These 3 Chip Stocks Could Be Entering a New Growth Cycle

By Vandita Jadeja Published Aug 4, 12:30PM EDT

Quick Read

AMD's Meta partnership anchors its MI450 GPU ramp toward $700, while Micron's 5x forward P/E makes a $1,600 price target surprisingly defensible.
Marvell set an all-time design-win record in FY2026, with Data Center now 76% of revenue and CEO Matt Murphy raising his FY2028 outlook.
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The AI infrastructure buildout has re-rated an entire tier of semiconductor names in 2026, and three stand out as candidates for a fresh leg higher into 2027. AMD (NASDAQ: AMD | AMD Price Prediction) is up 122.33% year to date, Micron Technology (NASDAQ: MU) has gained 188.55%, and Marvell Technology (NASDAQ: MRVL) has climbed 121.03%.

After a summer pullback, I want to walk through what it would take for each to notch another round-number milestone in 2027.

An infographic titled 'CAN THESE 3 CHIP STOCKS HIT BOLD TARGETS IN 2027?' analyzing AMD, MU (Micron Technology), and MRVL (Marvell Technology). Each section features a green line chart showing stock price trends, current price, Wall Street's price target, and a 2027 target ($700 for AMD, $1,600 for MU, $300 for MRVL). Below each chart are bar graphs for Sales Growth Estimates and EPS Growth Estimates with specific quarterly data (e.g., AMD Q1 26 Sales $10.25B, Q2 Guide ~$11.20B; Q1 26 EPS $1.37, Q2 Guide ~$1.37). Lists of 'Catalysts,' 'It's Happened Before' (e.g., AMD 2026 YTD +122.33%, 2025 FY +34.3% Revenue Growth), and 'Risks to Watch' are provided for each company. The infographic concludes with 'The Bottom Line,' stating the global chip market reached $796 billion in 2025, with forecasts to $1 trillion by 2030.

AMD: The Path to $700

Lisa Su told investors AMD is seeing “accelerating demand for AI infrastructure, with Data Center now the primary driver of our revenue and earnings growth”. Q1 revenue hit $10.253 billion (up 37.9% YoY), and Q2 guidance calls for $11.20 billion, implying roughly 46% YoY growth. The Meta partnership covering up to 6 gigawatts of Instinct GPUs anchors the MI450/Helios ramp.

At $480.18, AMD trades at 66x forward earnings. Wall Street’s target sits at $579.11 with 42 Buy or Strong Buy ratings. Polymarket assigns a 94.5% probability to AMD beating its next quarter. A $700 target implies a similar forward multiple against rising 2027 EPS estimates, plausible if the MI450 ramp lands cleanly.

Micron: The Path to $1,600

Micron’s fiscal Q3 was the most dramatic memory quarter I’ve covered: revenue of $41.456 billion (up 345.72% YoY), non-GAAP EPS of $25.11, and non-GAAP gross margin of 84.9%. CEO Sanjay Mehrotra called memory “a strategic asset” in the AI era, with Q4 guided to $50 billion and EPS of $31. That’s seven consecutive EPS beats.

Shares trade at $816.12, a 20.26% pullback from the July peak. Forward P/E is just 5x, and the consensus target is $1,522.26. A move to $1,600 would still leave Micron trading near 10x forward earnings, defensible if HBM4 volume shipments and multi-year Strategic Customer Agreements hold pricing through 2027.

Marvell: The Path to $300

Marvell’s Q1 FY2027 revenue was $2.418 billion (up 27.6% YoY), with Data Center now 76% of the mix. CEO Matt Murphy said Marvell is “significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028”, driven by 800G/1.6T optics, 51.2T Ethernet switches, and custom XPU wins.

Design wins in FY2026 hit an all-time record, and the Celestial AI and XConn acquisitions expand the photonic and chiplet roadmap. At $190, Marvell trades at 46x forward earnings, with a Street target of $256.91. Q2 revenue is guided to $2.70 billion, or 35% YoY growth. A $300 target requires the accelerating quarterly cadence Murphy has telegraphed to actually show up in reported numbers.

The Bottom Line

AMD to $700, Micron to $1,600, and Marvell to $300 would all sit above current Wall Street consensus. The common thread is hyperscaler capex, custom silicon, and tight memory supply.

The global chip market reached $796 billion in 2025, a 26% year-over-year increase, and forecasts point toward $1 trillion by 2030. Recent volatility (AMD down 11.97% and Marvell down 31.04% over the past month) is a reminder these are high-beta names. Returns at 2026’s magnitude shouldn’t be expected every year, but the blueprint for another outsized 2027 is on the table.

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About the Author Vandita Jadeja →

Vandita Jadeja is a financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis. She has contributed to several publications, including the Joy Wallet, Benzinga, The Motley Fool and InvestorPlace.