Nasdaq-100 Adds Five AI Infrastructure Stocks in June Rebalance
The Nasdaq-100's June quarterly rebalance brings CoreWeave, Astera Labs and three AI infrastructure companies into an index tracked by more than $800 billion.
Five companies building the physical infrastructure layer of artificial intelligence joined the Nasdaq-100 today, as the index completed its June quarterly rebalance. The changes affect more than $800 billion in assets tracking the index globally, including the Invesco QQQ ETF.
What Changed
Nasdaq added Astera Labs (ALAB), CoreWeave (CRWV), Nebius Group (NBIS), Rocket Lab (RKLB), and Teradyne (TER). Charter Communications (CHTR), Cognizant Technology Solutions (CTSH), Insmed (INSM), Verisk Analytics (VRSK), and Zscaler (ZS) were removed.
The five additions each have direct exposure to the AI compute cycle:
- Astera Labs: Connectivity and networking chips designed for AI data centres
- CoreWeave: GPU cloud infrastructure, a primary compute supplier for AI model developers
- Nebius Group: European AI cloud platform providing GPU training and inference capacity
- Rocket Lab: Commercial small satellite launch provider with expanding infrastructure revenue
- Teradyne: Semiconductor test equipment manufacturer with growing AI-chip demand
Why It Matters for Investors
When a company joins the Nasdaq-100, every passive fund and ETF tracking the index must purchase shares to match the new weighting. The effective date is today. This creates automatic changes to the portfolio exposure of every investor holding a Nasdaq-100 product, including QQQ, the world's most actively traded ETF.
The five removals tell a parallel story. Charter Communications, Cognizant, and Verisk Analytics represent an earlier generation of technology-adjacent businesses: cable infrastructure, IT outsourcing, and data analytics. Their removal in favour of AI compute companies reflects a shift in benchmark composition that has been building across multiple rebalance cycles.
Investors holding index funds linked to the Nasdaq-100 now have automatic exposure to CoreWeave and Astera Labs, companies that completed their public listings within the past 12 months.
The S&P 500 Made a Similar Move
The S&P 500 completed its own June quarterly rebalance on the same date, adding Marvell Technology and Flex while removing two consumer-sector names. Marvell, which designs custom AI chips for major cloud platforms, extends the same infrastructure theme into the broader US large-cap benchmark.
Both rebalances reinforce the same pattern: benchmark composition is tilting toward AI hardware and away from legacy services. For passive investors the shift is automatic. For active investors it changes the sector weights their performance is measured against.
What to Watch
CoreWeave carries approximately $8 billion in secured debt, accumulated during rapid GPU infrastructure expansion. Index inclusion reflects market capitalisation, not balance sheet quality. QQQ holders have gained exposure to a highly leveraged business alongside the index's traditional large-cap technology names.
Astera Labs and Nebius both saw significant price gains after the rebalance was announced on June 11, which may reduce the buy-on-inclusion effect that typically follows index additions.
The next scheduled Nasdaq-100 quarterly rebalance takes place in September 2026.
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