Nasdaq-100 adds CoreWeave, Rocket Lab, and three other AI-era companies in quarterly rebalance

The Nasdaq-100 is getting a facelift, and it looks a lot like an AI data center catalog. Nasdaq announced on June 11 that five new companies will join its flagship index effective June 22: Astera Labs (ALAB), CoreWeave (CRWV), Nebius Group (NBIS), Rocket Lab (RKLB), and Teradyne (TER).

Making room for the newcomers means five current members are heading for the exits. Charter Communications (CHTR), Cognizant (CTSH), Insmed (INSM), Verisk Analytics (VRSK), and Zscaler (ZS) will all be removed before the market opens on the same date.

AI infrastructure dominates the new additions

Astera Labs builds connectivity solutions specifically designed for AI data centers. In English: they make the high-speed plumbing that lets thousands of processors talk to each other without bottlenecks.

CoreWeave operates cloud infrastructure optimized for Nvidia GPUs, essentially renting out the computing muscle that AI companies need but can’t always build themselves.

Nebius Group, which traces its origins to Russian tech giant Yandex, focuses on AI infrastructure and GPU clusters.

Teradyne, the semiconductor test equipment maker, benefits from the macro trend of more chips being designed and manufactured, which means more demand for the machines that test them.

After-hours trading told the story

Markets reacted quickly. Rocket Lab shares jumped approximately 7% in after-hours trading following the announcement. Nebius climbed roughly 5%.

When a stock enters the Nasdaq-100, every passive fund and ETF that tracks the index must buy shares to match its new weighting. The Invesco QQQ Trust, which tracks the Nasdaq-100, manages hundreds of billions of dollars. That forced buying creates real, mechanical demand.

The companies being removed face the opposite dynamic. Passive funds will sell their positions, creating downward pressure on shares of Charter, Cognizant, and the others.

What the departures reveal

Cognizant, the IT services giant, represents the kind of mature, steady-growth tech company that once defined the Nasdaq-100. Charter Communications, one of the largest cable providers in the US, has been grappling with cord-cutting headwinds for years. Verisk Analytics is a data analytics firm focused on insurance, and Insmed is a biopharmaceutical company.

The Nasdaq-100 rebalances quarterly, using a methodology based primarily on market capitalization. Companies must be listed on the Nasdaq exchange and meet minimum criteria for trading volume and market cap. The index excludes financial companies.

What this means for investors

For investors holding QQQ or any Nasdaq-100 tracking fund, this rebalance means increased exposure to AI infrastructure companies. CoreWeave only went public recently. Nebius is still proving out its post-Yandex identity.

The Nasdaq-100 already has heavy exposure to mega-cap tech names like Apple, Microsoft, and Nvidia. Adding more companies from the AI ecosystem further concentrates the index in a single thematic bet.