U.S. Stock Futures Rise as Marvell, AMD and OpenAI Headline AI Trading

Marvell Technology's investor day begins at 9 a.m. ET. The maker of custom AI chips and networking gear could raise its long-term financial targets substantially, according to CNBC's Jim Cramer, with effects that could be felt across hyperscaler and chip companies. Cramer said CEO Matt Murphy has built a genuine powerhouse and that he would look for readthroughs to Broadcom.

Citi raised its price target on Advanced Micro Devices to $800 from $575, implying 27% upside. The analysts tied the move to the rise of personal agents such as Meta's Muse and startup Instinct, which caused them to increase their 2030 targets for the size of the central processing unit market. They see AMD as the primary beneficiary and Intel as the secondary beneficiary. Cramer said he likes Intel for both CPUs and its nascent third-party foundry business.

Wells Fargo analysts said enthusiasm over Meta's Muse is warranted, but they also said Meta's upcoming third-quarter earnings call could offer a proper dose of caution for those expecting Muse financial contributions next year. They see 2027 as the trough for earnings before an AI-driven product cycle begins. The analysts raised their Meta price target to $1,000 from $796, representing 35% upside.

The same Wells Fargo analysts nudged up their Alphabet price target to $417 from $411, implying 20% upside. They expect a strong quarter led by Google Cloud revenue growth of 142% year over year, with some benefit from fledgling external sales of Alphabet's custom AI chips known as TPUs. They asked what the right way is to value that new revenue stream. They also expect solid Google Search performance but argued that the company has to address the Muse issue.

OpenAI is in talks to raise $30 billion at a $1.4 trillion valuation from a coalition that includes funds from the United Arab Emirates and BlackRock, according to Bloomberg News. Sam Altman has said OpenAI will not hold an IPO this year. CFO Sarah Friar told CNBC last week, 'We don't want to get distracted by being a public company in the midst of ... our focus on safety and alignment. ... That's why it's good to always have your eye on your balance sheet to make sure you have that optionality.'

Citi set its price target on Skyworks Solutions at $90, compared with $94 previously, after the company completed its merger with Qorvo yesterday. It kept a hold rating. Both companies are suppliers to Apple in wireless signals. The combination is expected to be immediately accretive to adjusted earnings. B. Riley Securities upgraded Skyworks to buy from hold.

Morgan Stanley lowered its price target on KLA Corp to $227 from $253 but maintained its buy rating on the semiconductor equipment maker. Analysts said a lot has gone wrong for KLA this year but expect a better year in 2027. Cramer said he favors Lam Research and Applied Materials because they have higher exposure to the memory-chip industry, which is racing to add capacity.

KeyBanc cut its McDonald's price target to $280 from $305 but stuck with a buy recommendation. Analysts believe the stock's weakness reflects its current challenges and that the fast-food chain can get the top line going again. Cramer said he was disappointed by last month's investor day but that the stock is cheap enough to be tempting. He called it ultimately a show-me story.

Procter & Gamble was upgraded to buy from hold at Evercore. Analysts see improving execution and believe P&G is on track to exit this fiscal year at a healthy enough top-line growth rate to deliver operating leverage and help profits. In consumer staples, Cramer said he owns Huggies maker Kimberly-Clark, with the upcoming Kenvue merger being a catalyst.