Flex, meanwhile, issued profit guidance for 2027 that exceeded consensus estimates. The company announced it will spin off its cloud and power infrastructure segment.
Shares in Marvell rose 6% in after-hours trade and Flex was up 2%.
The decision arrives as Wall Street grapples with a new reality: some companies are reaching unprecedented sizes before they ever enter public markets.
This means Elon Musk’s rocket company, among others, will not get immediate access to one of the largest and most reliable sources of demand in modern markets: the trillions of dollars benchmarked to the most widely followed stock index.
Quicker inclusion in the benchmark would have led to about $14 billion in forced passive buying for SpaceX, more than $8 billion for OpenAI and about $4.6 billion for Anthropic PBC, according to Bloomberg Intelligence estimates.
