** Shares of chip maker Marvell Technology MRVL.O fall nearly 2% to $197.36 premarket

** Co forecast on Wednesday that its custom chip business would surpass $10 billion in revenue in fiscal 2029, as cloud companies expand AI data centers and invest in custom chips to reduce reliance on Nvidia's NVDA.O processors

** J.P. Morgan says Marvell is still being very conservative (FY28) and taking a significant haircut to the actual forecasted numbers

** Adds, co's next Tier-1 XPU customer (Microsoft MSFT.O, Maia 3nm XPU program) is progressing well, with plans for high-volume manufacturing next year

** In Q1, its revenue rose 28% to $2.42 billion, beating analysts' estimates of $2.40 billion

** Following the results, at least twelve brokerages raised PT on the stock - data compiled by LSEG

** Average rating of forty-three analysts is "buy"; with a median PT of $176 - data compiled by LSEG

** Up to last close, the stock is up ~134% YTD