Marvell Technology and Flex Set to Join S&P 500 This Month

CNBC reported Friday that chipmaker Marvell Technology and electronics contract manufacturer Flex Ltd. will enter the S&P 500 on June 22, in the index’s latest quarterly rebalance. The two arrivals will push out Pool Corp and The Campbell’s Company to make room.

Two Companies, One Clear Theme

The dual S&P 500 addition underscores just how thoroughly technology has come to dominate the benchmark. Marvell designs chips and components that sit at the heart of AI data-center infrastructure. Flex, formerly Flextronics and headquartered in Singapore, operates factories across the United States and Asia. Its client roster includes Apple and Nvidia. Both firms are now formally recognized as large enough and stable enough to earn a permanent seat at the table alongside America’s most iconic businesses.

Marvell shares jumped roughly 5% in after-hours trading on the news. Flex gained approximately 4% in the same session. The after-hours moves reflect the well-documented index-inclusion effect, where passive funds tracking the S&P 500 must buy newly added names ahead of their effective date.

Marvell’s Moment in the AI Build-Out

Marvell’s inclusion comes at a particularly charged moment for the Santa Clara, California company. Earlier this week, Nvidia CEO Jensen Huang publicly suggested Marvell could become the next trillion-dollar company while discussing the two firms’ deepening partnership. Nvidia also committed $2 billion in investment to the chipmaker. That combination of a high-profile endorsement and fresh capital infusion had already moved sentiment sharply in Marvell’s favor before Friday’s index news amplified the rally.

Marvell was founded in 1995 to build components for spinning hard-disk drives. Its pivot toward custom silicon and AI networking gear over the past decade makes the S&P 500 addition feel like a formal coronation of that transformation.

Tech’s Growing Grip on the Benchmark

The swap is the latest in a string of technology sector additions to the index. Veeva Systems, AppLovin, Datadog, DoorDash, and Robinhood have all been admitted in recent years, reflecting a steady reweighting of the benchmark toward software, semiconductors, and digital services. Consumer staples names like Campbell’s, by contrast, have lost relative ground as their market caps struggle to keep pace with tech-sector valuations.

The rebalancing is scheduled to take effect at the open on June 23, giving fund managers and traders roughly two weeks to position ahead of the formal change.

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