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The move was triggered earlier this month when the companies in the index with weightings exceeding 4.5% saw their combined weighting surpass 48%, according to Cameron Lilja, global head of index product and operations at Nasdaq. The rebalance, which takes effect Monday, will cap their combined weighting at 40% in accordance with the index’s methodology.
Shares of megacap tech companies have been on a tear this year, with Nvidia’s stock more than tripling and Tesla’s more than doubling. The Nasdaq-100 tracks the country’s biggest tech companies and is weighted according to market cap, meaning bigger companies have a bigger influence on its performance.
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