Marvell Technology shares jumped 8% on Monday after the semiconductor company was set to join the S&P 500 on June 22. The Nasdaq-listed stock added to a rally that has already pushed it more than 210% higher this year.
The move gave shareholders another sharp gain after a run that has made Marvell one of the market’s biggest semiconductor winners. By Monday, its market cap was around $230 billion, underscoring how quickly investors have bid up the company as artificial intelligence spending keeps drawing money into chipmakers.
Marvell’s climb also came as the broader market hovered near all-time highs, with semiconductor stocks again at the center of the AI trade. Last month, Micron Technology, Samsung Electronics and SK Hynix all reached $1 trillion valuations for the first time, a sign of how deep the appetite for chip names has become.
The index news gave Marvell an added boost, but it was also bouncing back from Friday’s losses after a market-wide sell-off. Jensen Huang has called Marvell “the next trillion-dollar company,” and Monday’s trading showed how firmly that view has taken hold among investors.
The next test comes on June 22, when Marvell officially enters the S&P 500. The open question is how much more index-linked buying will follow once that change is complete.
