纳斯达克100指数由纳斯达克综合指数中最大的100家非金融公司组成，而纳斯达克综合指数包含3284家公司。该指数每年重新构成（Reconstitution），每季度按市值重新平衡（Rebalancing）。As the annual adjustment of the NASDAQ 100 Index approaches, a group of potential stocks is preparing to make their debut. This adjustment not only brings prestige to these companies but may also trigger a large-scale inflow of capital, further driving up stock prices.
Nasdaq is expected to announce the adjustment list for the Nasdaq 100 Index on Friday, which is not just about gaining prestige for the companies that successfully qualify.
The adjustments to the Nasdaq 100 Index may bring significant changes for certain companies and their shareholders, as large funds tracking the index will buy the stocks of newly added companies while selling the stocks of those that are removed.
The Nasdaq 100 Index is composed of the 100 largest non-financial companies in the Nasdaq Composite Index, which contains 3,284 companies. The index undergoes annual reconstitution and quarterly market cap rebalancing.
During the annual reconstitution process in December, the Nasdaq 100 adjusts its weight based on the aggregate market cap of all eligible common stock classes as of November 30. In recent years, the list has typically been announced on the second Friday of December, with adjustments taking effect at the end of the month.
The largest ETF tracking the Nasdaq 100 is the Invesco QQQ Trust, with total assets of $322 billion. Although Alphabet (GOOGL.O) is part of the Nasdaq 100, QQQ holds both its Google A (GOOGL.O) and Google C (GOOG.O) shares, which together account for 5.1% of the ETF portfolio.
As of last Wednesday, the total ROI for QQQ in 2024 reached 30%, slightly higher than the 29.2% ROI of the SPDR S&P 500 ETF Trust (the ROI here includes dividend reinvestment).
The following are 11 companies that are among the largest 100 non-financial companies in the Nasdaq Composite Index but have not yet been included in the Nasdaq 100, listed in order of market cap as of November 30: Palantir (PLTR.N), Sanofi (SNY.O), Equinix Inc (EQIX.O), MicroStrategy (MSTR.O), NetEase (NTES.O), JD.com (JD.O), Axon Enterprise (AXON.O), Trip.com (TCOM.O), argenx SE (ARGX.O), Alnylam Pharmaceuticals (ALNY.O), United Airlines (UAL.O).
Palantir ranks first with a market cap of 146 billion USD, and its stock price has risen more than four times this year. The company qualified for the Nasdaq 100 after moving from the New York Stock Exchange to Nasdaq at the end of November. When announcing the move to Nasdaq, Palantir stated it expected to be included in the Nasdaq 100, and its stock price subsequently increased.
Palantir ranks second on the list of expected sales growth among S&P 500 software companies for 2025, second only to Axon Enterprise (which may also be included in the Nasdaq 100).
The popular crypto concept stock MicroStrategy also meets the market cap threshold. It is currently the fourth largest non-financial company not included in the Nasdaq 100 by market cap. The company's stock price has risen 551% this year, fueled by the soaring Bitcoin prices and the company's continuous increase in holdings of crypto assets. Despite nominally being a software supplier, MicroStrategy's market role is more related to cryptocurrency.
Which companies might be removed from the index.
Among the current components of the Nasdaq 100 Index, these 11 companies failed to rank among the 100 largest non-financial companies in the Nasdaq Composite Index as of November 30, thus becoming potential candidates for removal. The following list is sorted by market cap from smallest to largest: Moderna (MRNA.O), Super Micro Computer (SMCI.O), Illumina (ILMN.O), Biogen (BIIB.O), CDW Corp (CDW.O), MongoDB (MDB.O), GlobalFoundries (GFS.O), Warner Bros. Discovery (WBD.O), ON Semiconductor (ON.O), DexCom (DXCM.O), Ansys (ANSS.O).
Super Micro Computer: Although the company's stock price has shown significant gains in 2024, the closing price of 38.29 USD on Thursday is down 68% from the peak closing price of 118.81 USD set on March 13. The company stated that its accounting issues were not due to improper management actions, but analysts still harbor doubts about this.
Moderna: As a star company during the pandemic, Moderna has experienced a significant decline in stock price due to decreased demand for the COVID-19 vaccine. By 2024, the stock price has fallen by more than half, making it the company with the smallest Market Cap on the list.
These components that may be removed reflect market concerns about weakened demand in pandemic-related industries and management issues, as well as the market's reassessment of high-growth technology companies.
