Shares of artificial intelligence chipmaker Marvell Technology (MRVL) surged in premarket trading on Monday following the announcement of its inclusion in the benchmark S&P 500 index.

On Friday, S&P Global announced that the Nasdaq-listed semiconductor company will join the broad market index on June 22, placing it among the 500 leading U.S. public companies. The stock was up 8.8% in premarket activity, extending its year-to-date gain to an impressive 210%.

Electronics manufacturer Flex will also be added to the S&P 500 later this month, while Pool Corp. and Campbell Soup will be removed from the index.

Marvell Technology, with a current market capitalization of $230 billion, specializes in designing high-performance chips. Its products are integral to global data infrastructure, serving markets such as cloud computing, artificial intelligence, enterprise networking, 5G carrier networks, and automotive systems.

The company was founded in 1995 and is headquartered in Santa Clara, California.

Last week at the Computex trade show in Taipei, NVIDIA (NVDA) CEO Jensen Huang shared the stage with Marvell CEO Matt Murphy and publicly praised Marvell as potentially being the "next trillion-dollar company." This endorsement fueled a massive 32.5% single-day surge in Marvell's stock price on June 2, marking its largest one-day gain on record.

NVIDIA announced a $2 billion investment in Marvell Technology this past March. Huang stated that their collaboration would help customers more easily build AI infrastructure systems.

Marvell Technology reported its fiscal first-quarter 2026 results, with revenue reaching $2.4 billion, surpassing analyst consensus estimates. Bolstered by strong growth in its data center business, the company anticipates continued revenue growth for the full year.