Nasdaq-100 Rebalance Adds CoreWeave and AI Names; S&P 500 Adds Marvell (June 22, 2026)
Two of the three most-watched US stock indexes changed their membership before today's opening bell. Effective prior to the market open on Monday, June 22, 2026, the Nasdaq-100 swapped in five companies and dropped five, and the S&P 500 added two and removed two. The Nasdaq-100 additions lean hard toward the companies that supply artificial-intelligence computing, and the Nasdaq changes are the first to use a new membership process the exchange introduced in May 2026.
Here is what changed, why this Nasdaq-100 rebalance works differently from past Junes, and what it does and does not mean for the funds that track these indexes.
Which stocks joined and left the Nasdaq-100 on June 22, 2026?
Nasdaq added five companies to the Nasdaq-100 and removed five, effective before the June 22 open. Nasdaq announced the changes on June 11, 2026.
| Added | Business | Removed | Business |
|---|---|---|---|
| Astera Labs (ALAB) | AI connectivity silicon | Charter Communications (CHTR) | Cable and broadband |
| CoreWeave (CRWV) | AI GPU cloud | Cognizant (CTSH) | IT services |
| Nebius Group (NBIS) | AI cloud infrastructure | Insmed (INSM) | Biotechnology |
| Rocket Lab (RKLB) | Space launch and space systems | Verisk Analytics (VRSK) | Insurance data analytics |
| Teradyne (TER) | Semiconductor test and robotics automation | Zscaler (ZS) | Cybersecurity software |
Source: Nasdaq, "Nasdaq-100 Index June 2026 Quarterly Changes," June 11, 2026.
Why the June 2026 Nasdaq-100 rebalance was different
This was the first quarterly rebalance under Nasdaq's updated index methodology, which took effect on May 1, 2026 after a public consultation that concluded on March 30, 2026, and the first time the new rank-based quarterly review was applied. That is the real story: the same June event that used to be a routine weight adjustment can now change which companies belong to the index.
Under the prior framework, the December annual reconstitution was the primary regular entry point for new Nasdaq-100 constituents, and the scheduled March, June, and September rebalances focused mainly on share-count and weight updates rather than swapping members. The May 2026 update also folded several legacy and ad hoc adjustment paths, such as the old 10 basis point rule and intra-quarter share-count updates, into the scheduled quarterly events, according to Nasdaq's methodology materials.
How the new quarterly review works
The updated rules make March, June, and September regular membership checkpoints. At each one, Nasdaq ranks eligible companies by Full Market Capitalization, removes current constituents that fall outside the top 125, and, when the count needs it, replaces them with the largest eligible non-constituents. Companies ranked within the top 40 of current constituents can also be added without a paired removal, which can temporarily lift the index above 100 names. The table below summarizes the shift, based on Nasdaq's methodology documents.
| Element | Before May 1, 2026 | After May 1, 2026 |
|---|---|---|
| Regular entry point for new members | December annual reconstitution | December plus a rank-based review every March, June, September |
| Quarterly rebalances | Mainly share and weight updates | Can remove names outside the top 125 and add top-ranked names |
| Company-size measure for eligibility and ranking | Listed shares | Listed and unlisted shares (Full Market Capitalization) |
| Weighting basis | Listed shares | Still listed shares only (Modified Market Capitalization) |
| Very large new listings | Wait for the next scheduled review | "Fast Entry" expedited evaluation if they rank in the top 40 |
Two finer points are worth separating because they are easy to conflate. First, eligibility and ranking now use a company's listed and unlisted shares together, so the index ranks companies on their full economic size, while weighting still uses listed shares only. Second, "Fast Entry" is a separate, expedited path: a non-constituent whose Full Market Capitalization ranks within the top 40 of current members can qualify between scheduled reviews. For an initial public offering, Nasdaq evaluates the company at the end of its seventh trading day, announces a qualifying addition after the tenth, and typically adds it after the fifteenth, according to its methodology. Together, these rules let newer public-market and restructured AI-infrastructure names reach the index faster and more systematically than the old December-centered process allowed.
What the additions signal about the index
The five companies entering the Nasdaq-100 skew toward AI infrastructure and the semiconductor supply chain. CoreWeave rents GPU cloud capacity, Astera Labs makes connectivity chips used in AI servers, and Nebius runs AI cloud infrastructure. Teradyne tests semiconductors and builds robotics automation, and Rocket Lab adds space-launch and space-systems exposure. The five removed names sit in cable, IT services, insurance-data analytics, biotechnology, and cybersecurity software. The net effect is that the benchmark now carries more exposure to AI-compute supply-chain companies and less to the five removed categories. The change is an index-ranking outcome, not a judgment on any company's business.
The S&P 500 also rebalanced today: Marvell and Flex in
The Nasdaq-100 was not the only major benchmark to change today. In its June quarterly rebalance, also effective before the June 22 open, the S&P 500 added Marvell Technology (MRVL) and Flex (FLEX), replacing Pool Corp (POOL) and The Campbell's Company (CPB). S&P Dow Jones Indices announced the move on June 5, 2026. Marvell designs custom and networking semiconductors used in data centers and AI systems; Flex is a global electronics contract manufacturer. As with the Nasdaq-100, the S&P 500's additions are Information Technology names, tilting the index further toward the technology sector.
Why both indexes rebalanced on June 22 (and the Dow did not)
Both the S&P 500 and the Nasdaq-100 run scheduled quarterly rebalances tied to the third Friday of March, June, September, and December, with changes effective at the open of the next trading day. The third Friday of June 2026 was June 19, so June 22 was the first trading day after, which is why the two rebalances landed together. The Dow Jones Industrial Average did not change today, because it does not follow this quarterly calendar: the Dow is a 30-stock, price-weighted index whose members are changed only as needed by a committee, in response to corporate actions and market developments, rather than on a set schedule.
What changed for QQQ and Nasdaq-100 fund holders?
For investors who hold a fund built on these indexes, the exposure changed inside the product, and there was nothing for the holder to do. Funds that track the Nasdaq-100, including Invesco's QQQ, which Invesco reported at about 493 billion dollars in market value as of June 18, 2026, and the lower-cost QQQM, are built to mirror the index. (For how passive index funds replicate a benchmark, see our guide to index funds, and you can model how a long-term holding compounds with StockTitan's investment calculator.) Nasdaq says the Nasdaq-100 is tracked by more than 200 investment products with over 800 billion dollars in assets globally. When the index changes its membership, those funds align their holdings with the new composition as the change takes effect, so a QQQ holder automatically began owning the five new names and stopped owning the five removed ones.
That alignment is why index inclusion and removal are concrete events for the affected stocks: funds tracking the benchmark need to adjust holdings around the effective date, which can add to trading activity in those names. This describes the index-tracking mechanism; it is not a prediction of the direction or magnitude of any stock's move.
What this rebalance does not mean
Index membership is rules-based, so it is worth being clear about what the changes are not. Being added to the Nasdaq-100 or S&P 500 is not a buy rating, and being removed is not a sell rating. The decisions follow each index's published methodology, primarily company size and eligibility rules, and are not a verdict on the quality or prospects of any business. Inclusion can raise a stock's visibility and bring passive ownership, but it does not, by itself, tell an investor whether a stock is attractively priced.
The next index review dates
With a rank-based review now running every quarter, the Nasdaq-100's scheduled membership review can run throughout the year, rather than being centered on the December annual reconstitution. The next scheduled Nasdaq-100 rank-based review and the next S&P 500 quarterly rebalance window both fall in September 2026, tied again to the third Friday of the month, though S&P 500 membership changes, if any, remain subject to S&P Dow Jones Indices' committee process. For anyone following these indexes or the funds tied to them, each quarterly review is now a date worth tracking, and the immediate thing to watch is trading activity in today's ten Nasdaq-100 names and the S&P 500 pair as funds complete their rebalancing.
This article is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Index membership, methodology, and fund data are as reported by Nasdaq, S&P Dow Jones Indices, and fund-data providers as of the dates cited. Always do your own research or consult a licensed financial professional before making investment decisions.
Last Updated: June 22, 2026.
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.