Group 1 - Morgan Stanley maintains a "hold" rating on Marvell Technology (MRVL.US) with a target price of $90, amid concerns regarding the company's business prospects, particularly related to its second custom AI chip client [1] - Analyst Joseph Moore confirmed that Marvell Technology still retains the design project for the Maia 2 chip, despite speculation that Broadcom (AVGO.US) might replace it [1] - Marvell's first custom chip client is Amazon's (AMZN.US) Trainium 2 project, while the second is Google's (GOOGL.US) custom ARM processor project, with high switching costs associated with changing suppliers [1] Group 2 - Despite Marvell's optimism about project progress and expectations of generating first revenue in the second half of 2026, Morgan Stanley remains cautious due to historical low success rates of first-generation ASIC chips [2] - Morgan Stanley concludes that while Marvell's stock has short-term trading value, the lack of extraordinary revenue growth momentum makes its investment certainty lower compared to peers, thus maintaining the "hold" rating and $90 target price [2]