Marvell Technology jumps 9% after joining the S&P 500, driving a tech rebound amid strong AI-driven chip demand.
U.S. markets saw a modest rebound led by tech megacaps, with chipmaker Marvell Technology surging 9% following its inclusion in the S&P 500. However, 60% of the index closed lower, reflecting persistent market weakness outside AI-linked stocks.
China’s May trade data underscored the AI boom, with exports rising nearly 20% year-on-year, fueled by demand for memory chips and tech equipment. The rally coincides with a wave of AI-related IPOs, including OpenAI’s confidential filing and SpaceX’s upcoming listing.
The rebound remains concentrated in select sectors, leaving broader market sentiment fragile as investors weigh AI-driven gains against macroeconomic uncertainties.