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- October 18, 20268°
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Marvell and Flex to Join the S&P 500 Index
Marvell Technology and Flex will be included in the S&P 500 index on June 22, replacing Pool Corp and The Campbell’s Company.
Semiconductor manufacturer Marvell Technology and electronics contract manufacturer Flex will be added to the S&P 500 index on June 22. This decision will make the two companies more visible in one of the most closely watched indicators of the U.S. stock market.
Marvell is among the companies producing various chip components and products essential for artificial intelligence infrastructure. Flex provides manufacturing services for technology giants, including Apple and Nvidia.
The two companies joining the index will replace Pool Corp and The Campbell’s Company. This marks another shift increasing the technology sector's weight in the S&P 500.
Stock Price Increase
Following the announcement, Marvell shares rose 5% in after-hours trading. The company was also in the spotlight earlier this week after Nvidia CEO Jensen Huang described Marvell as "the next trillion-dollar company" while discussing their collaboration. Nvidia has also invested $2 billion in Marvell.
Flex shares increased by 4% in after-hours trading. The company operates factories both in the U.S. and Asia.
Company Backgrounds
Marvell is a chip manufacturer headquartered in Santa Clara, California. It was founded in 1995 to produce parts for hard disk drives.
Flex, formerly known as Flextronics, is headquartered in Singapore and serves technology companies through its manufacturing network across different continents.
These additions to the S&P 500 highlight the growing prominence of technology companies in the U.S. stock markets in recent years. Other technology firms recently added to the index include Veeva Systems, AppLovin, Datadog, DoorDash, and Robinhood.
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