What happened: Marvell Technology (MRVL) stock surged 13% on Monday.
What's behind the move: The semiconductor company, listed on Nasdaq, will officially join the S&P 500 (^GSPC) index on June 22.
Monday morning's gains put Marvell on track to recover much of Friday's losses following a market-wide sell-off. Marvell stock has rallied sharply in recent weeks, fueled in part by comments from Nvidia (NVDA) CEO Jensen Huang, who described the chipmaker as "the next trillion-dollar company.
What else you need to know: The custom chipmaker's market cap sat at around $230 billion on Monday, with shares up more than 210% year to date.
Last month, memory chipmakers Micron Technology (MU), Samsung Electronics (005930.KS), and SK Hynix (000660.KS) all made headlines as they reached $1 trillion valuations for the first time.
What's behind the move: The semiconductor company, listed on Nasdaq, will officially join the S&P 500 (^GSPC) index on June 22.
Monday morning's gains put Marvell on track to recover much of Friday's losses following a market-wide sell-off. Marvell stock has rallied sharply in recent weeks, fueled in part by comments from Nvidia (NVDA) CEO Jensen Huang, who described the chipmaker as "the next trillion-dollar company.
What else you need to know: The custom chipmaker's market cap sat at around $230 billion on Monday, with shares up more than 210% year to date.
Last month, memory chipmakers Micron Technology (MU), Samsung Electronics (005930.KS), and SK Hynix (000660.KS) all made headlines as they reached $1 trillion valuations for the first time.
11 hours ago
