Marvell to join S&P 500 after AI boom helps chipmaker pass profitability test
Marvell Technology is set to join the benchmark S&P 500 later this month, S&P Dow Jones Indices said on Friday, after the chipmaker cleared a key profitability hurdle riding an AI-fueled rally.
The company will replace swimming pool equipment distributor PoolCorp on the benchmark index before the start of trading on June 22. Marvell shares jumped nearly 6% in extended trading.
The inclusion comes after the company reported a GAAP profit in the three months through December and over the sum of its most recent four quarters, overcoming a key barrier that had previously kept it out.
