Marvell Technology stock surged after semiconductor company was added to the S&P 500 index, set to replace Campbell's on June 22.

Marvell Technology and Flex will join the S&P 500 on June 22, replacing Campbell's and Pool Corp. Funds tracking the S&P 500 must purchase shares of new entrants, often driving up stock prices temporarily.

Marvell's high-speed optical networking and connectivity solutions have become critical equipment for AI factories. Nvidia CEO Jensen Huang recently said he believes Nvidia, a $253 billion tech giant, will be the 'next trillion-dollar company.'

Marvell shares rose 9.84% on the day the S&P 500 addition was announced, with potential for further gains if the chipmaker's role in AI infrastructure continues to strengthen.