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Marvell Technology was up almost 9% in premarket trading on Monday after it was announced that the AI chipmaker would be joining the benchmark S&P 500 index.
The semiconductor company, which trades on the Nasdaq, will join the broad-market index on June 22 and will sit alongside the 500 leading companies in the U.S., S&P Global said in a press release on Friday. Marvell was last seen up 8.8% in premarket trading and is up 210% year-to-date.
Electronic manufacturing company Flex is also on the list of firms joining the S&P 500 later this month, while Pool Corp and The Campbell’s Company will be removed from the index.
Marvell, which has a market cap of $230 billion, specializes in designing high-performance chips used in global data infrastructure such as cloud computing, AI, enterprise networking, 5G carrier networks and automotive systems.
The company is headquartered in Santa Clara, California and was founded in 1995.
Nvidia’s CEO Jensen Huang touted the firm as the “next trillion-dollar company,” while on stage with Marvell’s CEO Matthew Murphy at Computex Week in Taipei last week. The company surged 32.5% the following day, June 2, its biggest one-day gain ever.
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