Marvell Joins S&P 500 on June 22 as AI Rally Lifts Shares 3-Fold
Updated
Updated · Reuters · Jun 5
Marvell Joins S&P 500 on June 22 as AI Rally Lifts Shares 3-Fold
3 articles · Updated · Reuters · Jun 5
Summary
S&P Dow Jones will add Marvell to the S&P 500 before trading on June 22, replacing PoolCorp; the stock rose nearly 6% in extended trading.
GAAP profitability in the December quarter and across the latest four quarters cleared the key eligibility hurdle that had kept the chipmaker out of the index.
Marvell shares have more than tripled this year, including a roughly 29% gain this week, as investors bet its AI-driven custom chip business can top $10 billion in fiscal 2029 revenue.
The addition is likely to trigger buying by index funds and ETFs and underscores how AI and data-center chip companies are taking bigger weight in major U.S. benchmarks.