The artificial intelligence investment wave is once again reshaping the composition of America’s most important stock market benchmark.

Chipmaker Marvell Technology and electronics manufacturer Flex will join the S&P 500 on June 22, replacing Pool Corporation and The Campbell’s Company in a move that further highlights the growing dominance of technology and AI-linked businesses in U.S. equity markets.

The announcement sent Marvell shares higher in extended trading, adding to the momentum that has already transformed the company into one of the biggest beneficiaries of the AI infrastructure spending boom. Flex also advanced after investors welcomed its inclusion in the benchmark.

For Marvell, entry into the S&P 500 marks another milestone in a remarkable transformation from a company once best known for storage and networking chips into a critical supplier of AI-era infrastructure.

The Santa Clara-based firm designs a range of technologies that sit behind the explosive growth in artificial intelligence computing. While Nvidia’s graphics processors have become the face of the AI revolution, the massive data centers powering AI models rely on a broader ecosystem of networking, connectivity, and data-transfer technologies, areas where Marvell has become increasingly influential.

The company’s profile received another boost this week when Nvidia CEO Jensen Huang publicly described Marvell as a potential “next trillion-dollar company” during an appearance with Marvell CEO Matthew Murphy at Computex in Taiwan.

Huang argued that as AI workloads become distributed across thousands of interconnected processors inside giant data centers, networking technologies become just as important as computing power itself.

Nvidia recently committed roughly $2 billion to Marvell and has increasingly emphasized the importance of high-speed connectivity technologies in building next-generation AI infrastructure. The rise of AI clusters containing tens of thousands of chips has turned networking into one of the fastest-growing segments of the semiconductor industry.

Marvell’s elevation to the S&P 500 also indicates that there is a shift in investor priorities. Companies connected to AI computing, cloud infrastructure, and digital platforms have increasingly displaced traditional industrial and consumer businesses in major stock indices.

In recent years, technology-focused firms such as Veeva Systems, AppLovin, Datadog, DoorDash, and Robinhood have been added to the benchmark as the digital economy continues to command a larger share of market value.

However, the inclusion of Flex underpins that investors are increasingly rewarding companies that provide the physical infrastructure required to support AI expansion.

Though less visible than chipmakers or software developers, Flex plays a crucial role in global technology supply chains. The company manufactures electronic systems and components for some of the world’s largest technology firms, including Apple and Nvidia.

As demand for AI servers, networking equipment, and advanced computing hardware accelerates, contract manufacturers such as Flex are seeing increased opportunities to participate in the industry’s growth. What began as enthusiasm around generative AI software has expanded into a massive capital spending cycle involving semiconductors, networking equipment, memory chips, power systems, cooling infrastructure, and manufacturing services.

Investors are now seeing these supporting technologies as essential beneficiaries of an AI spending boom that is expected to run into the trillions of dollars over the coming decade.

For Marvell in particular, S&P 500 inclusion carries practical benefits beyond prestige. Membership typically triggers purchases by index funds and exchange-traded funds that track the benchmark, creating a new source of demand for the stock. It also enhances visibility among institutional investors and boosts the company’s standing as one of the semiconductor industry’s major players.

Founded in 1995, Marvell originally built its business supplying components for hard disk drives. Three decades later, it finds itself at the center of a technological transformation that is redefining global computing infrastructure.

Its addition to the S&P 500 serves as another indication that Wall Street increasingly sees the AI revolution not as a temporary market trend, but as a structural shift that is reshaping the hierarchy of corporate America.

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Wall Street is placing aggressive bets on the future of Elon Musk’s space and artificial intelligence empire, with new projections suggesting that SpaceX could evolve from a launch and satellite company into one of the largest AI infrastructure businesses in the world.

According to a report by the Wall Street Journal, citing people familiar with the matter, Morgan Stanley expects SpaceX’s annual revenue to reach an extraordinary $3.4 trillion by 2040, driven largely by explosive growth in its emerging AI operations. The forecast comes as SpaceX embarks on what could become the largest initial public offering in history, seeking to raise approximately $75 billion from investors.

SpaceX’s IPO roadshow, which began on Thursday, is attracting intense investor interest as markets search for exposure to the next generation of AI winners. The company occupies a unique position at the intersection of multiple high-growth industries, combining rocket launches, satellite broadband, AI infrastructure, and advanced computing capabilities under one corporate umbrella.

Morgan Stanley’s forecasts suggest that SpaceX’s AI segment alone could generate roughly $190 billion in annual revenue by 2030. Total company revenue is projected to reach approximately $330 billion during the same period, implying that AI would become one of the company’s most important growth engines within just a few years.

Those projections become even more ambitious over the following decade. The bank’s estimate of $3.4 trillion in revenue by 2040 would place SpaceX among the largest enterprises in economic history, eclipsing the current revenue base of many of the world’s largest corporations combined.

The optimism is not limited to Morgan Stanley. According to a report by the Financial Times, Goldman Sachs is forecasting an even faster acceleration in SpaceX’s AI business, estimating that the division could generate $322 billion in annual revenue by 2030. The divergence between the banks’ forecasts highlights both the uncertainty and the enormous expectations surrounding the company’s future AI ambitions.

These projections are buoyed by the belief that SpaceX can leverage its vast infrastructure footprint, including satellites, data transmission networks, and computing resources, to become a major participant in the rapidly expanding AI economy.

SpaceX’s financial performance already illustrates how quickly its business is evolving. Revenue climbed to $18.67 billion in 2025, up from $14.02 billion the previous year, reflecting continued growth across its launch services, satellite operations, and emerging technology businesses.

Yet the figures also reveal the scale of investment required to compete in frontier technologies. The company reported a net loss of $4.94 billion in 2025, reversing a profit of $791 million recorded a year earlier.

Its AI division generated approximately $3.2 billion in revenue during 2025. While still a relatively small portion of overall operations, that figure is increasingly attracting investor attention because it represents the segment expected to deliver the highest future growth rates.

The forecasts arrive amid a broader AI investment frenzy that is reshaping global capital markets. Investors are pouring unprecedented sums into companies building AI models, data centers, networking equipment, semiconductor infrastructure, and energy systems needed to support next-generation computing.

Recent fundraising activity highlights the scale of the boom. Anthropic recently raised capital at a reported valuation of $965 billion and has confidentially filed for an initial public offering. OpenAI is also preparing for a future listing, while AI infrastructure investments by major technology firms continue to reach record levels.

Against that backdrop, SpaceX is increasingly being viewed not simply as a space company but as an AI infrastructure platform capable of serving multiple layers of the emerging AI economy.

However, the projections also come with substantial challenges.

Generating trillions of dollars in annual revenue would require SpaceX to successfully commercialize technologies and business models that remain in their early stages. It would also require sustained growth in AI spending at levels far beyond anything previously seen in the technology sector.

Some analysts have warned that current forecasts across the AI industry may underestimate future competition, technological commoditization, and the possibility that enterprise AI spending eventually moderates after the current surge.

The challenge wields significant weight because much of the AI industry’s recent growth has been driven by extraordinary capital expenditures from hyperscalers and large enterprises. Whether those spending levels remain sustainable through the next decade remains one of the biggest unanswered questions facing investors.

Nevertheless, investor appetite for AI-related assets remains strong. Major banks continue to report robust demand for technology offerings, while capital markets have shown a willingness to support large fundraising rounds for companies positioned at the center of the AI ecosystem.