US Stock Market Move | Concept stocks related to optical communication are generally up. Marvell Technology, Inc. (MRVL.US) rose more than 9%.

On Thursday, concept stocks in the optical communication industry surged. Marvell Technology, Inc. (MRVL.US) rose by over 9%, Astera Labs (ALAB.US) rose by over 8%, Tower Semiconductor Ltd (TSEM.US) rose by over 6%, Credo Technology (CRDO.US) rose by over 5%, Corning Inc (GLW.US) rose by over 4%, and Himax Technologies, Inc. Sponsored ADR (HIMX.US) rose by over 3%. On the news front, on June 18th, KeyBanc analyst John Vinh maintained a buy rating on Marvell Technology, Inc. and significantly raised its target price from $260 to $385, a 48% increase. This was mainly based on the company's sustained growth opportunities in the data center sector. In addition, Marvell Technology, Inc. will officially be added to the S&P 500 index on June 22nd (next Monday), triggering passive allocation from index funds.