Marvell Technology will be added to the S&P 500 index on Monday, June 22, S&P Dow Jones Indices announced Friday, sending shares up 6% in after-hours trading. The semiconductor maker will join the benchmark index alongside electronic manufacturer Flex, replacing Pool Corp. and Campbell's Co. before the opening bell. The inclusion reflects the chipmaker's market capitalization reaching roughly $230 billion by early June, far exceeding the index's minimum requirement of $22.7 billion, driven by corporate cloud providers investing heavily in custom silicon and data center infrastructure.
Marvell and Flex Replace Pool Corp and Campbell's Co in S&P 500
The two technology firms will officially replace consumer products staples Pool Corp. and Campbell's Co. before the opening bell on Monday, June 22. Pool Corp. and Campbell's Co. will be joining the S&P SmallCap 600 index. The adjustments reflect an effort by the index provider to migrate rapidly growing enterprises out of the S&P MidCap 400 index, preventing massively capitalized companies from skewing the performance of gauges designed to track smaller corporations. Marvell had repeatedly surfaced as a leading candidate for inclusion during the prior two quarterly rebalancing cycles.
Nvidia CEO Jensen Huang Calls Marvell Next Trillion-Dollar Company
The index inclusion caps a period in which Marvell's share price more than tripled so far this year. The stock embarked on a rally early in the week following validation from Nvidia Corp. Chief Executive Officer Jensen Huang. Speaking at the Computex technology trade show, Huang publicly singled out Marvell Chief Executive Matt Murphy, predicting that the specialized data-infrastructure provider would become the market's "next trillion-dollar company." The comment sent Marvell shares surging as much as 32% in a single trading session.
Marvell Reports Record $2.42 Billion Revenue in Q1 Fiscal 2027
Marvell's trajectory into the benchmark index was cleared after it passed S&P's cumulative profitability testing requirements. In its first-quarter fiscal 2027 earnings report, the company posted record-setting revenue of $2.42 billion, a 28% increase compared to the same period last year, while delivering non-GAAP earnings of $0.80 cents per share. Backed by a $2 billion investment from Nvidia, Marvell's management provided forward-looking guidance. The company anticipates second-quarter revenues to climb to $2.7 billion—a 35% year-over-year jump.
MRVL Stock Gains 209% Year-to-Date
MRVL stock has gained 209% year-to-date. Marvell had repeatedly surfaced as a leading candidate for inclusion during the prior two quarterly rebalancing cycles. However, its inclusion became a near certainty as its valuation swelled far beyond the index's minimum requirement of $22.7 billion.
FAQ
What did S&P Dow Jones Indices announce about Marvell Technology on Friday?
S&P Dow Jones Indices announced Friday that Marvell Technology will be added to the S&P 500 index on Monday, June 22, alongside electronic manufacturer Flex. The two technology firms will replace Pool Corp. and Campbell's Co. before the opening bell.
What revenue did Marvell report in its first-quarter fiscal 2027 earnings?
Marvell posted record-setting revenue of $2.42 billion in its first-quarter fiscal 2027 earnings report, a 28% increase compared to the same period last year. The company delivered non-GAAP earnings of $0.80 cents per share and provided guidance for second-quarter revenues to climb to $2.7 billion—a 35% year-over-year jump.
What did Nvidia CEO Jensen Huang say about Marvell at Computex?
Speaking at the Computex technology trade show, Nvidia Corp. Chief Executive Officer Jensen Huang publicly singled out Marvell Chief Executive Matt Murphy, predicting that the specialized data-infrastructure provider would become the market's "next trillion-dollar company." The comment sent Marvell shares surging as much as 32% in a single trading session.
