On September 17, Marvell Technology rose 3.3% in pre-market trading, trading at $237.2/share, with turnover of $23.98 million. The stock continued its upward momentum alongside a broad rally in optical communications and semiconductor names.

On the news front, S&P Dow Jones Indices previously announced that Marvell Technology will be officially added to the S&P 500 Index before market open on September 21. As the effective date approaches, mandatory allocation requirements from passive index-tracking funds are providing incremental buying support. Bank of America maintained its Buy rating on the stock, highlighting the companys custom chip and XPU accessory business prospects, projecting related revenue could reach $30 billion by the end of the decade. The stock had previously fallen over 7% on September 14 following the FCC supply chain security rule finalization, and the current rebound also reflects an oversold recovery. Marvell reported Q3 revenue guidance of $3.15 billion (plus or minus 5%) and adjusted EPS of $1.10, both exceeding consensus estimates.

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