Marvell Technology Shares Jump on S&P 500 Inclusion
Marvell Technology shares rose in premarket trading after S&P Dow Jones Indices announced the chipmaker will join the benchmark index on June 22. The company recently reported a GAAP profit over the last four quarters and is benefiting from increased demand for custom AI processors.
MARVELL TECHNOLOGY INC shares rose 7% in premarket trading on June 8 after S&P Dow Jones Indices selected the chipmaker for the S&P 500. The stock has gained 59% since May 27, fueled by a $10 billion custom-chip revenue forecast and an endorsement from NVIDIA CORP CEO Jensen Huang. This inclusion forces mandatory buying from passive funds, cementing the role of AI infrastructure providers in major benchmarks.
MARVELL TECHNOLOGY INC will replace POOL CORP in the benchmark index. S&P Dow Jones Indices announced the change late Friday evening. The $230 billion chipmaker cleared a major hurdle for entry by reporting a GAAP profit over the most recent four quarters.
