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Nasdaq-100 swaps five members for AI-infrastructure firms

Nasdaq-100 swaps five members for AI-infrastructure firms

Money Moves

CoreWeave, Nebius, Astera Labs, Rocket Lab and Teradyne join the index, forcing passive funds to buy the AI buildout

June 22nd, 2026: Rebalance takes effect

Overview

Updated Jun 22

Before the opening bell on Monday, the Nasdaq-100 dropped five companies and added five. The new members are all tied to the AI buildout: cloud provider CoreWeave, neocloud operator Nebius, chip-connector maker Astera Labs, rocket-launch firm Rocket Lab, and chip-test company Teradyne.

The swap matters because of how index funds work. Funds that track the Nasdaq-100 must hold exactly what the index holds. So on rebalance day they buy the added names and sell the dropped ones, no matter what the companies are worth. That sends a wave of automatic money into AI-infrastructure stocks, set by index rules rather than by any judgment about price.

Why it matters

Anyone holding a Nasdaq-100 index fund now owns a bigger slice of the AI data-center boom, bought automatically at whatever price the market set.

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Key Indicators

5 in, 5 out
Companies swapped
Five AI and hardware names added; five others removed.
~$1.4T
Assets tracking the index
Money in funds and products linked to the Nasdaq-100, which must follow the rebalance.
~$67B
Nebius market value
The largest of the five new members, up roughly 275% in 2026 before inclusion.
~$50B
Nebius contract backlog
Combined deals with Microsoft and Meta giving the company multi-year revenue visibility.
8.3%
Nvidia's Nebius stake
Nvidia bought the position for about $2 billion in March 2026.

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People Involved

Organizations Involved

Timeline

September 2025 June 2026

6 events Latest: June 22nd, 2026 · 3 months ago
Tap a bar to jump to that date
  1. Rebalance takes effect

    Latest Market

    CoreWeave, Nebius, Astera Labs, Rocket Lab and Teradyne enter the Nasdaq-100. Charter, Cognizant, Insmed, Verisk and Zscaler leave.

  2. Nebius hits a record before inclusion

    Market

    Nebius shares touch a record near $299 as traders position ahead of the index buying.

  3. Nasdaq announces the June reshuffle

    Announcement

    Nasdaq names the five additions and five removals, with changes effective June 22. The added stocks jump.

  4. Nvidia takes a stake in Nebius

    Investment

    Nvidia invests about $2 billion directly in Nebius, acquiring roughly an 8.3% stake.

  5. Meta adds Nebius to its supplier list

    Business

    Meta signs an initial cloud contract with Nebius, later expanded to as much as $27 billion.

  6. Nebius signs Microsoft cloud deal

    Business

    Nebius agrees to a five-year contract with Microsoft worth up to about $19.4 billion, an early sign of its scale.

Scenarios

1

All five new members survive the next rebalance

Likely Resolves by Q3 2026

Discussed by: Index-tracking analysts at Nasdaq and ETF research desks

The five additions hold their spots through the September 2026 quarterly review. AI-infrastructure demand keeps their market values high enough to stay in the top tier, and no addition gets dropped after one quarter. This is the base case when newly added large-cap names rarely exit immediately.

2

One new member falls 30% or more within six months

Possible Resolves by Dec 22, 2026

Discussed by: Market commentators including CNBC's Jim Cramer and valuation skeptics at Investing.com

The forced index buying pushes prices above what fundamentals support, and one of the five drops sharply once the passive demand fades. Nebius and CoreWeave, both up several hundred percent in a year, are the most likely candidates for a steep pullback if AI sentiment cools or contracts slip.

3

Nebius market value tops $100 billion in 2026

Uncertain Resolves by End of 2026

Discussed by: Bulls at The Motley Fool and momentum traders tracking neocloud names

Index inclusion plus its Microsoft and Meta backlog keep Nebius climbing past a $100 billion market value before year-end. Continued AI-cloud demand and new contract wins would drive the move, extending a rally that already lifted the stock well past its earlier highs.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

1999-2000

Dot-com names crowd into the Nasdaq-100 (1999-2000)

As internet stocks soared, the Nasdaq-100 filled up with high-priced technology and dot-com companies near the market peak. Index funds bought them at the top because the rules required matching the index.

Then

The index hit records in early 2000, carried by a narrow set of richly valued tech names.

Now

When the bubble burst, those same holdings drove the Nasdaq down nearly 80% from its peak over the next two years.

Why this matters now

It is a reminder that index rules add whatever is rising, including stocks priced for perfection in a single hot sector.

June 2018

General Electric dropped from the Dow (June 2018)

S&P Dow Jones removed General Electric from the Dow Jones Industrial Average after more than a century, replacing it with drugstore chain Walgreens. The change reflected GE's shrinking value and the economy's shift away from industrial conglomerates.

Then

GE's exit confirmed its decline and forced Dow-tracking funds to swap the stock out.

Now

It stands as a clear example of how index reshuffles record which industries are gaining or losing weight in the economy.

Why this matters now

The June swap tells the same story: telecom, consulting and software names step aside as AI-infrastructure firms take their place.

December 2020

Tesla joins the S&P 500 (December 2020)

S&P added Tesla to its 500-stock benchmark all at once. Index funds had to buy roughly $80 billion of Tesla shares to match the new weight. The stock rose about 70% between the announcement and the inclusion date.

Then

Tesla shares surged into inclusion as funds rushed to buy, then swung sharply afterward.

Now

The episode became the textbook case of how forced index buying can move a single large stock far beyond its fundamentals.

Why this matters now

It shows what happens to the five new members: mechanical buying lifts prices on a schedule, regardless of value.

Sources

(6)