MW Walmart was too late for a Nasdaq-100 spot - but these 6 stocks made the cut

By Emily Bary

Strategy maintained its place in the tech-heavy index, but Lululemon and Trade Desk are among the companies getting the boot

Walmart transferred to the Nasdaq too late to be eligible for the Nasdaq-100's annual reconstitution.

Six companies will join the Nasdaq-100 later this month - but not Walmart, which switched its listing away from the New York Stock Exchange too late to qualify for a spot in the tech-heavy index.

The Nasdaq-100 NDX consists of the largest 100 nonfinancial companies that trade on the Nasdaq stock exchange COMP, and it's reconstituted every year in December. While the new entrants were announced late Friday, eligibility is determined based on data as of the end of November, and Walmart $(WMT)$ didn't start trading on the Nasdaq until this past Tuesday.

Earning spots in the index are Alnylam Pharmaceuticals $(ALNY)$, Ferrovial $(FER)$, Insmed (INSM), Monolithic Power Systems (MPWR), Seagate Technology Holdings $(STX)$ and Western Digital $(WDC)$. They're replacing Biogen $(BIIB)$, CDW $(CDW)$, GlobalFoundries $(GFS)$, Lululemon Athletica (LULU), ON Semiconductor $(ON)$ and Trade Desk (TTD), which currently have some of the smallest market capitalizations in the index.

See more: Lululemon's ousting of CEO draws praise from activist founder Chip Wilson

While some thought Strategy (MSTR) might lose its spot due to a potentially more stringent look at whether the cryptocurrency holding company and software provider should actually be considered a nonfinancial company, it kept its place.

Alnylam, which uses RNA in biotechnology, was the largest eligible candidate for a spot, according to a MarketWatch review of Nasdaq-listed companies as of Nov. 28; its market cap was about $60 billion then. Real-estate investment trusts like Equinix $(EQIX)$ aren't eligible for entry, even though the data-center provided has a larger valuation.

Seagate and Western Digital make the cut after riding a strong wave of demand for storage products amid the artificial-intelligence boom. Seagate's stock has more than tripled this year, while Western Digital's has roughly quadrupled.

See also: The surprising stocks leading the tech sector this year thanks to an AI renaissance

The six new entries will officially become part of the Nasdaq-100 prior to the opening bell on Dec. 22. Last year, only three new members were added through the annual reconstitution.

The $930 billion Walmart, meanwhile, could find its way into the index at a later date. While the reconstitution of the Nasdaq-100 happens only once a year, changes can happen at other times, such as when a current member transfers to another exchange or reclassifies as a financial company.

There are practical benefits to index inclusion, since funds passively tracking the Nasdaq-100 would have to buy up shares of new entrants. But Jefferies analyst Corey Tarlowe noted earlier this week that Walmart's choice of exchange also sent a message, underscoring Walmart's narrative "as a tech-powered omnichannel retailer."

While the Nasdaq isn't just home to tech companies, tech heavyweights like Alphabet $(GOOG)$ $(GOOGL)$, Apple $(AAPL)$, Microsoft $(MSFT)$ and Nvidia (NVDA) all trade there.

The Nasdaq-100, in particular, "represents the economic value of human innovation, especially the power of new, disruptive technologies," DataTrek's Jessica Rabe wrote in a Friday report.

Don't miss: Carvana gets a spot in the S&P 500 ahead of these tech stocks

-Emily Bary

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December 13, 2025 11:04 ET (16:04 GMT)

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