Nasdaq-100 adds Astera Labs, CoreWeave, Nebius in June reshuffle

The Nasdaq-100’s June rebalance is sending a clear signal about where market attention has migrated: into artificial intelligence infrastructure, data-center capacity and commercial space. Nasdaq added Astera Labs, CoreWeave, Nebius Group, Rocket Lab and Teradyne, and removed Charter Communications, Cognizant Technology Solutions, Insmed, Verisk Analytics and Zscaler in changes announced June 11 and effective before market open on Monday, June 22.

This is more than a roster swap. The Nasdaq-100 is tracked by more than 200 investment products with over $800 billion in assets under management globally, so index membership can redirect real money almost immediately. Funds that mirror the benchmark will need to buy the new entrants and sell the departing names, while derivatives desks and portfolio managers often trade ahead of the effective date to stay aligned with the benchmark. That creates the kind of short-term demand shock that can move shares even when the long-term business case has not changed.

The new lineup is notable for what it says about the Nasdaq-100’s center of gravity. Astera Labs, CoreWeave and Nebius Group deepen exposure to the physical backbone of the AI economy, including chips, networking and the compute services needed to run model training and inference. Rocket Lab broadens the index’s representation in commercial space, while Teradyne adds another industrial-technology name to a benchmark still dominated by growth and innovation themes. The deletions, by contrast, trim exposure to more established communications, software and healthcare-adjacent names such as Charter Communications and Cognizant Technology Solutions.

For the companies added, inclusion can bring more than prestige. It typically means a new wave of passive buying from benchmarked funds and greater visibility with institutional investors that screen for index membership. For the five removed companies, the change can mean less index-linked demand and a smaller share of analyst attention, even though their underlying businesses continue to operate outside the benchmark.

The timing also matters. Nasdaq’s history page showed the index at 30,406.19 on June 18, with a one-year return of 40.60%, underscoring how much strength the benchmark had accumulated before the reshuffle. Nasdaq has said the Nasdaq-100 undergoes an annual reconstitution in December, with quarterly rebalance updates in March, June and September, a structure designed to keep pace with market-cap shifts and changing market structure. Rocket Lab’s case is especially eye-catching after it reported record quarterly revenue of $200 million and a backlog above $2.2 billion in its May 7 release. Together, the changes show an index that is still moving toward the companies building the next layer of the technology economy.