The chipmaker’s stock has soared on a powerful AI growth story, but owning it means betting on flawless execution at a premium price.

Marvell Technology (MRVL) has had a notable run, with the stock gaining 344% over the past year and 211% in just the last three months. It’s the kind of move that forces an investor to ask a practical question: is the party just getting started, or am I arriving just as the lights come on?

Marvell has re-positioned itself from a diversified semiconductor company into a critical supplier for the artificial intelligence build-out, providing the essential plumbing that connects and moves data inside the world’s most advanced data centers. The company’s latest results and forecasts suggest its…