Shares of Marvell Technology (MRVL.US) climbed more than 7% on Monday, trading at $283.74.

The move follows an announcement by S&P Dow Jones Indices late last week detailing the latest quarterly index adjustments.

The AI infrastructure-focused company, along with electronics manufacturing services giant Flex Ltd (FLEX.US), will be added to the S&P 500 Index.

The official index changes are scheduled to take effect before the market opens on June 22.

Market observers note that inclusion in the S&P 500 is a significant milestone for listed companies.

With the continued growth of passive investment, gaining a spot in the benchmark index is widely seen as a key value catalyst for U.S. public firms.