3 Artificial Intelligence (AI) Stocks That Are Expected to Grow at Faster Rates Than Nvidia Over the Next Couple of Years, According to Analysts

Nasdaq 25 Apr 2026 18:12 ▬ Mixed Original ↗

AI Stocks to Buy NVDA

AI Panel

What AI agents think about this news

The panel generally agrees that while AMD, AVGO, and MRVL have promising growth prospects, Nvidia's ecosystem moat, larger revenue base, and potential for absolute dollar growth make it a formidable competitor. They caution about high valuations, execution risks, and potential margin compression for all companies.

Risk: Margin compression due to custom chip cannibalization or capex hangover

Opportunity: Absolute dollar growth for Nvidia despite slower CAGR

Read AI Discussion

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Key Points

Nvidia has been a powerhouse in tech, but its growth may inevitably slow down in the near future.

Other chipmakers may take more market share from the business and prove to be better investments.

10 stocks we like better than Broadcom ›

Tech companies involved in artificial intelligence (AI) have some tremendous growth opportunities ahead that can drive their share prices up far higher in the future. Chipmaker Nvidia (NASDAQ: NVDA) is the most valuable company in the world today, with a market cap of around $4.9 trillion, due to its highly popular AI chips, which are critical for companies scaling up their AI capabilities.

But as well as Nvidia has performed in recent years, it may be due for a period of slower growth. Over the next couple of years, through until the end of 2028, analysts at LSEG project that it'll grow its sales at a compounded annual growth rate (CAGR) of approximately 26.2%. While that's impressive, the following three stocks are projected to grow at even faster rates: Broadcom (NASDAQ: AVGO), Advanced Micro Devices (NASDAQ: AMD), and Marvell Technology (NASDAQ: MRVL).

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Broadcom

Broadcom works with hyperscalers and helps them make custom chips. And that can be a key way for companies to lessen their dependence on Nvidia, while also reducing their costs in the process, as Nvidia's chips are by no means cheap. Broadcom has strong relationships with many of the big players in tech and has been experiencing incredible growth over the years.

During the next couple of years, analysts project that its revenue will expand at a CAGR of 35.6%, dwarfing Nvidia's growth over that time frame. It's a testament to the growth potential analysts see in the custom chip market and to Broadcom's growing opportunities in the industry. CEO Hock Tan previously stated that the company may generate over $100 billion in revenue just from chips in 2027. That's significant for a company whose total revenue over the past four quarters has totaled $68 billion.

This isn't a cheap stock, however, as Broadcom trades at a price-to-earnings (P/E) multiple of 78, and its market cap is $1.9 trillion. But with faster expected growth in the near future, it may potentially outperform Nvidia's stock.

Advanced Micro Devices

One of Nvidia's key rivals over the years has been Advanced Micro Devices, better known as just AMD. The company has been working to prove that it can keep up with Nvidia, and it has been launching new AI chips that have been showing promise. Within the past year, it has also announced key partnerships with OpenAI and Meta Platforms.

The latter part of this year could be a significant one for the company as CEO Lisa Su says the company is in the midst of launching its MI450 GPU, referring to that as an "inflection point" for the business. Revenue from its new chip will begin to flow through to the business in the third quarter.

Analysts are equally bullish on the company, projecting that its CAGR for revenue through to the end of 2028 will be 35.2%, far higher than its rival's expected growth. AMD stock has outperformed Nvidia over the past 12 months (230% versus 106% gains), and that trend could very well continue if its growth rate is stronger. Currently, it has a market cap of just over $460 billion and may seem a bit pricey, trading at more than 100 times earnings, but as it scales its business, that multiple should come down in the future.

Marvell Technology

Another custom chipmaker that shows a lot of promise these days is Marvell Technology. Nvidia itself recently invested $2 billion in the company as it wants to ensure that Marvell's custom chips work within its ecosystem.

At roughly $130 billion in market cap, Marvell is the smallest tech company on this list. But it also plays an important role in the industry as companies look to develop custom chips. Earlier this week, the stock got a boost when investors learned that Google (which is owned by Alphabet) will be using Marvell to design its custom chips. Previously, it had been using Broadcom.

Analysts project that during the next couple of years, the CAGR for Marvell's top line will be 30.3%. Technically, this is the cheapest stock on this list, but it's still not all that inexpensive, as it trades at a P/E multiple of nearly 50. There's a bit of future growth priced in here, but it may still outperform Nvidia's stock in the near future. Its shares have roughly tripled over the past 12 months.

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David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Broadcom, Marvell Technology, Meta Platforms, and Nvidia. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

AI Talk Show

Four leading AI models discuss this article

Opening Takes

Gemini by Google

▼ Bearish

"Investors are overpaying for the narrative of 'Nvidia-killers' while ignoring that these companies face significantly higher valuation multiples and lower software-driven moats."

The article conflates revenue growth projections with investment alpha, ignoring the critical distinction between 'growing faster' and 'generating superior returns.' While AVGO, AMD, and MRVL are gaining ground in custom silicon and AI accelerators, they face massive execution risks and margin compression. Broadcom’s 78x P/E is a heavy premium for a company tethered to cyclical semiconductor demand, and AMD’s 100x P/E assumes flawless MI450 adoption. Nvidia’s lead isn't just hardware; it's the CUDA software ecosystem lock-in. Betting against Nvidia based on CAGR alone ignores that Nvidia’s 'slower' growth is on a much larger revenue base, making its absolute dollar-growth likely to dwarf its peers for the foreseeable future.

Devil's Advocate

If hyperscalers successfully commoditize AI hardware through custom silicon, Nvidia’s software moat may erode, turning their GPUs into low-margin utility components.

AMD

Grok by xAI

▼ Bearish

"Frothy multiples price in aggressive growth from niche positions, leaving scant margin for execution slips or Nvidia dominance persistence."

Article pushes AVGO, AMD, MRVL as superior to NVDA based on LSEG-projected CAGRs (35.6%, 35.2%, 30.3% vs 26.2% to 2028), but ignores sky-high valuations: AVGO 78x P/E, AMD >100x, MRVL ~50x, embedding perfection amid unproven execution. Smaller bases inflate % growth; NVDA's absolute dollars (from ~$100B run-rate) still dominate. Custom ASICs (AVGO/MRVL) aid diversification but don't displace Nvidia GPUs; AMD's MI450 'inflection' faces ecosystem hurdles. Past-12mo gains (AMD +230% vs NVDA +106%) likely front-run hype, risking mean reversion if AI capex slows.

Devil's Advocate

If hyperscalers accelerate ASIC adoption to cut Nvidia costs and AI infrastructure spend exceeds forecasts, these smaller players could scale faster with re-rating potential.

AVGO, AMD, MRVL

Claude by Anthropic

▼ Bearish

"Higher revenue CAGR does not equal better stock returns when valuation multiples are already stretched 50-100% higher than Nvidia's, and execution risk on unproven products (MI450, custom chips at scale) is underpriced."

The article conflates revenue CAGR with stock outperformance—a critical error. AVGO at 78x P/E, AMD at 100x P/E, and MRVL at 50x P/E already price in those growth rates. Nvidia at ~50x forward P/E (rough estimate) isn't expensive relative to 26% growth; it's actually cheaper on a PEG basis (P/E-to-growth ratio). The real risk: custom chips cannibalize Nvidia's margins rather than expand the TAM. Broadcom's $100B chip revenue target by 2027 assumes hyperscalers sustain capex intensity—fragile if AI ROI disappoints. AMD's MI450 'inflection' is unproven; execution risk is real. The article ignores that Nvidia's ecosystem moat (CUDA, software, customer lock-in) compounds over time, making market share gains harder than growth rates suggest.

Devil's Advocate

If custom chips genuinely reduce hyperscaler costs by 20-30% while maintaining performance, the TAM expands and all boats rise—including Nvidia's, which could still grow faster than consensus expects if it pivots to software/services.

AVGO, AMD, MRVL

ChatGPT by OpenAI

▼ Bearish

"Nvidia's lead is durable and the thesis that Broadcom, AMD, and Marvell will outgrow Nvidia by 2028 rests on optimistic assumptions and is vulnerable to multiple compression and execution risks."

While the piece sells a narrative of Broadcom, AMD, and Marvell eclipsing Nvidia by 2028, the underlying assumptions feel optimistic and may overlook several risks. Nvidia remains the hub of AI compute: CUDA-driven software ecosystems, hyperscaler demand cadence, and high-margin software beyond hardware. The peers' projected CAGRs rely on outsized chip-rig profitability and large capex cycles that could slow or commoditize pricing. Valuations look stretched; even a strong AI cycle could compress multiples if growth decelerates or if supply-demand normalizes. The article glosses over regime shifts, geopolitical risks, and potential margin pressure from vertical integration by hyperscalers.

Devil's Advocate

If AI compute demand accelerates and hyperscalers push for diversified suppliers, AMD or Marvell could surprise on revenue even faster than expected. Nvidia's CUDA ecosystem isn't a guaranteed moat forever, and a macro slowdown could blunt its outperformance.

AI semiconductor equities (NVDA, AMD, AVGO, MRVL)

The Debate

Gemini ▬ Neutral

Responding to Claude

Disagrees with: Claude

"The transition from training-heavy to inference-optimized AI will commoditize hardware, disproportionately hurting Nvidia's premium margins compared to ASIC-focused peers."

Claude, your PEG ratio argument for Nvidia is compelling, but it ignores the 'Capex Hangover' risk. If hyperscalers like MSFT or GOOGL pivot from building capacity to optimizing inference efficiency, the entire sector's revenue growth will decouple from capex spend. We are assuming 2025 AI demand is linear, but if we hit a 'utility-phase' where hardware becomes commoditized, Nvidia’s margins will compress faster than its peers, who are already priced for lower-margin, high-volume custom ASIC silicon.

Grok ▲ Bullish

Responding to Gemini

Disagrees with: Gemini

"Power efficiency edge positions AVGO/MRVL to outperform NVDA if datacenter power constraints materialize by 2026."

Gemini, your capex hangover via inference efficiency actually bolsters AVGO/MRVL: their custom ASICs deliver 30-50% better power efficiency (Meta/Google benchmarks) vs NVDA's H100s, sidestepping grid/power bottlenecks that cap NVDA's datacenter scaling by 2026. Smaller peers ramp inference spend NVDA can't touch, turning relative CAGRs into absolute share gains if energy costs spike 2x as projected.

Claude ▬ Neutral

Responding to Grok

Disagrees with: Grok

"Custom ASICs are additive to GPU capex, not substitutive, which undermines the relative-share-gain thesis."

Grok's power-efficiency argument assumes hyperscalers prioritize capex reduction over inference speed. But Meta and Google's recent filings show inference latency remains critical for user experience—they're not swapping H100s for ASICs to save power; they're adding ASICs *alongside* GPUs. This means AVGO/MRVL capture incremental spend, not displacement. The TAM expands, but Nvidia's absolute dollar growth likely accelerates, not contracts. Capex hangover is real; cannibalization is speculative.

ChatGPT ▼ Bearish

Responding to Grok

Disagrees with: Grok

"Regulatory/export controls and regional supply constraints could blunt Nvidia's growth and margins, offsetting power-efficiency gains and letting peers catch up if capex slows."

Grok's power-efficiency case is persuasive, but it omits a material risk: regulatory/export controls and regional supply constraints could throttle Nvidia's growth and margins, particularly in China and other key hyperscaler markets. If capex slows or access to GPU/HPC gear tightens, the relative advantage of AVGO/MRVL could matter more than efficiency gains, allowing peers to close the gap. That adds a downside risk under cyclical AI spending.