Seaport Initiates Marvell, ON Semi, Semtech at Buy on AI Data Center Buildout

Seaport Research analyst Jay Goldberg initiated coverage of Marvell Technology (MRVL), ON Semiconductor (ON) and Semtech (SMTC) with buy ratings on Sept. 22, 2026, citing the rapid expansion of AI data centers. Marvell received a $270 price target, about 3% above its Sept. 22 close of $260.90; the stock is up 209% year-to-date. ON Semi's $100 target implies a 36% gain, and Semtech's $200 target implies 15%. Goldberg said Marvell's interconnect and custom-chip businesses give it substantial growth runway. Data center now accounts for roughly three-quarters of Marvell's total revenue, up from 40% in fiscal 2024. The company supplies optical networking products and custom silicon, and recently signed a lucrative deal with Alphabet's Google. ON Semi is positioned to benefit from 800-volt DC data center construction in 2027-2028 and is working with Nvidia on next-generation AI data centers. Semtech has repositioned itself from connectivity toward data center optical technology. AMD closed down 1.4% at $614.61; ON Semi rose 0.6% to $74.10; Semtech fell 2.8% to $169.33.