Marvell Technology surged after being announced as a new addition to the S&P 500, joining on June 22 alongside Flex, while companies like Pool Corp and Campbell’s will be removed.

The AI-focused chipmaker, based in Santa Clara, designs semiconductors used in cloud computing, AI, 5G, and data infrastructure.

Its stock jumped sharply on the news and has already posted major gains this year, reflecting strong investor interest in AI-related companies.

The company recently reported better-than-expected earnings and strong revenue growth driven by its data center business, CNBC has reported.

The move follows increased attention from major players like Nvidia, which has highlighted Marvell as a key partner in AI infrastructure development.