Marvell Technology, a key player in the semiconductor industry, is being added to the S&P 500 index alongside Flex, a contract manufacturer for electronics. This change, effective June 22, will see Marvell and Flex replace Pool Corp and The Campbell's Company.
Following the announcement, Marvell's stock surged 5% in after-hours trading, bolstered by comments from Nvidia CEO Jensen Huang, who suggested that Marvell could become the 'next trillion-dollar company' due to their partnership. Nvidia's recent $2 billion investment in Marvell further underscores the chipmaker's potential.
Flex also experienced a 4% increase in extended trading, benefiting from its role in providing manufacturing services to major tech firms like Apple and Nvidia. This addition of Marvell and Flex to the S&P 500 highlights the growing influence of technology companies in the market, joining other recent additions such as Veeva Systems and DoorDash