Goldman Says Marvell and Micron Are Positioned for AI’s Next Wave: 5 Stocks to Consider Now

BlackRock’s Jay Jacobs told Earn Your Leisure that the hyperscalers are set to spend "close to a trillion dollars this year on CapEx", and that math problem is the entire trade. Goldman just flagged Marvell and Micron as the next-wave winners. The tape already agrees: MRVL is up 230% year to date and MU is up 244%. If you’re still treating this as a chip story, you’re already a step behind. Here are five names sitting directly in the blast radius.

1. Vertiv Holdings (VRT): The Picks-and-Shovels Surprise

Start here, because most readers won’t. Vertiv builds the power and cooling racks that every Blackwell, every XPU, every HBM stack physically lives inside, without making a single chip itself. When Jensen Huang talks about AI factories, Vertiv is the steel, the busways, and the liquid loops. Vertiv Holdings (NYSE:VRT | VRT Price Prediction) was added to the S&P 500 in March 2026, and the order book tells you why.

Q1 2026 revenue came in at $2.65 billion, up 30% year over year, with Americas organic sales growing 44% and adjusted operating margin expanding 430 basis points to 20.8%. The backlog ended Q4 2025 at $15.0 billion, up 109% year over year on organic orders that grew 252%. Management raised full-year guidance to $13.5B to $14.0B in net sales and adjusted EPS of $6.30 to $6.40.

CEO Giordano Albertazzi described "data center infrastructure requirements evolve significantly, with customers prioritizing optimized design, deployment speed, and operational efficiency". Translation: the racks have to ship faster than the chips, or the chips don’t earn anything. That dynamic flows directly into the most obvious name on this list.

2. NVIDIA (NVDA): The Platform Nobody Replaces

The heavyweight. NVIDIA (NASDAQ:NVDA) is the platform Jacobs was describing when he said mega-caps win on proprietary data, elite talent, and low cost of capital. I’ve owned NVIDIA for over 15 years, and the Q1 FY2027 earnings report is still the most violent data point I’ve seen come out of this company.

Revenue hit $81.6 billion, up 85% year over year, with Data Center alone at $75.25 billion, up 92%. Inside that, Data Center Networking grew 199% to $14.8 billion. Q2 FY2027 guidance: $91.0 billion plus or minus 2%, excluding any China Data Center compute. The board layered on an additional $80.0 billion share repurchase authorization, and total supply commitments now sit at $119.0 billion.

Jensen Huang said "The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed." Polymarket traders agree: there’s a 96% probability NVDA closes above $180 by end of June. The real question now is who else gets paid alongside NVIDIA.

3. Broadcom (AVGO): The Custom-Silicon Counterweight

This is where the trillion-dollar capex pie gets sliced. Hyperscalers don’t want a single-vendor dependency, and Broadcom (NASDAQ:AVGO) is the company they call for custom XPUs and AI networking silicon. Hock Tan has now strung together eight consecutive EPS beats, and the AI line item is the entire thesis.

Q2 FY2026 AI semiconductor revenue hit $10.8 billion, up 143% year over year, on total revenue of $22.19 billion, up 48%. Free cash flow was $10.26 billion, or 46% of revenue. The forward number is the headline: Tan guided "in Q3 we expect semiconductor revenue from AI to grow over 200 percent year-over-year to $16.0 billion."

Reddit’s options crowd got burned chasing the earnings report, and sentiment on r/wallstreetbets collapsed into the 10-22 very-bearish range during the June 4-5 earnings window. That’s the setup retail keeps missing: the dip in the stock and the dip in the business are different things. The business is accelerating. Which brings us to Goldman’s first named call.

4. Marvell Technology (MRVL): Goldman’s First Named Call

Goldman put Marvell at the front of its next-wave list, and the connection to NVIDIA is literal: Marvell Technology (NASDAQ:MRVL) is an NVLink Fusion partner for silicon photonics, and it sells the 800G/1.6T optical interconnects that move data between the racks Vertiv is cooling. If NVIDIA is the brain and Broadcom is the second brain, Marvell is the nervous system.

Q1 FY2027 revenue was a record $2.418 billion, up 28% year over year, with Data Center at $1.83 billion, or 76% of total revenue. Free cash flow hit $483.1 million, up 127%. CEO Matt Murphy said "We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028", with Q2 guided to $2.7 billion at the midpoint, roughly 35% year-over-year growth.

The catalyst stack isn’t done. Reddit is fixated on "What will be the impact on MRVL from inclusion in SP500 on 22 June?", the dominant wallstreetbets thread heading into the rebalance. Passive flows on top of accelerating bookings on top of a Goldman call. And it still isn’t the payoff name.

5. Micron Technology (MU): The Memory Repricing Payoff

Here’s the punchline. Goldman’s other call. Micron Technology (NASDAQ:MU) is the cleanest expression of a thesis the market refused to believe for two years: AI needs vastly more memory than current supply can provide, and the supply curve can’t catch the demand curve until 2027 at the earliest. HBM and DDR5 are getting repriced in real time.

Look at the Q2 FY2026 numbers and try not to flinch. Revenue: $23.86 billion, up 196% year over year. Non-GAAP EPS: $12.20 versus the $8.73 consensus, a 40% beat. GAAP gross margin: 74.4%, expanded from 36.8% a year earlier. Q3 guidance: $33.5 billion in revenue, $19.15 in EPS, with gross margin around 81%. CEO Sanjay Mehrotra said "In the AI era, memory has become a strategic asset for our customers" and the board signaled it by approving a 30% dividend increase to $0.15 per quarter.

Retail caught on. The viral wallstreetbets post "Looks like memory’s back on the menu, boys!" pulled 113 upvotes, and a separate thread documenting a +6,477% gain on MU LEAPS hit 1,123 upvotes. Polymarket pegs the probability of Micron beating next quarter’s earnings at 98%. The crowd, the chart, and Goldman are all pointing at the same door.

The Trade Setup

Every one of these names raised guidance. Every one shows triple-digit growth somewhere in the stack. Jacobs framed AI as a math problem the mega-caps solve with proprietary data, talent, and cheap capital, but the dollars flow downstream through NVIDIA’s compute, Broadcom’s custom silicon, Marvell’s interconnects, Micron’s memory, and Vertiv’s racks. Goldman put a flag on MRVL and MU. The other three are already confirming the trade is in motion, and the next earnings cycle is the one that prices it in.