Marvell Technology shares rose 3.06% to $236.74 in Thursday premarket trading as Nasdaq futures gained 1.43% and S&P 500 futures advanced 1.08%. Bank of America analyst Vivek Arya said Marvell may be underestimating its artificial intelligence opportunity after meetings with CEO Matt Murphy and CFO Dan Durn. Arya estimates the market for custom AI chips and related components could reach about $300 billion by 2030, compared with Marvell's roughly $55 billion estimate for 2028 issued in June 2025. He estimates Marvell could capture about $30 billion of a potential $60 billion to $65 billion XPU attach market by 2030 and reiterated a Buy rating with a $365 price forecast. Piper Sandler initiated coverage at Overweight with a $270 forecast on Sept. 10, citing constrained AI computing capacity and estimating the global compute market could reach $2.2 trillion by 2030. Marvell supplies all four of the largest U.S. cloud providers. The shares remain above key moving averages, with resistance near $242 and support around $200.50. Marvell has a Buy consensus rating and an average price forecast of $295.25. Investors will watch the company's Oct. 6 analyst day for updates on its market opportunity, margins and earnings outlook.