Marvell stock surges on S&P 500 inclusion

What happened: Marvell Technology (MRVL) stock surged 8% on Monday.

What’s behind the move: The semiconductor company, listed on Nasdaq, will officially join the S&P 500 (^GSPC) index on June 22.

Monday morning’s gains put Marvell on track to recover some of Friday’s losses following a market-wide sell-off. Marvell stock has rallied sharply in recent weeks, fueled in part by comments from Nvidia (NVDA) CEO Jensen Huang, who described the chipmaker as “the next trillion-dollar company.

What else you need to know: The custom chipmaker’s market cap sat at around $230 billion on Monday, with shares up more than 210% year to date.

Last month, memory chipmakers Micron Technology (MU), Samsung Electronics (005930.KS), and SK Hynix (000660.KS) all made headlines as they reached $1 trillion valuations for the first time.

Semiconductor stocks have been at the center of the artificial intelligence trade this year, pushing the broader markets to all-time highs.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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