Marvell Joins S&P 500 on June 22 Amid AI Boom, Stock Surges to $276.8B Valuation

According to S&P Dow Jones Indices, semiconductor design company Marvell Technology (MRVL-US) will be added to the S&P 500 effective at the open on June 22, replacing Pool Corp (POOL-US). The company met profitability thresholds after recording GAAP profits in its most recent quarter and maintaining profitability over the past four quarters.

Marvell's stock jumped nearly 6% after the announcement and has surged approximately 29% this week. The company's shares have gained over three times this year, driven by strong demand for custom AI chips for cloud infrastructure. NVIDIA CEO Jensen Huang recently stated Marvell could become "the next trillion-dollar company," with the chipmaker's market cap now at $276.8 billion. As a leading supplier of custom ASIC chips for cloud service providers, Marvell is positioned to capture growing demand as tech giants reduce dependence on expensive, supply-constrained NVIDIA processors.