Overview
- Monday, Nvidia CEO Jensen Huang praised Marvell and S&P Dow Jones announced Marvell will join the S&P 500 on June 22, triggering a sharp surge in Marvell shares that reflects both endorsement and expected index‑tracking buying.
- Reports published Tuesday said Google placed a firm order for more than 3 million TPUs to be built by Intel for 2028 and that Nvidia is evaluating Intel’s 18A process for future GPUs, moves that sent Intel shares sharply higher despite no public confirmations from the companies.
- Index mechanics are amplifying near‑term flows because passive funds must buy Marvell at the June 22 rebalance, creating concentrated, programmatic demand that can move prices without new fundamentals.
- Market volatility has been pronounced: a sector pullback followed Broadcom’s softer AI guidance earlier this month and recent gains depend on whether supply issues, foundry wins and long‑term contracts prove durable.
- Key things to watch are the June 22 S&P rebalancing, Micron’s June 24 earnings for signs on HBM and memory tightness, and any confirmed foundry contracts or capacity commitments from Intel, TSMC or hyperscalers that would justify current valuations.