Artificial intelligence (AI) is rapidly transforming the modern economy. Nvidia's dramatic share price gains of more than 1,187% in the past five years have already demonstrated how this megatrend can generate substantial wealth for investors.
But beyond Nvidia, patient investors can still uncover other high-growth opportunities within the AI landscape. Here are a few such companies that could reward patient investors with impressive returns like those of Nvidia in the long run.
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Advanced Micro Devices
Advanced Micro Devices (AMD 5.22%) is quietly positioning its Instinct GPUs as a cost-effective alternative to Nvidia's GPUs. The company's revenue soared 32% year over year to $7.7 billion, while gross margin was at 54% in the second quarter of fiscal 2025 (ended June 28). The company also generated $1 billion in free cash flow, despite U.S. export restrictions on sales to China.
The global AI accelerator market is projected to surpass $400 billion by 2027. AMD is well-positioned to capture share in this growing market. Cloud service providers and hyperscalers are already adopting the company's MI300 and MI325 accelerators.
The MI350 series has been in volume production since June 2025. The company expects a strong production ramp-up for MI350 in the second half of 2025 to meet demand for large-scale deployments.
NASDAQ: AMD
Key Data Points
However, the MI450 series GPUs, scheduled for launch in 2026 and based on Taiwan Semiconductor Manufacturing's 2-nanometer process technology, could prove to be a game changer for AMD. Large hyperscaler deals are already backing this GPU series. AMD has entered into a multiyear partnership with OpenAI, wherein the latter will deploy 6 gigawatts of Instinct GPUs. The first gigawatt deployment will start with MI450 GPUs in the second half of 2026.
Oracle has also announced that it will deploy 50,000 of AMD's MI450 GPUs in its cloud infrastructure, starting in the second half of 2026. Wedbush analyst Matt Bryson expects every gigawatt deployment to translate into nearly $20 billion in revenue.
Beyond these contracts, AMD is also focusing on monetizing its Helios rack-scale platform, which includes MI450 GPUs, upcoming EPYC CPUs called Venice, and next-generation Pensando networking for hyperscalers.
Analysts expect AMD's revenue to grow 28.2% year over year to $33 billion in fiscal 2025 and 27% to $42 billion in fiscal 2026. They are also projecting adjusted earnings per share to grow 18.5% to $3.92 in fiscal 2025 and 60.3% to $6.3 in fiscal 2026.
AMD currently trades at 37.5 times forward earnings, which is quite steep. However, it can be justified, considering the high growth potential and revenue visibility of MI450 GPUs and the Helios rack-scale platform in the ever-growing AI market.
Many prominent Wall Street analysts are also very optimistic about AMD. Wedbush analyst Matt Bryson increased the company's target price from $190 to $270, while maintaining an "outperform" rating. Bank of America analyst Vivek Arya also reiterated a "buy" rating and increased the target price from $250 to $300. The analyst also expects AMD to account for nearly 7.5% share of the AI accelerator market, up from its previous estimate of 3% to 4%.
Hence, while AMD is definitely not a get-rich-quick scheme, it can gradually deliver strong returns to long-term investors.
Marvell Technology
Marvell Technology (MRVL 0.78%) has positioned itself as a crucial supplier of custom AI chips; high-speed networking solutions such as electro-optic interconnects and Ethernet switches; and storage controllers serving data centers, cloud service providers, hyperscalers, telecommunication carriers, and enterprises.
In the second quarter of fiscal 2026 (ended Aug. 2), the company's revenue was up 58% year over year to $2 billion. The data center business is the key growth engine and accounted for nearly 74% of total revenue.
The company is also showing significant improvement in profitability, with adjusted earnings per share surging 123% year over year to $0.67. The recent $2.5 billion divestiture of its automotive Ethernet business has also strengthened its balance sheet, giving it the financial flexibility to invest in growth initiatives and return capital to shareholders.
NASDAQ: MRVL
Key Data Points
Marvell's custom silicon business has gained momentum. The company has already secured 18 custom chip design programs, which include XPUs (all types of logic chips) and XPU-attached chips (memory and networking chips). The company is also pursuing over 50 additional projects, which have a $75 billion potential lifetime revenue. As these programs scale, management expects the company to account for a 20% share of the $94 billion data center target addressable market (TAM) by 2028
The company's next-generation optical connectivity portfolio is also scaling fast. The company is benefiting from the rapid transition in AI data centers toward higher network speeds, upgrading from 400G infrastructure to 800G and 1.6T bandwidth to meet the growing demand for compute capacity and data storage.
Marvell's 800G Pulse Amplitude Modulation (PAM) Digital Signal Processors (DSPs, a type of optical connectivity chip), are seeing solid demand. The company has already started shipping the next-generation 1.6 T PAM DSPs to several customers. It's also developing 3.2T optical interconnects, which could drive the next phase of growth as AI clusters further upgrade to even faster bandwidths.
Marvell is also investing in scale-up networking, which enables fast and low-latency networking in GPUs in a server or among multiple servers in a data center. The company offers scale-up switches based on the open-standard Ethernet and UALink protocols. The company is working on customizing these switches to the clients' preferred protocol.
Analysts expect Marvell's revenue to grow 41% year over year to $8.1 billion in fiscal 2026 and 16.4% year over year to $9.5 billion in fiscal 2027. They are also projecting adjusted earnings per share to grow 78.3% to $2.80 in fiscal 2026 and 20.1% to $3.40 in fiscal 2027.
The company is trading at a slightly premium valuation of 26.2 times forward earnings. However, the valuation multiple can expand even more, considering its robust growth estimates and impressive revenue visibility. This means the payoff in investing in this stock can be impressive for long-term investors.
