Chip, storage shares rebounded in overnight trading. SOXL surged over 9%; Marvell up 8%; Micron up nearly 4%; ASML, AMD, ARM up around 2%.

Marvell Technology is set to join the benchmark S&P 500 later this month, S&P Dow Jones Indices said on Friday, after the chipmaker cleared a key profitability hurdle riding an AI-fueled rally.

The company will replace swimming pool equipment distributor PoolCorp on the benchmark index before the start of trading on June 22. Marvell shares jumped nearly 6% in extended trading.

The inclusion comes after the company reported a GAAP profit in the three months through December and over the sum of its most recent four quarters, overcoming a key barrier that had previously kept it out.

Marvell's shares have more than tripled so far this year, bolstered by a broader rally in chip stocks on hopes for robust AI-related demand.