog semis, has improving gross margins and is well positioned to benefit from the 800V data center build coming in 2027 and 2028," the Seaport analyst said.

On is set to play a key role in the transition to 800 VDC power systems, collaborating with Nvidia on next-generation AI data-centers.

Semtech has "reinvented itself" moving away from connectivity to a focus on data center optical technology, Goldberg added.