Marvell Technology and Flex will be added to the S&P 500 index on June 22. The two companies will replace Pool and Campbell’s Company, CNBC reported on June 5.
Marvell makes a range of semiconductor components and products needed to expand artificial intelligence infrastructure. With the addition, Marvell will become a newly included semiconductor company in the S&P 500. Flex is an electronics contract manufacturer.
Shares also rose after the announcement. Marvell gained 5 percent in after-hours trading and Flex rose 4 percent. Marvell drew attention this week after Nvidia CEO Jensen Huang said the two companies’ collaboration meant it could become the next $1 trillion company. Nvidia invested $2 billion in Marvell.
Flex provides manufacturing services to major technology companies including Apple and Nvidia. Its former name was Flextronics. It is headquartered in Singapore and operates plants in the United States and Asia.
The additions show the growing influence of the technology sector in U.S. stocks. In recent years, Veeva Systems, AppLovin, Datadog, DoorDash and Robinhood have also been added to the S&P 500.
Marvell is headquartered in Santa Clara, California. It was founded in 1995 to produce components for rotating disk drives.
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